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Policy Administration System

Policy Administration software solution for the General Insurance & Non Life P&C market.


     

    IDIT is an innovative policy administration system that was designed to help General Insurance & Non Life carriers and MGAs/Brokers meet their critical business goals by providing a technology advanced solution with robust functionality.

    IDIT manages the full policy administration life cycle of an insurance contract, from the initial quote, through rating and policy issuance, as well as a full range of amendment capabilities to the insurance policy, as follows:

     

    • Quote, Rate and Issuance
    • Policy Contract Administration
    • Mid term Endorsements
    • Manual and automated Renewal process
    • Contract Cancellation/Termination

    IDIT supports open standards, with tools and capabilities that are needed by traditional insurance, direct insurance, Bancassurance and Brokers, to quickly respond to changing business needs.

    IDIT was built from the ground up with modern technology such as Java and Service Oriented Architecture (SOA), IDIT enables carriers, MGAs and Brokers modernize their core systems and gain true competitive advantage.

    IDIT Policy Administration System Overview

    Why IDIT?

     

    • Fast time-to-market
      Parameter-based Product Factory with built in Rule and Rating Engine configurators for creating new insurance products and supporting regulatory environment changes rapidly    
    • Improved distribution and channel management 
      With multi-company, multi-branding, multi-currency, and multi-lingual capabilities via a variety of distribution channels
    • Increased efficiency
      A single end-to-end solution that manages all personal, commercial and specialty insurance products on one platform globally, utilizing best practices and straight through processing
    • Easy maintenance & integration
      Full SOA component-based packaged software, structured with core /country /corporate customer layers

    Learn more on Sapiens IDIT Policy Administration components

    Learn more on Sapiens IDIT Policy Administration features

     


    Key Components and Benefits

    Product Factory
    IDIT's flagship product configuration component, controls the content and rules related to: Product Structure, Underwriting Validations, Rates, Rules and Forms.


    Rating Engine
    An advanced business user configurable multi version engine, with dynamically defined rate table structures, differential rating, rating algorithms, prorating, exposed rating steps along with an advanced simulation and debugging toolset.


    Learn more on Sapiens IDIT Policy Administration components



    Main Features

    Insurance Administration System - Proposals and Policies:


    • Multiple lines of business packaged in one policy
    • Multiple insured objects and assets
    • Multiple dynamic questionnaires
    • Comprehensive data validation
    • Individualized real time premium calculations
    • Differential rating based on multiple parameters
    • Clause and form management
    • Comparative quoting – multiple proposals for a single client
    • Interactive, online payment schedule
    • Automatic issuance of documents
    • Online policy approval for immediate coverage
    • Automatic and Manual underwriting and pricing
    • Fully integrated with CRM, document production, workflow & business intelligence systems
    • Insurance product promotions functionality
    • Shopping cart display of policy components

    Learn more on Sapiens IDIT Policy Administration features


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