Our Policy Administration System is a SaaS solution hosted in a Secure, Private Cloud Environment
Our solution takes a transaction-based approach to product configuration, policy issuance and policy life-cycle events, including both financial and non-financial processing.
This unique methodology – combined with robust conversion capabilities and full integration with illustration and reporting solutions – allows life insurance and annuity carriers of all sizes to achieve increased speed-to-market, lower costs, mitigated risk and unparalleled data accuracy.
Leading carriers use the system to support blocks of individual and group products, including term life, whole life, universal life, VUL, private placement, annuities and first- and second-to-die.
Bringing You Leading Industry Experience
Leveraging our team’s three-plus decades of industry experience, our Policy Administration system is designed to be eminently flexible and scalable, offering support for life insurance policies and annuity contracts from issuance to termination.
Seven of the top 13 life insurance and annuity carriers rely on our solution to administer blocks of policies – fixed and variable, basic and complex, open and runoff business, and more – reliably, and at a predictable cost.
A Flexible Policy Admin Solution
Our Policy Administration solution can be deployed discretely or in concert with new business processing/enrollment, illustration and reporting solutions.
This results in uniquely accurate in-force policy value calculations, from any date, updated nightly and available at any time. Undo/redo and corrective processing are similarly seamless.
Both the application and policy information are hosted in our secure, private cloud environment, allowing for “anywhere, anytime” data access and minimal risk of catastrophic loss.
Our Policy Administration solution is configured to meet the product and processing needs of each individual carrier.
Fully Integrated Life Insurance Policy Administration
Our Policy Administration solution is fully integrated with our industry-leading conversion, reporting, policy inquiry and validation tools, allowing carriers to deploy a full-featured solution set efficiently and cost-effectively.
Learn more about our policy admin solution below, or contact us if you are ready to get started today.
The Andesa’s modern conversion engine allows users to efficiently convert blocks of policies from legacy systems to the Andesa Policy Administration system.
Our conversion engine allows carriers to enjoy the benefits of modern, cloud-based policy administration quickly and simply. Data is custom mapped for input, and the solution’s highly reusable and repeatable processes allow for error-free, validated conversions — especially compared to manual processes.
Our conversion engine features:
- Efficient, error-free conversions to the Andesa Policy Administration system
- Hosting on an Oracle database on its own dedicated server
- Support for phased conversions
- Fully automated, repeatable processes
- Custom mapping of input data from carriers
- Support for conversions of as few as 5,000 or as many as hundreds of thousands of policies
- Version control of source code with Oracle Data Integrator
- Cost-effective backups of historical policy data
Andesa’s modern reporting solutions empower clients to achieve dynamic, flexible ad hoc or scheduled reporting at any level.
Our reporting solutions makes use of our secure, private cloud and centralized policy data warehouse to provide convenient, easy access to reports at the case, division or policy level. Whether you need recurring, scheduled reports or custom reports based on flexible, predefined user-input parameters, our solutions can provide them.
Andesa’s reporting solutions feature:
- Secure, online access to reports at the case, division or policy level
- No-wait policy value reporting
- Access to reports from any computer with web access
- Accurate policy values, updated nightly and sourced from a common data warehouse
- Aggregate reports based on any common theme
- Standard reports, including Cash Value and Fund Detail Reports, plus more than 50 custom reports
- Exporting to familiar file formats, including Microsoft Excel and PDF
- Recurring, scheduled reports
- Reusable nonstandard and custom reporting formats
When you need instant access to granular policy-level information, you need Andesa’s web-based policy inquiry solution.
The solution allows users to conveniently and easily view policy-level detail — including financial transaction history, such as monthaversary changes, premiums, withdrawals, loans and transfers — sourced from Andesa’s common data warehouse.
With our web-based policy inquiry utility, it’s simple for customer service representatives, distributors and home office staff to retrieve a current policy status or view all transactions accumulated during the life of a specific policy.
Fully integrated with the Andesa Policy Administration and Illustration systems, the solution provides fully accurate data — updated nightly. And because it’s accessible through a standard web browser, it makes up-to-date policy information available at any computer with internet access.
Andesa’s unique product validation system helps our clients take the guesswork out of policy system changes.
With product validation, Andesa clients can test scenarios before they happen by setting up validation cases and running a real illustration against a policy administration system prototype. It’s never been easier to dynamically compare the consequences of potential calculation code changes to actual, real-world cases.
With Andesa’s product validation system, new product implementations occur more smoothly, at reduced cost and improved time-to-market. Likewise, legacy business practices can be tuned and tweaked without worry, leading to increased performance and profitability.