Property and Casualty (P&C) insurers face an industry full of complexity. Dealing with change while efficiently managing complex processes like policy administration and claims handling can be challenging. To help overcome these complexities, insurers can invest in a P&C core platform solution that provides access to insurance information across the entire policy lifecycle, while ensuring seamless integration with external systems and management of core processes.
How does a core platform solution work?
A P&C core platform solution is an integrated suite of applications that supports all core business functions of P&C insurers. It can be used for all product lines and underwriting models, assisting every insurer from specialist managing general agents (MGAs) and local retail insurers to global commercial carriers.
A core platform consolidates various functions into a single platform, providing a holistic approach to managing the intricacies of P&C insurance. The key components and functionalities that a P&C core platform solution should perform include:
- Underwriting and policy administration: One of the primary functions of a P&C core platform is policy administration, which involves managing the entire lifecycle of insurance policies. For example, our platform, SID, supports insurers with submission registration through to quoting and binding, cancellations, and automatic or manual renewals. A core platform solution should facilitate the configuration and customisation of insurance products, allowing insurers to quickly adapt to market demands and regulatory changes. Additionally, robust underwriting capabilities enable insurers to assess risk accurately and determine the appropriate terms and conditions for policies, ensuring both profitability and customer satisfaction.
- Claims handling: Efficient claims management is crucial for maintaining customer trust and operational efficiency. A core platform solution streamlines the claims process, handling everything from registering a loss notification and opening a new claim, to final settlement and reopening (if required). Through APIs or file exchange, insurers can also use a core platform solution to integrate with external claims data providers like TPAs and coverholders.
- Credit control: Invoicing and allocating paid premiums are integral processes in the insurance operation. A P&C core platform solution like SID manages premium billing, automatically creates invoicing for the forthcoming period, and produces reminder letters (which can be configured to automatically go out with different text at each phase) to assist with the chasing of overdue premiums.
- Security: Robust security measures are paramount in the insurance industry. All activities conducted within a core platform solution, whether interactive or not, are performed within the context of the logged-in user to ensure accountability and traceability. A built-in user and password manager centralises user management, while two-factor authentication can provide an extra layer of security, protecting sensitive information from unauthorised access.
- Integration: The insurance ecosystem comprises numerous external systems and services, making integration and interoperability critical. P&C core platform solutions are designed to seamlessly integrate with third-party systems, such as document management systems, broker systems, and external data warehouses. The use of APIs enables easy connectivity and data exchange, ensuring that the core platform can efficiently work with other software solutions.
- Data integrity: Having validated and accurate data is essential for insurers. A core platform maintains data integrity by walking users through each process using mandatory steps which are processed in a pre-configured order. This ensures data integrity is maintained every step of the way. The platform records data at the completion of each process, meaning no inconsistent data is stored in the system, minimising the risk of errors.
Why invest in a P&C core platform solution?
Implementing a P&C core platform enhances insurers’ operations, by supporting multiple business operations from a single location. An effective core platform solution can be easily and quickly set-up, thanks to off-the-shelf functionality, and flexible deployment. Web-based core platform solutions are especially useful as users only require a browser to get started.
Thanks to the flexibility of such platforms, they can adapt to regulatory changes and market demands as needed, helping P&C insurers to remain competitive and compliant, wherever in the world they are.
In short, these solutions provide a robust foundation from which to create efficient operations that aid organisational growth and help overcome inherent industry complexities.
To find out more about how our core platform solution can help you to navigate change and remain competitive, get in touch with one of our team.
