Policy Administration System Non-Life

This subsystem business logic is controlled by the parameters, which are defined in the product subsystem. The access to various screen forms is also controlled by the specific product definitions – for example, depending on the insured object type defined in the product subsystem only corresponding object data screen forms are activated. The subsystem controls the correctness of the object data, the covers selected for these objects, insured values and limits, franchise values, periods, and many other parameters necessary for the generating and signing the correct policy contract. Apart from the product terms the subsystem does all necessary checks for data consistency – availability of all necessary data, references to other entities (e.g. clients, agents), etc. From this subsystem the operator can access all other related modules, i.e. customer subsystem to register a new client or select a client who has already been registered in the system; object subsystem to register data about a new object or to retrieve information about already registered insured object data; insurance accounts to check and/or modify the installment plan etc. The system supports the full life cycle of non-life insurance contracts

• Applications. The system allows registration of quotations where minimum information is required to calculate provisional premium. The quotations can be either cancelled or converted to applications. The application needs all attributes of a real policy however it is a provisional contract, which can be changed at any time.
• Underwriting. The system provides full support for policy underwriting process. The underwriting conditions are defined during the system configuration for each specific product and cover. Those conditions include all type of technical documents needed to asses the risk and to calculate the relevant premium. The underwriting procedure is supported on both policy and annex level. When all underwriting conditions are met the system allows the operator to convert the application into a policy
• Renewals. All contracts expiring within certain period ahead (parameter that can be defined for each product type) are automatically renewed and the list of policies to be renewed is updated daily. On operator’s request these offers can be converted into applications and underwritten, using the standard policy underwriting process. This allows also certain changes (such as changes in the sum insured, covers, etc) to be registered before the renewed application is covered to a policy.
• Policy alterations - annexes with automatic calculation of additional or refundable premium.
  • Add insured object/person
  • Remove insured object/person
  • Add cover
  • Remove cover
  • Change the insured value for a person/object
  • Change the insured value for a cover
  • Insured value indexation – manual or automatic
  • Policy cancellation
  • Duration extension
  • Change payment
  • Other changes that do not affect premium – changing of address, name, beneficiary, payment way, etc.