The Policy Administration Challenge

Policy administration has always been an important challenge for life and health insurance companies. Today – with ever-increasing competition, time-to-market pressures, and emphasis on cutting operating costs – the need for effective policy administration has never been more vital. Yet legacy systems tend to be outdated, failing to meet evolving business and regulatory requirements, while proving to be costly to maintain and modify.

As a result, insurance carriers need a comprehensive yet flexible policy administration solution that manages a gamut of insurance products across their entire lifecycle. At the same time, agents need a customer-centric solution that improves responsiveness to customer inquiries. In short, insurance companies need InsurNess.

The InsurNess Solution

InsurNess is an innovative web-enabled policy administration solution for comprehensive management of life, health and annuity insurance policies. Covering all phases of the policy lifecycle – from quotation and issue through alteration and surrender – InsurNess incorporates flexible modules for managing business partners, products, contracts, underwriting, billing and more.

InsurNess is a customer-centric solution designed to meet the needs of insurance company staff, managers, and agents. Offering automatic scenario-based operations, InsurNess enables users – even those who are not insurance experts – to perform tasks easily and efficiently. With state-of-the art workflow tools and business rules, InsurNess enables insurance companies to rapidly streamline business processes, reduce operating costs, and introduce new products and contracts.

InsurNess Value Proposition

Achieve Rapid TTM: With parameter-driven handling of products, as well as externalization of actuarial values and methods via a business-rules approach, InsurNess enables easy modification of business logic and data. This translates into rapid introduction of new products and contracts.

Reduce Operating Costs: With its structured business processes, intuitive workflow that requires minimal training, and its management-by-exception policy, InsurNess automates a substantial part of insurance tasks and improves efficiency of business processes.

Increase Agent and Broker Cooperation: With easy, centralized access to all related product and policy data, as well as flexibly defined sets of comprehensive financial incentives, InsurNess strengthens agent satisfaction. Additionally, InsurNess provides tools to improve agent productivity, such as prototype policies customized by agents according to their needs or favorite catalog views.

Build Customer Loyalty: By enabling tailored products and contracts, streamlining customer-facing business processes, and implementing a customer-centric approach, InsurNess enhances client loyalty and reduces churn.

The InsurNess Advantage

Comprehensive Offering: Implementing over 80 processes, InsurNess supports all insurance policy administration tasks – from quotation to surrender – for both individual and collective policies. The solution handles both traditional and advanced insurance products over their entire lifecycle, as well as additional financial products offered by the insurer or a third party.

Process-Oriented Workflow: InsurNess features a state-of-the-art, web-based process-oriented workflow that delivers a guided user experience with a fast learning curve. As a result, InsurNess is a user-friendly system that meets the needs of all internal and third-party users – from insurance professionals to industry newcomers.

Customer-Centric System: InsurNess provides a centralized, high-level view of customers by their policies, products, relationships with other relevant parties, and overall value to the insurer. In particular, InsurNess enables customer-level management including cross-policy budget planning. This approach streamlines the customer management process, improves customer service levels, and builds customer satisfaction.

Centralized Product Catalog:  InsurNess presents all products in an easy-to-use centralized catalog with advanced filtering capabilities. The catalog enables improved marketing and customer service through tailored products and packages adapted to customer needs and profiles.

Enhanced Business Monitoring: InsurNess is based on an advanced workflow that enables definition of controls and manual intervention according to the carrier's operational policies. Rules for approval and routing are activated through business processes such as quotation and alteration requests. Additionally, an expansive set of reports are designed and implemented to supply required activity and performance information to users and managers. 

Flexible Architecture: InsurNess' flexible architecture enables fine-tuning of business processes and rules to meet customer requirements. Business logic is separate from internal code, translating into faster system changes as well as process transparency for regulatory compliance.

Professional Services: The Ness team of over 150 insurance and IT experts offers value-added professional services including InsurNess customization, implementation, assimilation and maintenance. These complementary services are based on Ness' reliable methodologies proven over decades.

Contact: InsurNess@ness.com