Policy Lifecycle Management
Superior policy lifecycle management is the key to meeting escalating customer expectations and achieving market growth and operational efficiency goals. Exigen’s Policy Lifecycle Management enables insurers to streamline customer interactions and internal operations to increase new business, reduce process cycle-times and costs, and improve underwriting results.
The Exigen Policy Lifecycle Management solution set is powered by Exigen Insurance Process Backbone (IPB). The IPB is an enterprise platform that provides standalone policy administration or rapid integration of existing systems. Core legacy systems (policy administration, claims, billing) and third party systems (rating, credit, motor vehicle) are directly integrated into the IPB’s business process management system to extend the life of existing investments and present a unified view of the policyholder portfolio to users. The externalized business rules and process templates allow for the rapid introduction of new products, workflows and regulatory mandates.
All users — agents, brokers, underwriters, policy support staff — achieve higher productivity through access to integrated account views and the automation of manual workflows. The result is improved customer service and increased opportunity for revenue growth through up-selling and cross-selling.
Exigen Policy Lifecycle Management Solutions
- Quote to Issuance
- Policy Administration
- Underwriting
Lifecycle Processes
- Customer and Account Setup
- Application Data Collection
- Premium Calculation
- Quote Generation, Proposal, and Bind (optional)
- Underwriting (manual and automated)
- Automatic Quote and Policy Versioning
- Policy Issuance
- Inquiries and Customer Service
- Endorsements
- Cancellations & Reinstatements
- Renewals
- Reporting
- External Data Services
- Automatic Activity Tracking and Measurement
Key Features
- Support for all sales and policy administration processes: new business, inquiries, endorsements, renewals, cancellations and reinstatements
- Rating and premium calculations and quote-to-policy conversions leveraging either IPB’s own rating and premium calculator or external systems
- Complete policyholder data view, including coverages, exclusions, premiums, surcharges and discounts
- Quotations with the option to save and retrieve multiple incomplete applications
- Policy notes and annotations with the ability to hide selected information based on authorization levels
- Specialized interfaces for underwriters to apply pricing schema and underwriting rules and deploy changes quickly, efficiently and with a clear audit trail
- Automatic generation, capture and management of all documents related to a policy organized into an electronic file folder
- Integration of all sales and service channels, including self-service, contact center or correspondence
- Full contact information and CRM data capture and presentation, such as activity and interaction history, preferences, campaigns and promotions
- Business-administered rules for consistent application of company and mandatory guidelines
- Rule based automated underwriting with user defined authority levels for consistent application of bind and issuance authority
- Comprehensive business activity tracking provides accountability of performers and processes for: regulatory audit, performance management, and activity based costing
- Prioritized queues with itemized task lists for all applicable current and future activities with detailed measurement, monitoring and escalation of service levels associated with each task and activity
- Customized workspaces that reflect individual profiles of each user (including roles, skill levels, scope of responsibility, and authorization)
- Easy to use "smart forms" for data entry and validation
- Includes operational and regulatory reports
- Straight-through processing from application to quote to issuance of policies, with minimal or no manual intervention
