Overview
Sapiens PolicyPro for Workers’ Compensation is part of the Sapiens CoreSuite for Workers’ Compensation that offers larger carriers, administrators and state funds the technology solutions that enable them to adapt quickly to business and market conditions, offering high levels of accuracy and efficiency. The suite provides broad functionality throughout the entire insurance lifecycle for workers’ compensation, via a core suite, as well as policy, claims and Intelligence modules that can be deployed individually, or as an integrated solution on a single technical platform using the same tools. CoreSuite for Workers' Compensation includes: PolicyPro for WC enables you to quickly adapt to changes in the workers’ compensation market by offering the ability to easily modify an existing product or program ClaimsPro for WC allows insurance organizations to handle unexpected changes that may arise throughout the workers’ compensation claim cycle, from FROI to final benefit resolution and closure. The suite provides a 360 degree comprehensive view of the Customer's involvement in any manner within the application. Sapiens DigitalSuite for Workers’ Compensation is a rapid development tool that gives injured workers, policyholders and providers self-service access to ClaimsPro for WC information. Sapiens Intelligence provides insurance carriers with information in easy-to-use formats for analysis and enhanced decision-making for workers’ compensation.
Sapiens PolicyPro is an advanced, modular, component-based policy administration solution with broad functionality. It is designed to enable carriers, self-insurers, administrators and employers to manage the entire policy lifecycle for workers’ compensation insurance.
PolicyPro is a multi-state, multi-company, multi-market solution that supports core policy functions, including product definition, underwriting, quoting, rating, issuance, endorsements, renewals, billing, and audit.
The solution can help insurance organizations improve operations, expand service offerings, support growth, and respond to ever-changing market demands. PolicyPro offers underwriting templates to determine risk selection and pricing, freeing up the underwriters to focus on complex and high-value cases that require their personal attention. Using predictive analytics, Sapiens PolicyPro offers greater insight into the right price for a risk.
Web-based quoting enables insureds and agents to enter submission data, and rate and receive quotes based on the insurer’s pre-defined rules. Rules-driven straight-through-processing enables the definition of workflows for an optimized underwriting process and allows underwriting staff to focus on more complex, high-value areas.
Key Features
- Rules based selection process
- Integrated agency management
- Automated exception-based underwriting
- Full billing system supporting advanced payment
- Rules-based policy renewal and payroll reporting
- Case management
- Automated regulatory reporting
- Document production
- Full-featured audit system
Key Benefits
- Flexible and scalable for quick adaptation to the changing workers’ compensation market for improved operational efficiency
- Out of the box Workers Compensation capability
- Integrated Partner ECOSystem that delivery innovative WC solutions
- A global view of the customer across all quotes and policies, offers underwriters and agents the tools to thoroughly aggregate and analyze their customer profile, resulting in better service and retention
- Modern architecture with exposed API for ease of integration
- Leverages reflexive questioning to improve underwriting decisions, increasing new business opportunities
- Enables business users to easily modify an existing product or program, for faster roll-out (leverage cloning and versioning capabilities) and responsiveness to market changes
