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Top 10 Policy Administration Solution Companies - 2021

In recent years, with innovative, contemporary technologies, insurance policy administration has exceptionally advanced, producing flexible solutions. As a result, insurers acquired advantages such as novelty, improved customer experience, and reduced efforts, encouraging them to offer modern insurance products, better through agencies. The comprehensive developments have significantly influenced the sale and purchase of insurance in the market. Similarly, by migrating to cloud-based platforms, companies and agencies are amending policy administration. As the cloud brings resilience in applying new applications, it further reduces operational and IT expenses as mostly everything is managed on a cloud server. While saving time and capital, companies secure scalability and continuity utilizing custom-made features and disaster recovery options. Also, the prompt shift to microservices has expanded along with cloud computing. It can be called a development strategy that employs many readily deployable applications, further contributing to a full-scale enterprise application.

Further, today’s consumers use mobile devices for various reasons and benefits. Thus, a mobile-focused approach for any technology can help fulfill customers’ demand for services irrespective of their place and time. Besides, insurers are trying their level best to serve users as per their choice of devices. For instance, applications related to policy administration will be successful in the future when they are designed to be used without a hitch across smartphones, tablets, and computers rather than clocking with a limited set of devices. On the flip side, policy administration solutions were once used to promote a rule-based system to keep it distinct from the rest of the market. At present, all major systems include rule-based functionality, including insurance business and underwriting norms.

It is also worth mentioning that insurance carriers are expanding beyond their local regions to look into markets having expansion possibilities. In order to gain profitability and growth, several insurers are planning to spread business overseas. Therefore, a tailored, cloud-based insurance policy administration system alongside microservice architecture can rule out the demand for an overhaul of the entire system. Also, carriers can continuously take advantage of the administration system they are currently using by just substituting time-taking and costly functions such as document production, rating, or extending the same to partner platforms.

To gain the advantages of such technological advancements has compelled organizations to adopt policy administration solutions and services. This edition of Insurance CIO Outlook has compiled a list of leading policy administration solution and service players to help companies navigate the best-of-breed service and solution providers. The enlisted organizations are transforming processes and services at the convergence of several disruptive technologies. Besides, the magazine also comprises insights from thought leaders in the sector on the industry trends, best practices, recent innovations, and their advice for the aspiring CIOs.

We present to you Insurance CIO Outlook’s "Top 10 Policy Administration Solution Providers  - 2021."

    Top Policy Administration Solution Companies

  • BriteCore was built from the ground up using the latest modern technology. Deployed using the Amazon Web Services cloud, its enterprise-level software is continually updated to guarantee maximum security, efficiency, and durability at scale. BriteCore empowers users with robust and flexible software tools that increase their overall productivity via a single, web-based platform that effectuates seamless, uninterrupted process flows throughout the organization. The company has further invested heavily in ensuring that its platform is easily accessible through several APIs for quick technological integrations

    www.britecore.com

  • EIS Software is a company that enables many of the world’s leading insurers to innovate and operate like a tech company: fast, simple, agile

    www.eisgroup.com

  • Quick Silver Systems offers state of the art 100% web-based Mercury Policy and Claims Administration System, built by insurance industry professionals for the P&C insurance carriers. This system provides end-to-end customizable solutions for rate, quote, bind, backend-processing like cancellations, renewals, etc. On the claims side, they cover first notice of loss, automated reserves, check payments, check printing processing and many more. Mercury Systems has a broad array of features that address the specific needs of a full-featured policy and claims solution, such as SMS messaging, a full document imaging system, workflow, etc., and includes these features as a part of the core system without additional charges

    www.quicksilversystems.com

  • Andesa Services

    Andesa Services

    Andesa Services is the leading provider of integrated, cloud-based solutions for life insurance and annuity carriers and providers

  • FINEOS

    FINEOS

    FINEOS is a leading provider of core systems for life, accident and health insurers globally with 7 of the 10 largest group life and health carriers in the US as well as 6 of the largest life insurers in Australia

  • Guidewire Software

    Guidewire Software

    Guidewire is the platform P&C insurers trust to engage, innovate, and grow efficiently. ​It combine digital, core, analytics, and AI to deliver our platform as a cloud service

  • Majesco

    Majesco

    Majesco is the leading software partner to both the P&C and L&A insurance markets to modernize, optimize and innovate their businesses at speed and scale

  • PCMI

    PCMI

    PCMI Corporation (Policy Claim Management International) is the leading provider of integrated software solutions for Extended Warranty management and F&I administration

  • QLAdmin Solutions

    QLAdmin Solutions

    QLAdmin Solutions is a trusted technology partner for over 45 insurance and fraternal clients. Our insurance industry expertise and peerless technical support provide each client with a solid foundation on which to build and manage their business

  • Solartis

    Solartis

    Solartis offers both groundbreaking technology and on-demand administrative services, or a combination of both, to solve your policy administration challenges