Policy Administration

IBSuite Policy Administration offers a comprehensive solution for managing the entire policy lifecycle, enhancing operational efficiency, and ensuring policy accuracy and compliance. IBSuite Policy Administration allows for insurers, regardless of size, to be responsive to customer needs, keeping the customer in focus and ensuring operational excellence. IBSuite allows for managing the entire lifecycle of a policy in one single platform – regardless of line of business.

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  • End-to-end policy lifecycle management
  • Product agnostic – supports any and all risk-based products as well as risk-based life
  • Flexible product and coverage configuration
  • Detailed audit trails for transparency
  • Seamless policy issuance and renewals as well as efficient policy change capabilities
  • Integrated document management system

Benefits

Streamlined Policy Management

Automate and manage the entire policy lifecycle with ease. Simplify the administration of policies from creation to renewal, reducing administrative costs and enhancing customer satisfaction.

Flexible Product Offerings

Easily configure and customize insurance products. Adapt to market demands quickly by customizing products and coverages, allowing for a faster response to customer needs.

Enhanced Compliance and Reporting

Maintain accurate records and compliance with regulations. Built-in audit trails and integrated document management ensure that all policy changes are tracked and compliant with industry standards.

IBSuite: The Ultimate Cloud-Native, End-2-End Insurance Platform

IBSuite is a cloud-native, end-to-end insurance platform ideal for comprehensive insurance core system replacements or innovative greenfield projects. It streamlines core processes such as sales, policy management, claims handling, and billing. With robust automation, an API-first approach, and adaptability to market changes, IBSuite enhances operational efficiency and customer experience through advanced CRM integration and data analytics. This positions IBSuite as a transformative industry force, elevating insurers to new levels of engagement and efficiency.

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DISCOVERY CALL

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Experience a personalized consultation with our insurance technology experts. Let’s delve into your unique challenges, explore opportunities, and strategize how IBSuite can empower your insurance business for growth and success.

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Want to see more of IBSuite capabilities?

Output Management

IBSuite Output Management provides solid out-of-the-box document, SMS, email and other communication management and composition functionality – fully templated. Layouts, look and feel, graphics etc. can be highly customized and easily maintained, often by business users, to meet the needs of the modern digital insurer. Accurate and timely information delivery helps ensuring efficiency, compliance, and customer satisfaction.

Sub-ledger

IBSuite Sub-ledger provides robust financial management capabilities, ensuring accurate and compliant receivables/payables and financial reporting. The IBSuite General Ledger functionality facilitates the synchronization of booking references between IBSuite and the insurers General Ledger system. IBSuite works as a sub-ledger, controls the account and the balance of the individual customers.

Rating

IBSuite Rating enables insurers to manage and apply complex rating algorithms with precision, supporting competitive pricing strategies and risk-appropriate pricing that aligns with business goals. The IBSuite Rating Engine is a best of breed, high-performing and flexible hybrid rating engine. It features the unique combination between the fast and simple definition of table-based rating structures combined with the rule-based approach and the possibility to execute algebra directly in the engine.

Product Configuration

IBSuite Product Configuration provides insurers with tools to create and manage insurance products in an easy and flexible way; allowing quick adaptations to market demands and regulatory changes, ensuring both competitiveness and compliance. IBSuite has a comprehensive and highly flexible product model, that enables users to define, configure and maintain all types of property and casualty (and risk-based life) insurance products. IBSuite enables insurers to configure classical as well as highly innovative products and new hybrid product / service combinations that truly differentiates in the market. Product configuration in IBSuite is agile and enables the business to be self-sufficient in creating new products in hours.

Billing

IBSuite Billing simplifies the financial aspects of insurance management through automation and integration, ensuring accuracy and compliance, while enhancing customer satisfaction with flexible payment options. With IBSuite Billing you can streamline and automate all aspects of the billing activities (invoice generation, invoice distribution, sub-ledger control etc.) and handle all aspects of billing and cash management as well as commission handling – configurable and manageable by any user. Manage billing schedules, payment frequencies, installment plans, payment channels, reconciliation rules and specific collection rules directly from IBSuite. Support multiple payment channels, including but not limited to credit card, bank transfers, direct debit etc.

CRM

IBSuite CRM centralizes all customer data, providing a 360-degree view that enhances customer relationship management. It allows for personalized service and proactive engagement, crucial for customer retention and satisfaction. Customer 360 provides a holistic overview of all customer data, customer communication, documents, cases, quotes, policies, claims, financial statements and insights. Drive the customer relationship process out of IBSuite using the built-in CRM capabilities tailored for insurance and the insurance lifecycle or integrate to external CRM platforms, through one of the many connectors available in IBSuite.

Claims Management

IBSuite Claims Management accelerates claims resolution, enhances customer satisfaction, and reduces the risk of fraud by enabling integration to external tools and real-time data capabilities. IBSuite Claims is a flexible claims management solution with an unparalleled degree of configurability. The claims module has a comprehensive feature set and enables insurers to drive smooth and automated claims processes, end-2-end. IBSuite ensures record-breaking fast and efficient settlement of customer claims and brings automation to a whole new level.

Policy Administration

IBSuite Policy Administration offers a comprehensive solution for managing the entire policy lifecycle, enhancing operational efficiency, and ensuring policy accuracy and compliance. IBSuite Policy Administration allows for insurers, regardless of size, to be responsive to customer needs, keeping the customer in focus and ensuring operational excellence. IBSuite allows for managing the entire lifecycle of a policy in one single platform – regardless of line of business.

Sales and Underwriting

IBSuite Sales and Underwriting streamlines the sales process and enhances decision-making through real-time data and analytic as well as external integrations. It enables insurers to adapt quickly to changing market conditions and maintain compliance with regulatory standards. With IBSuite you get true multi-channel capabilities and customer centric design of new products and channels, supporting direct sales, sub-agencies, affinities and white labels.