Policy Management System - InsureEdge

Policy Management System: Why Insurance Companies Can’t Do Without It? Policy Management system helps life and non-life insurance companies around the globe by allowing them to operate efficiently so as to get optimal results. As customer information is a lifeline to any insurance company, managing and maintaining the information is a priority and responsibility of the insurance carriers. There is no scope for mistakes when it comes to customer information, as even a minor glitch will cause an irreversible damage to the reputation of the company.

Insurers today need Policy Management system as it manages records easily. Before, creating, updating and deleting the records was done manually, which use to take a long time as the task was tedious and required several workers. Additionally, another challenge for insurance carriers earlier was to verify and rectify the mistakes that occur in manual operation. However, with the latest developments in the technology, insurance carriers have started using policy administration software to operate eficiently and provide better service to customers and save resources.

InsureEdge is one such scalable technology solution that helps Insurers achieve maximum benefits through its broad modules including a robust Policy Management system. InsureEdge’s Policy Administration module is a highly configurable policy management solution that includes a usercentric interface for managing the end-to-end policy administration lifecycle for all lines of business.InsureEdge’s Policy Administration module gives an all-inclusive view of what Policy Administration means to insurance carriers and leverages the fully-integrated nature of the policy administration solution to incorporate claims, risk control, billing and financial information into Policy Administration workflows.

This policy administration module manages customer records and does other activities like billing, invoicing, claim settlements, etc. So, it is beneficial for the insurance company to have InsureEdge’s policy management system as its an error-free cost-efective system. Policy Management system could manage a high volume of customer records efectively, along with reducing paperwork involved by electronically

maintaining the records. The Policy Management saves the information of every new customer and updates records with timely changes and deletes records as soon as the policy is settled. Additionally, the policy management system makes sure that no data is lost in the process. The module validates the data of customers as it goes through the workflow, and alerts the company about compliance issues and warnings, if any.

The biggest advantage of Policy Management system is that it efectively manage record that enables accurate functioning. It’s easy-to-use interface provides easy access for any employee to enter the data or find information to serve the customers. You don’t need additional programming skills to work with Policy Management software. It makes settlements easy as it accurately calculates the settling amount using the stored data. As claims settlement is a crucial aspect of an insurance company and there is no scope for mistakes as even a minor mistake can have vast repercussions. A scalable policy administration solution also does billing and invoicing activities of the company and comes with builtin tax calculator which accurately calculates the tax and do billing fairly.