Insurance carriers often find it difficult to charge the right price for risk, resulting in costly leakage. This can result from errors in gathering information, assessing and analyzing exposure, structuring coverage, rating, pricing, or issuing. Ensuring consistency and working via automated processes can go a long way to prevent these issues.
Sapiens PolicyPro for Workers’ Compensation (formally called StoneRiver PowerSuite Policy) is a modular, component-based policy administration solution with broad functionality. It is designed to enable carriers, self-insurers, administrators and employers to manage the entire policy lifecycle for workers’ compensation insurance.
PolicyPro is a multi-state, multi-company, multi-market solution that supports core policy functions, including product definition, underwriting, quoting, rating, issuance, endorsements, renewals, billing, and audit.
The solution can help insurance organizations improve operations, expand service offerings, support growth, and respond to ever-changing market demands. PolicyPro offers underwriting templates to determine risk selection and pricing, freeing up the underwriters to focus on complex and high-value cases that require their personal attention. Using predictive analytics, Sapiens PolicyPro offers greater insight into the right price for a risk.
Web-based quoting enables insureds and agents to enter submission data, and rate and receive quotes based on the insurer’s pre-defined rules. Rules-driven straight-through-processing enables the definition of workflows for an optimized underwriting process and allows underwriting staff to focus on more complex, high-value areas.
