Policy Administration for Health Insurance

 Policy Administration Software for Health Insurance

Policy Administration covers the entire lifecycle of health insurance operations, including new business submission, underwriting, policy issuance, alteration and service, renewal, surrenders, billing, collection & payment, sales & marketing management, party management, as well as a host of supporting functions.

Policy Administration organises the data according to higher level dossiers, rather just the individual component policies. This trans-policy approach manages all the insured party's policies and any relationships between them. 

Budgeting -  A policy holder may have different types of coverage via numerous types of policies for himself, his family members, etc.  This coverage can be updated by applying a specific budget across one or more policies in the dossier, according to regulatory issues, organisational rules, and other relevant criteria.

End-to-end efficiency -  The entire policy administration process is managed, streamlining the workflow, and ensuring that all relevant processes, issues and staff involvement are fit in properly and efficiently.  This even includes preparing policy forecasts, and goes all the way through to final printing.

History intact - The dossier is managed on a time scale.  Each step in the process of a policy is saved and time-stamped, with synchronisation between the individual policy and its parent dossier. This enables the insurance carrier to make corrections and relevant changes retroactively, including managing out of sequence items.  No step is lost or overwritten, and historical proof exists for subsequent reference.

Employer global input – Employers often have general agreement terms and policy criteria for employees.  These various terms, discounts, benefits, overrides, etc. are fed into the agreement module.  Changes in employer agreements on any scale can be entered and applied to all relevant dossiers automatically.

Flexible – Policy Administration supports a broad spectrum of products with even large number of processes.  And the dossiers are readily configurable, able to accept new business data or missing information from conversion processes.