You are here

Policy Administration

FLEXTERA Insurance provides comprehensive tools for the management of the whole policy life cycle, including automated application management; underwriting; policy quoting, issuance, and endorsement; generation and management of supporting document; accounting procedures; automatic batch or manual renewal; work with prepackaged and individual policies; and management of the full history of policy versions.

In comparison to most insurance solutions FLEXTERA Insurance enables real time integration with the company General Ledger for the immediate update of the company financial data. FLEXTERA solutions are built on the principles of separated operational product accounting and regulatory financial accounting. The back office systems which are responsible for product management operate with internal product accounting data and do not record transactions into financial accounting systems. A special tool — FLEXTERA Accounting Engine — converts operational product accounting data into financial accounting forms in accordance with national and international accounting rules and standards. Such independence enables the use of various accounting methodologies and adjustment to the local regulatory peculiarities without the need to change the business logic of a financial institution and allows the Insurer to generate sophisticated management reports for multi-sided analysis of products, branches and staff performance.

 

See also:

  • FLEXTERA Insurance Front Office — The solution is responsible for Multi-channel Front Office operations and customer relations management for ubiquitous client servicing and efficient management of a distribution chain. The solution allows streamlining the company operations through the support of Direct Insurance business allowing Insurers to sell prepackaged insurance products through the customizable client self-service portals.
  • FLEXTERA Insurance Middle Office — The solution offers a set of components for Middle Office risk management, fraud monitoring and decision making functions.
  • FLEXTERA Insurance Back Office — The solution provides tools for Core Back Office operations including daily transactions processing; product origination and management; policy management; and unique tools for monitoring product performance.
  • FLEXTERA Insurance Accounting — The solution offers modern tools for Tax accounting and General Ledger support. Logical separation of product accounting and financial accounting allows FLEXTERA Customers to flexibly adjust to the changing regulations and to easily expand their business to new geographies.
  • FLEXTERA Insurance BI — The solution delivers a set of comprehensive BI and reporting tools for managerial and financial reporting, with the unified access to all analytical instruments via a single window.