Insurance software - product overview

Advanced insurance businesses know the importance and the benefits of using flexible, yet integrated software systems. Companies looking for a modern package that fully supports their current business and at the same time has the flexibility to support future business requirements will find INSIS a truly unique insurance management solution. While many other insurance systems cover just one or two functional needs – such as underwriting or claim processing or reinsurance - INSIS provides a full coverage of all aspects of the insurance business, both horizontally and vertically across the organization.

INSIS is the result of 18 years of development and continuous improvement by a team of highly qualified experts in IT, insurance, accounting, and actuarial areas. More than 40 successful implementations in Bulgaria, Romania, Greece, Slovakia, Hungary, Kazakhstan, Ukraine, Russia, UAE, Bahrain, South and North America, etc. have contributed to the extended functionality, the strength, the reliability, and the power of the system.

INSIS fully supports individual and group life products, unit-linked products, commercial and personal non-life lines of business, health products. The system provides a full coverage of all insurance related activities – from underwriting, premium collection and commission calculation, through policy administration and claim processing to complete reinsurance processing. A detailed and fully integrated insurance ledger produces a full set of accounting transactions that can be an output to external financial systems. The system also incorporates all necessary actuarial calculations and reporting facilities.

INSIS is extremely flexible and highly configurable application. This enables the system to meet the specific product and administration rules of the insurance company. System functionality is controlled and fine-tuned via more than 5,000 configuration parameters. This configurability enables the insurance companies to use their own resources to build their own products. This makes INSIS especially suitable to cope with markets’ substantial and unexpected changes. INSIS flexibility allows rapid system customization and ensures that the system becomes available for review, testing, and user training at very early stages of the implementation projects. A new product with an average complexity can be configured and thus be available to the market in about one week.