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Policy Administration: How to Manage the Policy Life Cycle

By June 15, 2020February 27th, 2024No Comments

Carriers around the country today are seeking more efficient ways to manage policies. This allows for greater cost savings and higher customer satisfaction.

Policy administration is one essential area of guiding the customer through the policy process, ending with a binding agreement.

WaterStreet Company understands the complex nature behind policy administration. All carriers require unique information per each unique coverage plan, calling for a customizable solution for gathering all the necessary information in one place.

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The Insurance Policy Life Cycle

Throughout the policy administration process, the customer is asked to complete applications, submit payment, and wait for review by an underwriter to bind the policy to the carrier. P&C Insurance Software catalogues this information in a simple and retrievable way.

Phase 1: Generating a quote

All P&C Insurance customer journeys begin with generating a price quote. These price quotes are unique per each coverage plan the carrier offers.

The Policy Administration solution starts by allowing the administrator to select the product and then complete dates and locations, supported by third party integrations for auto-filling missing information, such as location or historical data on a home. No two products are the same, so the policy administrator may have additional fields to complete such as if a home contains a pool or trampoline. WaterStreet Company works with all carriers to ensure all fields are available to fit the carrier’s product line.

Optional coverage can be easily added-on while generating a quote, upselling the carrier’s full selection of products and giving administrators an easy transition to explaining these benefits to the customer. The workflow is structured for policy administrators to have an easy and fast step-by-step process towards gaining an initial price quote.

Key Benefits of Policy Administration Software:

  • Quickly and easily submit information from each customer to complete the necessary fields. The quick quotes screen creates a professional electronic or printed document for supporting the initial quote.
  • Support administrator accuracy at the point of sale with third party data integrations, adding valuable data to your process.

Phase 2: Completing the application

After generating the initial price quote, the customer must complete a more in-depth application in order to offer more details for binding to a policy.

For example, the carrier can include a list of underwriting questions which follow “if/then” logic within the solution. These questions could be “Does the home lack heating?” or “Is it under construction?” The customer’s assets aren’t insurable in these cases and the administrator has a clear end point for declining the application or flagging the application for further review.

Binding to a policy is a basic, repeatable task according to underwriting guidelines. Logic within the P&C Solution checks the policy administrator’s work during the application process and will prevent the agent from binding to a policy if it violates designated rules in the system.

Key Benefits of Policy Administration Software:

  • Support underwriting decisions beyond the initial quote level. Allow for third-party data to pull into the system, such as claims data on the customer’s property in the past.
  • Allow higher quality standards when submitting applications. Business rules are defined in the backend of the system. When the information submitted is outside the parameters of the system, it can force an underwriting review for someone who may not be insurable.

Phase 3: Payment and generating the New Business Packet

WaterStreet Company partners with PCI compliance vendors for a safe and simple payment process. The solution does not store sensitive data, minimizing risk for the security of your policyholder’s information.

At this point, the policy can either be bound or reviewed by an underwriter. After the application is complete, the carrier can order inspections, require a claims adjuster to walk property, and can act with due diligence for insuring the person so the policy can either be issued or rescinded.

After review, the insured is ready to receive a New Business Packet. The solution connects all parties within the carrier’s business for automatically generating the correct documents, sending these documents to the agency who has sold the policy, and connecting with the mailroom for mailing the new policyholder their New Business Packet.

Key Benefits of Policy Administration Software:

  • Allow easy and safe payment methods that are PCI compliant within your P&C Insurance solution.
  • Outsource your mail distribution so that each transaction automatically queues up new business documents and sends to the insured, which must be mailed by law within designated time frames. WaterStreet Company is able to handle your high-volume mailings through conveyors and our distribution centers.

The Importance of Document Management for P&C Insurance

WaterStreet Company provides cloud insurance software for P&C insurance carriers. One of our solutions’ greatest strengths is our built-in Document Management System.

Similar P&C Insurance Solutions require the carrier to integrate with a separate vendor for the ability to store and retrieve documents. At WaterStreet Company, we understand the importance of fast document retrieval throughout each phase for automatically generating documents in the proper format. For example, the Declaration Page is automatically generated for both the agency and the insured when issued. Document Management is at the center of the solution, allowing administrators to find all documents in chronological order as they are completed and saved with the policyholder’s profile.

WaterStreet Company works to understand all the necessary questions posed to new customers. Our implementation team ensures a precise and customized workflow, supported by easy document retrieval.

Carriers, reach out to WaterStreet Company today to request a consultation and demo of our solutions.

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