IBSuite: Insurance Policy Administration

Naturally, policy administration is one of the core business processes in any insurance company as it both represents a large portion of the administrative costs involved, and even has a significant impact on customer satisfaction.

Process optimization
By using IBSuite for your insurance policy administration, you can significantly reduce time spent on mid-term adjustments, renewals, billing and dunning, updating customer data, cover changes etc. All policies, (along with all IBSuite data), are versionized in the system, allowing several members of staff to carry out changes to the same policy simultaneously and still maintain the full integrity of the data.

All alterations to data are automatically logged, so you can refer to the logs to determine when and why a change was made – and by whom. IBSuite also allows the user to add notes to individual policies so that all staff have important information at hand, and a better customer overview.

Case Management
If you are working with Policy Administration teams, you are probably very focused on the efficiency and accuracy of the work being done. Thus, Key Performance Indicators like number of outstanding cases, average turnaround time per case or number of cases re-opened is probably of great interest to you.

In IBSuite cases are used extensively and can be created manually or through automation either by the system itself or by an external application or service, eg. a customer support system or a website. Cases are tightly connected to the notification system and the built-in chat module. As soon as a case has been assigned, the caseworker is automatically notified by either mail, chat or on the dashboard. All case activities are registered on the case.

See IBSuite solution areas and point solutions (functionalities) to the right – including further description of our insurance software for Policy Administration.