Many insurance companies today face a road block in their path of development owing to aging and inflexible policy administration systems. Several companies have multiple policy admin systems for different lines of business which becomes a costly affair for them. According to a recent Gartner study, 80% of insurers do not have the budget or human resource to develop and maintain their own system for policy administration.
Tech Mahindra’s solution is a fully integrated end-to-end policy administration system framework built on modern service oriented and component based architecture. The solution is deployed on cloud and can be leveraged using pay as you use/ Pay as you grow/transaction based pricing. Its configurable product specifications can accommodate product specific information managed by business users and subject matter experts. It has a dynamic user interface driven by Product Specification and includes functionalities like automated editing, rating, rate calculation, billing, and claims processing etc.