Delphi Introduces New Policy Administration System
Staff Writer | June 25, 2015
Delphi Technology announces the availability of Delphi Policy, an end-to-end policy administration system designed to manage the entire policy lifecycle for property and casualty insurance and built on the new Delphi Velocity technology platform.
Delphi Policy supports the core functions of the policy lifecycle including product definition, underwriting, quoting, binding, endorsements, and renewals. Delphi Policy is pre-configured with extensive product content, functions, and features, delivering a solution that increases underwriting productivity, supports holistic policy sales and channel management, and makes it easier for P&C insurers to leverage ISO Electronic Rating Content (ERC) to streamline, automate, and accelerate product development to maintain their competitive edge.
“With Delphi Policy we have extended the core system functionality of our new policy administration system to give insurers the ability to radically improve product development speed and enhance product capability to pursue new opportunities and accommodate market demands.” says John J. Flavin, senior vice president and chief business development officer for Delphi Technology. “Delphi Policy is a unique software solution that enables insurers to leverage bureau content such as ISO loss costs, rules, and forms to minimize risk, avoid premium inaccuracies, and get products to market faster than their competition.”
Delphi Policy includes:
- Delphi ERC Accelerator: Enables product managers to harness the rich and robust content from ISO’s Electronic Rating Content (ERC).
- Customer-centric Data Model: The client data model offers a global view of the customer across all quotes and policies, including billing profiles, and provides aggregated visibility into total liability and property exposures.
- Powerful Rules Engine: A robust rules engine is at the core of all aspects of business logic from quoting, underwriting to transaction processing, to task and workload management.
- Robust Automated Underwriting: A robust rules engine supports automated underwriting of high-volume, homogeneous risks.
- Product Authority Management: Product Authority setup covers variable product agreements, commission plans, and premium adjustments at the coverage or policy level.
- Policy Maintenance Features: Policy Maintenance features include bulk policy changes, book rolls or large-scale acquisitions of a book of business, and producer to producer transfers.
- Collaborative Underwriting: Electronic workbench supports collaborative processing across agents and underwriters with underwriting referrals, diaries, and tasks.
- Responsive Product Development Model: Product definition is detached from the technology with database agnostic deployment.
- Intelligent User Experience: Role-based, context-sensitive content throughout the policy lifecycle. Security profiles direct user communities to specific functions or lines of business.
- Flexible Pricing Tool Set: Contains virtual endorsement transactions and pricing tools to facilitate buy-ups and provide what-if scenarios without hindering the actual policy.
- Built-in Audit Trails: Policy change history to simplify audits and security.
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