Solartis Insure: Policy Life Cycle Services

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Solartis Insure Policy Life Cycle Services

• Partner with Solartis so you can focus your
  resources on a digital strategy that
  differentiates your insurance products in the
  marketplace.

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Insurance Policy Lifecycle

• Leveraging Solartis policy life cycle web
  services in conjunction with third party content
  providers (like ISO ERC, Google, Oden etc)
  reduces the overall cost and timeline of your
  project and minimizes project risks as you are
  integrating with proven services and content
  instead of building them from scratch.
• The Solartis Insure platform is a complete set of
  insurance transaction micro web services that are
  provided through standardized APIs in a secure,
  redundant, enterprise-level cloud environment.
  These micro web services span the entire sales
  and policy lifecycle process from initial rating
  and quoting to policy issuance and ongoing
  servicing. For an examination of each Solartis
  web service, read on!

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Insurance life cycle policy process
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The Solartis Insure Cloud Services Supports the
entire sales ad policy life cycle or just the
components you need.

• Available in two delivery models Software as a
  Service (with our User Interface) and Platform
  as a Service (with your User Interface).
• Fully integrated with third party content
  providers like ISO ERC, Google and Oden to speed
  up time to market, guarantee accuracy and
  minimize implementation risks.
• Can be utilized on all consumer devices mobile,
  tablets and traditional computer browser
  interfaces.
• Pricing is transaction based no upfront license
  fees and you only pay for what you use.

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Features of Solartis InsureTM Policy Life Cycle
Services

• Enrollment
• Clearance
• Quote
• Refer
• Underwrite
• Propose
• Taxes Fees Compliance
• Bind
• Issue
• Bill / Invoice
• Document Production
• Certificate of Insurance and Auto ID Card
  Administration

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Enrollment

• Solartis Insure services include enrollment and
  payment capabilities for enrollees to select and
  purchase insurance coverage online.
• Online enrollment and payment is increasingly
  being viewed as must-have functionality for
  consumer business worldwide.
• From a customer service standpoint, potential
  enrollees are demanding quick and easy ways to
  select and buy coverage.
• From a profitability standpoint, the low premium
  per enrollee requires that administrative and
  customer service costs be kept at a minimum.
• Enrollment Service Example The enrollee accesses
  the Solartis Service via a link on the desired
  company website. In a simple process, the
  enrollee selects the coverages they want, accepts
  any terms conditions that may apply, enters
  insured and other relevant data, as well as
  payment information.
• The policy or certificate is emailed to the
  enrollee on completion of the process or the
  enrollee can download the document immediately.
• All subsequent transactions (e.g., future payment
  transactions and changes, coverage and policy
  modifications, reporting etc) are supported by
  the other Solartis Insure services.

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Clearance

• Risk and Coverage information is entered into the
  system by an authorized user. The system utilizes
  its rating rules, premium and factor tables, as
  well as valid value tables to calculate each of
  the products coverage premiums. The coverage
  premiums are displayed on the screen for review
  by the user. At this time, a rating worksheet or
  quote proposal can be produced as a PDF.
  Additional copies of the quote (and its
  corresponding output) can be produced as needed.
• Quick Quote capabilities are available for all
  user types (e.g., insureds, brokers, underwriters
  etc). This allows the user to obtain a quote
  proposal instantly by entering the minimum amount
  of information.
• Carrier and / or Coverage shopper capabilities
  can be configured if desired. Shopper screens
  display multiple premium options for the user
  (e.g., insured, retail agent) to choose from.

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Quote

• Quick Quote capabilities are available for all
  user types (e.g., insureds, brokers, underwriters
  etc). This allows the user to obtain a quote
  proposal instantly by entering the minimum amount
  of information.
• Carrier and / or Coverage shopper capabilities
  can be configured if desired. Shopper screens
  display multiple premium options for the user
  (e.g., insured, retail agent) to choose from.

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Refer

• A Referral is sending the risk or task to another
  user for review and / or processing. Referrals
  can be either system triggered based on rules or
  manually triggered by the user (i.e., broker).
• Additional correspondence can accompany the
  referral (by entering info into the quote record
  or attaching a imaged document). The quote status
  is changed to Submit when referred.
• Workflow rules determine which user (i.e.,
  underwriter) gets the referral. The referral
  recipient (i.e., underwriter) can decline,
  underwrite and price, and create a quote
  proposal.
• The process can occur as many times as necessary
  between multiple users (i.e., the broker and the
  underwriter). All transactions and activity is
  stored and auditable.

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Underwrite

• Depending on the level of automation desired,
  risk acceptance, rejection and referral rules can
  be automatically triggered in Solartis Insure.
• These rules are based on your product and company
  specific guidelines and can be as strict or as
  lenient as desired.
• Automated underwriting rules are generally
  implemented for insured or agent usage and when
  triggered either stops the user from issuing the
  quote or proposal or suggests the risk be
  referred to an underwriter.
• If no rules are triggered the user can continue
  processing the risk as specified by their
  permissions.

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Propose

• The proposal process varies based on the users
  authority, insurance product protocols and
  company rules. In Solartis Insure we tailor the
  proposal procedures and activities to conform to
  your unique requirements For example
• Once a proposal is issued the quote is locked to
  prevent undocumented changes
• Multiple versions of a proposal (quote) can be
  produced and are tracked to support desired
  changes / quote iterations
• Proposal and / or worksheet documents are
  produced as PDFs to be emailed or distributed to
  the brokers and / or insureds
• Supporting information and documentation can be
  produced with the proposal (e.g., application
  documents, schedule of forms, instruction
  packets, etc.)

