Cost-efficient P&C Insurance Policy Management Systems for US Insurers: A comparison

In the ever-shifting North American property and casualty (P&C) insurance market, carriers need to integrate digital transformative systems to stay ahead in the competitive space. More recent start-ups such as Lemonade and Hippo have shown how far technology can help improve customer experience. However, the pandemic has forced many insurance companies to streamline their budgets, and why consider 7-figure solutions when better features are available at six figures?

Here are a few of the insurtechs making a big splash, two of them are bigger names, and one that provides greater features at the 6 figure budget I mentioned before.

1. Sapiens

Sapiens PolicyPro for Property & Casualty (previously Adaptik Policy) is part of the Sapiens CoreSuite for Property & Casualty. It is a flexible and customizable quotation submission and policy management solution. Agents, insurers, and policyholders use PolicyPro to quote, issue and manage policies, including integration with third-party systems.

• PolicyPro offers complete policy lifecycle assistance for all P&C lines of business. It assists internal users, as well as agent and direct-to-consumer channels.
• PolicyPro provides role-based processing, fast quotes and complete application data collection processes, and configurable, straight-through processing: full quote, issue, bind, and service capabilities, including “what-if?” scenario creation.
• The system provides carriers complete policy lifecycle management, including new business issuance, modifications, cancellations, reinstatements, renewals, and extensive support for out-of-sequence activities. Sweeping historical views of policy information provide comprehensive audit capabilities.

2. Simplesolve

The company is based in New Jersey with its development center in India. SimpleSolve’s strategy for producing market-leading solutions is built around three main strengths: speed to market, industry experience and cloud technology advances. Their competitive advantages include:

• Endorses Multiple Issue Companies, Multi-State, Multiple LOB, Multiple Risk Policies, all within the same integrated system and database
• The automated business processes and simplified workflows available in SimpleINSPIRE sets the solution apart. The ability to consolidate with third-party services and the 2-way integrated BOT Tara are features not yet available in many other systems.
• Artificial Intelligence and IoT capability make it easy to integrate IoTs like Alexa, Google Home, Device driven Usage-Based Insurance Programs (like devices installed in cars or apps on the phone), etc.
• It provides the ability to handle multiple lines and multiple states: multiple issue companies, multiple modules (Policy, Accounts, Claims) all within the same system.
• The system is designed and architected to integrate, collaborate and grow to avoid technology redundancy — no need to worry about system replacement for a very long time.
• It is designed for the cloud and has a very affordable 6 figure pricing.
• There are certain tools like CRM that helps in maintaining relations with the customer and catching leads.

3. Insurity:

The company is headquartered in Hartford and it develops core insurance processing software. Insurity Policy Solutions offer innovation and ease to policy administration, no matter how complicated the development or line of business.

Highly customizable and with simple navigation, Insurity Policy Solutions make it easy to adopt and utilize.

To deliver additional value to its clients, Insurity also collaborates with third-party tech partners like Infosys and Syntel.

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