SimpleINSPIRE – Insurance Policy Management

By | November 23, 2023

 SimpleINSPIRE – Insurance Policy Management

Platform Built for Modern Policy Lifecycles

SimpleINSPIRE – Policy Management system is a platform with a visionary architecture and a foundation built on disruptive technologies for digital first enablement. It empowers you to drive change rather than be driven by change. Introduce new norm policy products with confidence.

SimpleINSPIRE – Policy Management system comes pre-built with several production proven functions to configure, manage and digitize the policy administration life cycle, making it easy to quickly implement new and innovative policy products. Say goodbye to Legacy system LOB Silos.

Take on digitization at your own pace, without being overwhelmed by it.

Go Digital with Seamless Insurtech Integrations

Leverage Omni channel ingestion of quotes to significantly increase quote volumes and provide a superior experience to your customers and producers. Automate the ordinary and utilize human assets for the extraordinary.

Take advantage of the platform’s seamlessly integrated Insurtech Ecosystem to get customer insights and make data driven business decisions.

Leverage several user efficiencies features, automation and a simple yet effective workflow function to minimize or eliminate manual tasks to manage your policy lifecycle.

Provide Exemplary Customer Service

The platform has a number of customer care and self-service features that allow Company CSRs and Agencies to quickly deliver the kind of service that policyholders would regard as exceptional.

With a 360 view of a policyholder and several channels to interact with them, answer information requests, document requests, accept PII compliant payments, provide what-if quotes and easily make real time policy changes providing exemplary insurance customer service.

The platform comes with a self-service Customer portal to reprint policy forms, invoices, view accounts, make payments, check status of claims, etc.

Built-in Compliance Management

The insurance policy management platform comes with an abundance of built-in insurance compliance, all enforced with no manual intervention. Some examples are;

eSignature of insurance apps, endorsements, consent for paperless delivery, No-Known-Loss, etc.

Non-pay Cancel Notice based on state rules with Cert. of Mailing.

Notice of non-renewal and underwriter cancellation, with required notice days by state and cancellation reason.

Rescission of Cancellation, Continuation of Coverage and Reinstatement of coverage

Auditable and Cross Balancing Reports

The platform comes with a rich set of operational reports, eliminating a substantial amount of manual work involved in compiling operational and complex financial reports.

A key aspect of SimpleINSPIRE Reporting is that any report can be re-run at any time for any past time period to produce the same results. No In-place financial transaction is ever modified or deleted, instead adjusted through compensating or offsetting transactions.

It is easy to cross balance financial numbers across different reports to the penny, avoiding differences within audit tolerance. This makes reports very reliable and auditable.

Versatile Insurance Billing Options

Versatile Insurance Billing Function ideally suited for insurance specific Billing and Receivable management.

The Billing system comes with easily configurable payment plans, which can further be configured by LOB, premium thresholds and by State. It has options for Mortgagee billing and premium finance company billing.

Generation of bills is automated and can be distributed through many channels, including electronic delivery. Installment schedules auto adjust on premium bearing policy changes.

Cancel for Non-Pay can be based on Bill-due-date or Equity-date.

Insurance Accounting

The Insurance Accounting system has a full suite of Accounting functions. The financial account of a policy is maintained independent of policy coverage information, yet tightly linked to policy financial data, to provide transactional view for a fiscal period or policy terms.

The platform comes integrated with PII Compliant payment gateway options for both in-bound and out-bound payments.

Payment options include auto-pay and bank lockbox options.

Accounts Receivable and Payable Processing

The accounting system processes online payments through insurance focused and reputable partner payment gateways, which are fully PII Compliant.

The SimpleINSPIRE insurance accounting system has the ability to process premium refunds; both by check or refunded back to the original payment source. The system also has the ability to make agency commission payments by check or other secure online payment methods.

The double entry transaction model creates GL Journals and cash allocation at a very detailed level making it possible to easily create General Ledger Journals to interface to any Company GL system.

Automation for Policy Touch Free Processing

The amount of automation available in SimpleINSPIRE is a predominant aspect of the platform, which can be utilized to the point that manual intervention can be eliminated in the policy life cycle. This allows you to create high-performance insurance models.

Imagine an insured quoting and purchasing a policy either through a direct sell portal or through an agent and thereafter no one from your company ever needing to touch the policy through the life of the policy, including renewals, unless it fails a business rule during its lifetime.

How much can you Automate

Based on the LOB you can either fully automate policy processing or have a hybrid of automation and manual processing. Ingesting a quote, enriching it with API based external data, applying AI/ml, business rules, rate and quote could all be triggers points for automation or manual intervention.

Once an insured confirms purchase, issue NB policy, distribute deliverables, manage billing, process online payments, process Cancel for Non-Pay, create renewal quotes, isolate renewal exception policies by rule, issue renewals, generate compliance notices, distribute deliverables – repeat cycle for ever and ever.

The visionary API based architecture of SimpleINSPIRE allows its core platform to integrate and leverage innovation from Insurtech providers to enable a context specific, data-driven approach to almost all business functions of the insurer. The API architecture allows innovation and Insurtech services to be progressively integrated, composed on demand, and rapidly deployed. With SimpleINSPIRE you are both current and future ready.

SimpleSolve is continuously forging partnerships with Insurtech providers, constantly expanding an Ecosystem of services seamlessly integrated around the core platform. This makes SimpleINSPIRE a very comprehensive Insurance Administration System in the marketplace of P&C Solutions, providing its clients with cutting-edge solutions to transform their businesses.

Some key capabilities in the SimpleINSPIRE Ecosystem include ingestion of applications from external systems, 360 view of data about people and businesses, property data and imagery, social platform data, identity verification, hazard prediction, modern payment gateways, and much more.

SimpleSolve through its product roadmap and Insurtech partnerships gives you the capabilities to stay ahead of the curve through its technology and business driven innovation to transform your business.

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