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Taxes and Fees Compliance

• Maintenance of State Taxes and fees for each
  state are becoming more complex and challenging
  for companies to maintain. Solartis State Surplus
  Lines Tax and Fee Services can be purchased as
  part of Solartis Insures full Policy Life cycle
  or as a standalone service.
• State Surplus Lines Tax and Fee Calculations
• Web Service interface
• State level Taxes, Fees and Surcharge
  values/factors and algorithms
• Personal and Commercial Lines, All states
• Option for authorized user to override system
  values/factors
• Real-time response (quote re-calculations, binder
  issuance, mid-term endorsements, cancels,
  re-writes)
• State Surplus Lines Tax Regulatory Reporting
  Support
• Web Service feed to third-party Regulatory
  Reporting systems

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Bind

• The bind process and the rules of binding an
  insurance risk varies based on the users
  authority, insurance product protocols and
  company rules.
• In Solartis Insure we configure the bind
  procedures and activities to conform to your
  unique bind requirements. Example of a retail
  agent submitting a request to bind Once a quote
  proposal is produced and accepted, the retail
  agent can request a binder. This is generally
  performed as a referral to the underwriter. Once
  the binder request is received by the
  underwriter, the underwriter has full access to
  all entered and received information for review
  and approval.
• A rating worksheet is available to the
  underwriter for applying underwriter surcharges /
  deviations (if needed). Upon underwriter
  acceptance, the underwriter issues the binder
  (with the designated effective date and any
  desired conditions). The binder (and its
  supporting documents) is available as a PDF to
  the retail agent.
• The underwriter can email the binder to the
  retail agent or he can access it via Solartis
  Insure. Example of a retail agent with binding
  authority Once a quote proposal is produced and
  accepted (accepted because it meets the automated
  underwriting guidelines) the approved retail
  agent has the authority to ether request a binder
  from the underwriter or issue the binder
  themselves.
• All desired documents and binder conditions will
  be provided based on the retail agents authority
  and automating underwriting rules.

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Issue

• The Solartis Insure issuance process can be
  tailored to meet your specific carrier and
  program requirements Example Workflow
• Once the bind transaction is issued the binder
  document is produced and a policy number is
  assigned (user or system generated).
• A policy issuance checklist or the Solartis
  Insure subjectivity service is invoked to ensure
  all proper information is received and procedures
  are followed before issuance occurs.
• All policy declaration pages and its attachments
  (based on coverages selected) are available for
  preview before issuance.
• If needed, additional forms can be selected from
  the forms library. All policy documents are
  produced and stored in a PDF.
• The PDF document is available to all designated
  parties via printing, email or accessible in
  Solartis Insure. All policy documents can be
  exported to document management systems for
  external storage.

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Bill / Invoice

• At the appropriate point in the policy life
  cycle, Solartis Insure generates electronic or
  paper invoices. Invoices can be issued as a
  standalone process or in conjunction with other
  policy transactions (e.g., bind, renew). For
  installment based invoicing and endorsement
  transactions, Solartis Insure generates the
  invoice at the designated point in the policy
  life cycle.
• A copy of the invoice transaction (and invoice
  PDF) is stored with the policy record
• A complete record of all invoice transactions
  (and payments received) are maintained in
  Solartis Insure

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Document Production

• Solartis Insure generates the appropriate
  documents as PDFs for the specified transaction.
  These documents include
• Quote and Underwriting Worksheets
• Proposal Letters
• Applications
• Binders
• Invoices
• Policy Declaration Pages
• Attaching Forms
• Certificates of Insurance
• State Surplus Lines Notices
• Endorsements
• Cancellations and Reinstatement Notices
• Renewal Policies

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Certificate of Insurance and Auto ID Card
Administration

• ACORD Certificates of Insurance, ACORD Evidence
  of Insurance and Auto ID Cards are dynamically
  generated on-demand. Automated business rules
  determine whether the Certificate Record is
  complete and whether the user is authorized to
  issue. The Certificate of Insurance is
  auto-populated with data from the Certificate
  Record. Solartis Insures Certificate Issuance
  Services includes the following
• Certificate Processing Instructions
• Templates (ACORD)
• Distribution (email, fax, off-site and local
  print, web)
• Ad Hoc Request Processing
• Reprinting
• Batch / Renewal Processing
• Client / Broker Self Service
• Record / Certificate Management
• Reporting
• Performance and audit activities
• Regulatory Compliance (e.g. OFAC, ACORD)

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Endorsements and Audits

• All policy endorsements and audits are supported
  in Solartis Insure.
• Once the policy is issued, the designated user
  selects to add the endorsement or audit, and
  modifies the appropriate policy information.
• If the premium is to be adjusted the system
  re-rates the policy with the new information and
  displays back the annual and pro rata coverage
  premiums / changes for review.
• When the designated user issues the endorsement
  or audit the appropriate forms are produced from
  the system.
• A complete history of all policy transactions
  are stored in Solartis Insure.

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Renewals

• The Solartis Insure policy renewal process can be
  tailored to meet your specific carrier and
  program requirements Example Process At a
  defined date before the expiration date of a
  policy (i.e., 3 months) the system automatically
  creates a renewal quote containing the latest
  information on the policy and the latest
  application information in the system.
• We also pull information from other systems as
  needed ( e.g., claims, general ledger).
• Product specific renewal rules are triggered to
  determine what happens to the renewal quote.
• For example, if no flags are triggered the system
  generates the renewal quote and a pdf quote
  proposal will then be automatically sent to the
  broker or insured.
• If a flag is triggered (e.g., claims over a
  amount, non-payment of premium) then the renewal
  quote can be automatically generated so it must
  be reviewed by an underwriter.

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Thank You

• Watch out the below video for more information
• https//player.vimeo.com/video/180200386