Adaptik: Enabling Cost Effective Policy Administration

John Pettit, CEO, AdaptikJohn Pettit, CEO
Fueled by the convergence of scalability, automation, integration, and growing demand for anywhere anytime access to information, technology is altering the insurance landscape. The ongoing evolution in the insurance arena presents significant challenges like adapting to variations between products and providing self servicing capabilities to agents and consumers. Additionally, insurance companies spend significantly on presenting different policies to its users and agents through multiple products. “This calls for a solution that can be leveraged to deliver policies through multiple distribution channels to different user groups without requiring the development of entirely new redundant systems selling the same product through different distribution channels,” states John Pettit, CEO, Adaptik. The Bethlehem, PA headquartered Adaptik, helps insurance companies face these challenges through f lexible, scalable, and integrated property and casualty insurance software solutions. “Our prime focus is to offer a scalable architecture and provide integration that enables an insurance system to communicate with other systems within and external to a company,” adds Pettit.

Adaptik Policy, the company’s flagship product, fully integrates with Adaptik Product Designer—its configuration product—to provide configuration-driven, context-sensitive web page presentation, navigation, and transaction processing. It also enables full policy lifecycle management including new business issuance, changes, cancellations, reinstatements, and renewals, while supporting multiple data sources and third party applications. Additionally, Adaptik Policy can be seamlessly modified for use in different market segments, thereby saving the costs involved in deploying an entirely new software product. “Adaptik Policy offers complete insight into historical views of policy information with full audit capability,” states Pettit.

Adaptik Policy offers complete insight into historical views of policy information with full audit capability

Meanwhile, “the Adaptik Product Designer provides advanced tools to remove the difficulty of working with multiple sets of business rules simultaneously, streamlining the product implementation process,” he adds.

The integration architecture, a key technology of Adaptik, offers integration capabilities through a robust framework for interacting with systems that are both internal as well as external to a customer’s environment. This technology masks the integration complexities from the client by providing consolidated results through a single user interface. “We make it appear simpler to the users without them knowing that they are getting data from a third party or accessing functionality from other sources for coverage information,” explains Pettit.

Adaptik’s numerous customer success stories are testaments to its prowess in the insurance landscape. In one instance, an insurance company with its quickly growing operations was managing a majority of the data through spreadsheets. As a result, the company was unable to scale in terms of sharing important data and accessing the required information, while maintaining rule changes that needed to take place on a holistic basis. Additionally, the number of staff working on spreadsheets had to be increased as the company grew. Adaptik then configured their entire policy administration processes and enabled the client to carry out insurance file access and sharing through a centralized policy process system. The client gained access to all the web pages and types of policy forms within the internal ecosystem, enabling quick and easy data transactions. The number of personnel working on the entire process was reduced—bringing down labor costs considerably.

Moving forward, Adaptik is set to launch key products like Adaptik Billing and Adaptik Rating in the near future. “We will also be rolling out Adaptik Reporting, allowing customers to access a particular policy and billing data, helping them in operational reporting and analytics,” concludes Pettit.