INSURANCE
Modernize Policy Administration
Increase agility with SMARTS™ decision management
Key Benefits:
- Implement policy changes and launch new products faster
- Operationalize AI, machine learning, and deep learning models
- Reduce operational costs while delivering a better customer experience
- Improve the quality and consistency of decisions
- Increase flexibility, scalability, and transparency
Manage Complexity with SMARTS™
Legacy Policy Administration Systems Need an Upgrade
Increasing competition, regulatory activity, consumer expectations, and remote workforce is pushing policy administration systems (PAS) to their limits. While PAS have enabled insurance firms to create a single source of truth, automate processes, and manage the entire policy lifecycle, many firms are finding that their system has become too inflexible and costly to maintain. Modifying policy rules often requires significant IT resources, preventing firms from adapting quickly to regulatory changes and capitalizing on new market opportunities. In addition, the underlying code that automates risk and other policy-related decisions are often inaccessible or incomprehensible by the business analysts that manage these decisions. As a result, redundancies and errors accumulate over time.
The SMARTS™ Path to Next-Gen Digital Transformation for Insurance
SMARTS™ is a modern, enterprise-level, application-agnostic, decision-management platform that enables non-technical analysts and SMEs to easily automate, manage, and continuously improve business-critical decisions in daily operations, whether explicit or AI-driven, with minimal IT resources. Whether you’re a startup or established P/C, Life/Annuity, or Health insurance firm, SMARTS™ enables you to strategically augment your PAS through a microservices approach. Quickly start with one application and easily expand into other applications across the organization.
Applications include:
- 1:1 Marketing
- Prescreening
- Quoting
- Fraud Detection
- Rating, Pricing, Underwriting
- Upselling & Cross-Selling
- Commission Calculation
- Claims Processing
- Collections & Recovery
What If You Could Make Policy Changes 5x Faster?
Hong Kang Life Insurance is one of the top national life insurance companies in China that desired to unify and modernize their underwriting and claims systems. Through SMARTS™, they were able to achieve the following:
- Create a global rules management system
- Enable four business analysts to manage of 100% of underwriting rules and nearly 70% of claims rules without IT
- Reduce average application processing time from 1.2 seconds to 50 milliseconds
As a result, they were able to make policy change 5x faster, reduce maintenance costs by 70%, and launch 23 new products in just 6 months!
FEATURED BLOG POSTS
How to Write Business Rules
Tips for Business Analysts on How to Write Business Rules Throughout the years, the business rules experts at Sparkling Logic have provided tips on how to write business rules. This post consolidates some of the best of the best with example business rules. Note, the...
Predictive Modeling Examples in Decision Automation
Predictive Modeling Examples Predictive models can be used to improve decision making throughout an organization’s daily operations and throughout their customer’s journey. Examples of predictive modeling applications include (but are not limited to): Customer...
What our customers say about SMARTS
You are about to modernize or develop a new automatic decision-making application, based on data, knowledge, or a combination of both. You wonder whether our SMARTS platform meets your business needs and technical specifications. Nothing is better proof of a product's...