Policy Administration

Re-engineering of the core policy systems is more necessary now than ever before due to improvements in technology, raising expectations of consumers and policyholders, and the increased level of competition from other financial services players.

Combined with the typical challenges of acquiring new business, retaining existing customers, and policy administration, and constrained by outdated technology, the industry has taken the initiative to align the policy information systems with the increasingly expanding world around it. The key objectives are:

  • Improve policy administration processes
  • Support geographic expansion
  • Support regulatory changes
  • Provide real-time information access
  • Provide integrated financial transaction processing

Insurance Policy Administration - Key Solutions

Application Development & Maintenance

NeelInfo possess in-depth knowledge on Traditional Life, Universal Life, Variable Life, Annuities and Retirement pension plans application systems homegrown and package based (CSC' Life70, LifeCom & Vantage). NeelInfo is also experienced in providing day-to-day production support, regulatory enhancements, new product development, administration, and interfaces with other systems in a typical Life Insurance set-up. The policy services supported include:

  • Premium Collections
  • Collection Reversals
  • Non-forfeiture Benefits
  • Policy Loans and Policy Withdrawals
  • Policy Surrenders
  • Reinstatements
  • Policy Dividends
  • Claims and Transfer of Policy Ownership

Re-engineering and Custom Development of Policy Front end systems

The front-end applications of the re-engineered Policy Systems include:

  • New Business Administration front-end
  • On-line Statement Accounting
  • Policy Holder Services
  • Bookkeeping
  • Check-writing and Agency Commissions

Many insurers are currently faced with the problem of dealing with outdated legacy systems. The 'rip and replace' approach is often not financially viable, so more and more insurers are looking at legacy revitalization options to save costs and be able to provide customers with better and faster service offerings. NeelInfo addresses this precise requirement thereby enabling the company to successfully launch a new policy administration services platform that is loosely integrated with the Legacy policy administration and underwriting systems.