Sapiens IDITSuite for P&C (Policy, Billing, Claims) MASTER

Sapiens IDITSuite for Property & Casualty (P&C) is a market-leading and internationally proven Property and Casualty/general insurance solution that places the customer and agent at the heart of the insurance business, enabling insurers to know their customers better and offers services tailored to their needs. IDITSuite supports all aspects of P&C insurance, covering all personal, commercial, and specialty lines of business (LOBs) with full-suite yet modular functionality of policy billing and claims.

Sapiens IDITSuite provides a rich set of insurance modules, offering a full end-to-end solution to support the insurer’s financial goals while providing better customer service. It is a comprehensive, modular, web-based solution built from the ground up to support insurance processes. Placing the customer and agent at the heart of the business, it incorporates all functional modules necessary to know the customers and offer them products and services tailored to their personalized needs.

The solution offers full support for all front and back-office insurance management processes, including insurance product design, policy administration, underwriting, billing and collection agent management, claim management, and much more via workflow CRM and digital and analytics capabilities as well as vast ecosystem integration on modern cloud infrastructure.

IDITSuite comprises the following main functional modules:

• PolicyMaster - for policy and underwriting management - full policy structure design and quote rate and issue
• BillingMaster - for billing, collection, agent commission, and technical accounting
• ClaimsMaster - for claims management

PolicyMaster is the IDITSuite policy-management module that administers the full lifecycle of an insurance contract – from quote, rate, and issue, through a full range of endorsement capabilities, to expiration and/or cancellation. PolicyMaster provides a complete solution for carriers, agents, brokers, Managing General Agents (MGAs), bancassurance writers, and other insurance organizations. PolicyMaster manages policies through a process that is tailored for each LOB and provides a unified look and feel to all users. The actual screen layout and flows are LOB and/or coverage driven. They include all data elements required for rating, underwriting and document production, as well as any additional data requested by the insurer.

BillingMaster is the IDITSuite billing, collection, agent commission and technical accounting module that enables P&C carriers, MGAs and brokers to manage the full lifecycle of premium services, taxes and fees, along with commission billing, collection and disbursements. including direct and agency billing with configurable capabilities by the business for self-sufficiency. Commissions are calculated, tracked, and paid. Incorporating powerful technical accounting, BillingMaster features flexible payment options and plans, supports dunning procedures and payment reconciliation and matching, and integrates with various payment gateways and general ledger solutions.

ClaimsMaster streamlines the end-to-end claims processing for all P&C lines. It provides one-click access to key features, configurable claims rules and intelligent workflows, as well as claims dashboards with drill-down capabilities. ClaimsMaster’s modern, intuitive user interface is configurable through rules to improve overall user experience and effectiveness. The module offers a simplified navigation method, enabling users to multitask without losing data and increasing operational efficiency. ClaimsMaster’s strength is in its ability to support the end-to-end management of the entire claim, including support for multiple claimants and damaged objects (for example, motor, property, person, and third parties). Claim agendas are assigned to each damaged object, driving the claim process/SLAs. Claim questionnaires are associated to claim damage codes, enabling different questions to be asked based on the damage codes selected.

IDITSuite is a future proof, AI-based, open and integrated insurance solution that accelerates innovation and delivers sustained value. Insurance organizations using IDITSuite are well positioned to lead in the marketplace, while benefiting from the ability to control operations, reduce expenses, and improve customer experience. Companies can quickly roll out innovative insurance products, modify existing products, and address time-to-market needs via diverse distribution channels.

Driven by a strategic roadmap and a strong commitment to R&D, IDITSuite’s rich features deliver enduring value and empower insurers to sustain a competitive advantage:

• Multicountry – designed from the ground up to support multinational business operations, IDITSuite is multibrand/multicompany, enabling to establish brand companies in different countries to support multiple legal entities. It is also multicurrency and multilingual in full support of global business operations.
• Highly modular architecture delivers the agility required to target specific business sectors without overhauling the entire system. It supports a strategic ‘land and expand’ model, allowing for scalable growth and adaptable innovation.
• No code/low code configuration tools empower the business to adapt and add data elements without the need for traditional coding, enabling to take ownership of change.
  Tightly integrated, loosely coupled, modular set of solutions that grow as needed.
• Comprehensive offering supports end-to-end insurance processes globally, across all lines of business, driven by extensive industry expertise.
  Intelligent, AI-powered automation increases operational efficiency and lowers the expenses involved in quoting, underwriting, claims handling, and overall management of billing and collections.
• Channel-agnostic experience – a single source of truth (data and business logic) supports any channel (including channel hopping) for superior customer experience. This functionality enables customers to start a journey in one channel and then pick it up in another (including via call center), supporting true access anytime, anywhere.
  API orchestration connects multiple systems into a single, valuable ecosystem, powering third-party applications at speed.
• Cloud ready - leverages the power of the cloud to take advantage of the latest in data security, compliance, protection, and system resilience.
• Embedded Generative AI (GenAI) and Machine Learning (ML) capabilities across IDITSuite ensures intuitive automation, enhanced decision making, and operational efficiency. This effectively transforms traditionally manual processes such as claims handling and underwriting into streamlined, AI-assisted workflows, resulting in superior user experiences while maintaining scalability and flexibility to meet evolving market demands.

• Rapid Time to Market (TTM) – easily adapts to fast-changing market trends and needs. Insurers can create, modify and launch insurance offerings rapidly and effectively, on a local or global scale.
• Seamless, intuitive, personalized experiences for all personas across all digital channels.
• Accelerates innovation and speed to market through a common foundation of data, AI, and low-code/no-code configuration engines.
• Industry-standard, ready-to-use content tailored for various business structures within the insurance sector.
• Investment protection – the solution’s architecture supports upgrade paths and has rolling roadmaps that allow benefiting from the Sapiens investments in the platform.
• Self-sufficiency – insurers can take ownership of change and offer any product in the P&C/general insurance market through dynamic, customizable, parameter-driven tools and wizards geared towards self-sufficiency.
• Improved decision making with claims automation and underwriting by leveraging advanced data analysis, pattern recognition, and automation capabilities.
• Reduced TCO with operational excellence - out-of-the-box (yet extendable) business functionality, aggregation, simulation capabilities and analytics – combined with workflows and document management – result in increased productivity that lowers TCO.
• User community – insurers join a business (and technical) user-based community that shares trends, innovations, approaches and more to determine the future of our solutions.
• Digital transformation - comprehensive digital suite with a fully personalized experience, a 360-degree view of each customer, and analysis of big data at the core of the insurance sector’s journey to digitization.
• Partnership with Microsoft - Sapiens strategic partnership with Microsoft enables us to introduce the next generation of innovation and efficiency, including embedded GenAI capabilities and use cases, thus augmenting even more our analytics solutions models with AI, machine learning, and more.