Policy Administration and Renewal
Realize More Revenue with Improved Policy Administration and Renewals
Policy administration systems can't keep up, due to the same challenges affecting claims processing systems: bloated, manual, error prone, time-consuming, black-box processes trapped in legacy systems built decades ago.
For example, if a policy holder has a teenager whose recent auto accident is not included in renewal risk evaluation, his or her premium will not reflect that, losing the insurer money. If the policy holder has NOT had an accident in many years, he or she may be eligible for lower premiums that, if not applied, anger the policy holder.
TIBCO's real-time infrastructure, coupled with TIBCO business process management (BPM) technology, ensures renewals are accurate by automating appropriate steps such as checking for updates, re-scoring for risk, and underwriting review. TIBCO’s complex event processing (CEP) technology incorporates complex risk and premium calculations in real time. And TIBCO’s master data management (MDM) technology ensures the data is accurate, even as there are multiple sources of the same data in different systems.