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We Solve Technology Bottlenecks to give you the Prise Advantage

Insurance industry players of today try to stay agile and responsive to the needs of their customers, while continually striving for market share. The following determines their speed to market and ultimate success in a highly competitive market:

  • Offering more customized products based on customer needs
  • Enhancing systems for better user experience and less time for changes
  • Launching new products quickly
  • Simplifying workflows, reporting and managing day-to-day activities for user groups
  • Efficiently managing issues related to insurance products over their entire lifecycle

In recent years, legacy technology has become a hindrance to these goals. The new-age Policy Administration Systems are helping insurers upgrade and improve their system of record for policies, features, functions, usability, and integration methods. Prise is one such new-age system that offers many enhancements through its modular approach. Insurers can pick and use these module(s) to meet their business needs and technology standards. Prise provides the versatility for administering your existing products while effortlessly launching new ones.

A new product on Prise can be implemented using the configuration module. The first step in the implementation process is a discovery phase during which we gather requirements and provide a high-level approach to Product Design and Product Configuration.

The testing phase is iterative and allows to re-visit the configuration and testing stages for any aspect of the workflow, as many times as necessary, until you are ready to launch the product.

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Gathering Requirements

  • Workflows are captured based on user role and customer’s business model.
  • Product-level requirements are gathered in relation to data, forms, UW rules, and rating. Detailed information is captured as per the opted modules.
  • Critical and regulatory requirements against each product and coverage.
  • Underwriting and Business rules for each product.
  • Reporting Requirements.
  • Statutory and Regulatory reporting requirements.

Product Design

After gathering the requirements, screens and workflows specific to different user types and transactions are built. The next step is to define fields, data-level requirements and the dependencies between fields. Subsequently, the parent and child relationship for relevant fields are configured, followed by defining coverages, deductibles, premiums, and taxes.

The necessary screens, widgets, and fields are defined and set in sequence based on the customer's product needs. The next step in the process is to implement the business rules, rating algorithms, and forms configurations to complete the product implementation. Upon completion, the product changes will be approved by the Product Admin who is authorized to accept the changes to Go Live.

Product Configuration

UW Rules implementation

In this phase, Business rules, Tiering Rules, scorecard related information, Bind and unbound rules based on Line of Business, state, type and additional criteria (as required) is gathered. It is then followed by the process of implementation in the Rule-based user configured Prise Underwriter module.

Rating implementation

Based on the need of the Carrier, the Rating algorithms are built in addition to the creation of the Rate tables and Rule-based Rate flows for each Line of Business. Instances, where specific Rate tables can be shared within the same Policy Line or in a different Policy line, are also taken into consideration. The tables are declared as Universal tables to avoid duplication, which in turn makes the rate revision maintenance an easy task for Business users.

Forms Configurations

In this step, all the Policy level forms, ACORD level forms, Auto ID cards and other supporting forms that are required to be attached to a policy, based on the condition, are captured. All the forms are then uploaded into the forms repository. It is followed by the process of building the condition for each form by defining the form trigger condition, based on state, LOB, policy data condition, effective and expiration dates and transaction. During configuration, the form is set as static or dynamic. If it’s a Dynamic form, the Tokens are defined (real-time data that is printed on the form) and placed on the form at the time of configuration as placeholders to print the real-time policy data.

Integrations with third-party services

Prise supports almost all Lines of Business and integrates with third-party services according to the needs of the business and tests them. The average time is four weeks for critical integrations with business rules for data capture from the vendor responses. This activity typically starts after completing 40% of the Product implementation where the screens, trigger points are defined and implemented.

Testing

This is the most crucial phase and is somewhat the minute phase in the entire cycle as the business user completes most of the testing during the process of configuration. The inbuilt testing setup within each module will allow the users to enter and test the data without creating any quote or policy to see the results. However, end-to-end testing can be done at the module level after completing all configurations. This, in turn, saves a lot of time and effort for the users and product can be delivered as per the plan.

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Headquarters

295 East Swedesford Rd.,
Suite 341
Wayne, PA 19087.

302-213-6990

Headquarters

295 East Swedesford Rd.,
Suite 341
Wayne, PA 19087.

302-213-6990

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