Insurance Policy Administration Pricing

Capture insured person and item data, for vehicles, buildings, business, people, and more.

Configure coverage terms, such as limits and deductibles. Add and remove optional coverages. Rules-based coverage and attribute determination.

Invoke rating procedures in Salesforce and via external calls to calculate premiums and reprice following modifications.

Create multiple versions of quotes under a single opportunity and compare the terms and premiums.

Apply the taxes, fees, and surcharges to the quote based on the schedules or callouts defined on the product.

Calculate producer commissions based on the product/producer-specific commissions calculations.

Run IGO/NIGO and underwriting rules to trigger workflow and approval processes.

Create a new policy based on an approved quote, including the creation of insured items.

Modify a policy’s coverages and/or policy terms. Calculate prorated changes in premium, taxes, and commissions.

Add, modify, or remove insured items or parties from a policy. Calculate prorated changes in premium, taxes, and commissions.

Configure renewal processes based on expiration dates, and product and class-specific workflows.

Cancel policies. Calculate and post refunded amounts.

Create date-specific policy versions for each mid-term adjustment.

Calculate and view earned and unearned premium by month. Adjust automatically with each mid-term adjustment.

Set up and manage effective dated and flexible commissions calculations declaratively in one place as flat rates, amounts, rate lookups, calculation procedures, or integration procedures.

Calculate commissions for quoting and policy transactions through integrated commissions and policy admin services.

Calculate commissions for quoting and policy transactions through integrated commissions and policy admin services.

Retroactive adjustments using the standalone commissions adjustment services.

Post premium charges and refunds to a policy ledger.

Lapse policies for nonpayment based on grace periods.

Generate policy statements based on transactions for a given time period.

Combine transactions from multiple policies into a single billing account.

Invoke state transition rules to drive the quote, policy, or contract through its lifecycle, based on the state model, class, and product.

Dynamically call out to external systems or services to augment or enrich data entered by the user using Integration Procedures and DataRaptor.

Leverage product and class-based rules to automate referrals to underwrite and drive straight-through processing.

Upload census member data via CSV import, and manually enter. Process validation rules by member.

Create employer contracts from a valid quote.

Transfer configured benefit plan terms from a valid quote to a contract.

Enroll member employers to create policies under a contract.

Access preconfigured Lightning Web Components for the underwriter’s and producer’s desktop in Financial Services Cloud.

Deliver guided experiences for quoting, mid-term adjustments, payments, and other transactions in any channel.

Deploy configurable REST endpoints for any transaction using prebuilt services and Integration Procedures.

Access quote and policy data and transactions in Experience Cloud for Partners, with preconfigured, mobile-ready components.

Access quote and policy data and transactions in Experience Cloud for Partners, with preconfigured, mobile-ready components.

Access quote and policy data and transactions in Experience Cloud for Partners, with preconfigured, mobile-ready components.