Insurance policy management software, top platforms & our expertise
Insurance policy management software facilitates the creation and efficient management of policies, centralizes and unifies relevant customer and policy data, automates manual, repetitive tasks, and enables insurers to deliver more personalized services.
Itransition enables insurance policy lifecycle management capabilities via dedicated stand-alone applications or as part of a comprehensive insurance ecosystem.
Key features for insurance policy management
Since each insurance agency’s policy management process is unique and can include any number of activities, our team delivers solutions tailored to the specifics of a particular company’s policy management process.
- User-friendly tools for policy catalog creation and management
- Pre-built and customizable templates for insurance policy creation
- Automated policy pricing based on customer data and type of coverage
- Multi-currency and multi-language policy issuance
- Policy distribution to customers via email, customer portals, or other established communication channels
Policy documentation & storage
- Centralized document repository of issued policies and related policy metadata with automatic indexing and categorization
- Search capabilities using metadata tags such as policy number, customer name, document type, and date
- Conversion of scanned documents into searchable text with on-demand Optical Character Recognition (OCR) capabilities
Policy endorsements & amendments
- Configurable templates for common endorsement types such as coverage changes, beneficiary updates, and policy term modifications
- Automated approval and validation of endorsements and amendments
- Manual overrides and escalation procedures for complex cases
- Recalculations of policy coverage pricing, additional premiums, or fees associated with endorsements
Policy renewals & terminations
- Customizable templates for establishing policy renewal terms
- Automated policy renewals on predefined conditions or based on manual approval
- Scheduled or manual policy termination upon customer’s refusal to pay
- Configuration of grace period settings for late policy renewals
- Automatic calculation of penalties or adjustments based on grace period rules
Policy analytics & reporting
- Tracking of the quantity and profitability of issued policies vs. closed vs. renewed
- Establishing and tracking KPIs specific to policy management, such as policy renewal rates, claim ratios, and customer retention rates
- Demand forecasting based on collected annual data
- Pre-built and customizable report templates
- Dashboards configurable to individual roles or preferences
Self-service portals
Self-service portals typically support all insurance workflows from the initial application submission to claim settlement, and policy management is an integral part of their functionality.Â
For agents
- Policy administration
- Product catalog configuration and management
- Client management
- Communication channels for automated and in-person interactions with customers
- In-portal alerts for pending actions or requests for documents required for policy management
- Invoice management and distribution
- Agents’ configurable dashboards with an overview of key metrics and analytical insights, such as policy sales, commissions, and client activities
For customers
- Access to policy details, including renewal, coverage options, terms, and termination procedures, and related documentation
- Personal information management
- Ability to edit, renew, and terminate policies directly through the portal
- Billing and payments management
- Communication with insurance specialists or intelligent chatbots for immediate assistance
Policy management support/facilitation
- Workflow automation from quote approval to policy issuance
- Secure login and authentication, including multi-factor authentication
- Role-based information access and decision-making
- Digital signatures and electronic document management
- Logs of all actions performed in the system
- Communication with policyholders via email, SMS, or in-app notifications
- Automated notifications about different stages of the policy lifecycle, key events, or threshold breaches
Need an insurance solution with powerful policy management capabilities?
Our services for the insurance sector
Consulting
We assess insurance companies’ business needs and assist with conceptualizing appropriate solutions and planning their adoption. Our experts guide companies further through the policy management implementation process, helping them overcome upcoming obstacles and complete the project within the set timeframe and budget.Â
Implementation
We develop custom policy management software and implement platform-based solutions that include policy management capabilities, tailoring them to the customer’s requirements and workflows.
Within the scope of the implementation project, our team can also perform data migration from a legacy system to a new one and integrate insurance software with other business systems to facilitate secure data exchange between company departments or third-party organizations.Â
Client spotlight
£1 mn
series A funding raised
Policy & claim management SaaS platform development for Iotatech Limited
Itransition developed a scalable and highly configurable SaaS platform for managing the full lifecycle of insurance claims and policies for Iotatech Limited, a quickly growing UK startup. The solution’s key capabilities cover customer relationship management and rule-based claim, policy, and case management. The Iotatech platform can process 400+ new quotes and 20+ purchases per minute, serving an unlimited number of insurance service providers.
Since the solution’s release, many large companies have used the platform, praising its performance, flexibility, and comprehensive functionality. Such results encouraged Iotatech to raise funding for further platform development together with Itransition.
Top insurance platforms with policy management capabilities
We help insurance companies to get maximum value from platform-based solutions for policy management, configuring them to align with existing workflows or customizing if necessary to fully cover our customer’s unique business needs.
Our team implements Financial Services Cloud for Insurance, as well as other Salesforce products configured to companies’ customer relationship management needs. As an experienced Salesforce partner, we ensure that a Salesforce suite operates efficiently, complies with necessary regulations, and contains features aligned with your company’s processes.
- Aggregation, centralization, and management of policyholders’ data
- Visualization of relationships between policyholders, agents, and insurance company’s branches
- Automation of manual processes in everyday insurance workflows like policy renewals
- Documentation tracking and management
- Personalization of interactions with customers
- Administration of insurance products and policies
- Dedicated console for branch and agent management
- Facilitation of complex sales and marketing processes
- Analysis of customer and operational data
As a certified Microsoft partner, our company helps insurance companies successfully adopt a Microsoft solution for insurance, providing system customization and configuration services to better cover insurance agents’ and provider’s needs.
- Customer profiles that unify data from different sources
- Automation of repetitive policy administration and claims management tasks
- Intelligent conversational bots for swift customer support
- Collaboration tools for insurance teams
- Self-service apps for customers and agents
- Accurate and fast insurance risk assessments
- Analysis of insurance products' profitability
- Data visualization capabilities
- Fraudulent activity detection
Instanda is a customizable no-code digital policy administration platform with outstanding integration capabilities that allow carriers and MGAs to quickly launch insurance products.
- Simplified creation of new insurance products
- Product catalog management
- Policy issuance, tracking, renewals, and cancellations
- Policyholders’ web app for policy and personal data management and premium payments
Oracle’s Digital Insurance Platform is a part of the Oracle Financial Services offer and includes insurance policy administration solutions for healthcare and life & annuity lines of business. This platform offers capabilities to support policy lifecycle management for individual and group insurance. The system is supplemented with a flexible, rules-based engine to automate processes via rules configuration and policy templates.
- Insurance products’ configuration
- Automated policy issuance, renewals, and terminations
- Payment processing
- Complete log of policies and related documentation actions
BriteCore provides a comprehensive policy administration system (PAS) that facilitates the management of multi-line and multi-location insurance policies.
- Automated application processing
- Editing, renewal, and cancellation of insurance policies
- Detailed list of all events related to policies performed within the system
- Creation and personalization of insurance policies based on risk profiles
As a part of their solution for Property & Casualty insurers, Sapiens offers PolicyPro, an insurance policy lifecycle support system. It seamlessly integrates with other Sapiens products like ClaimsPro and BillingPro, the agency management system, analytical solutions, and third-party apps, expanding its capabilities and supporting insurance companies through all major workflows.
- Underwriting support
- Policy configuration, issuance, and management tools
- Process automation capabilities
Guidewire PolicyCenter is a policy administration system that provides tools to improve the operational efficiency of the insurance company and enhance customer satisfaction.
- Streamlined new insurance product creation
- Insurance policy issuance, endorsements, renewals, and cancellations
- Customer data centralization
- Risk assessment
- Premium calculations
- Financial operations support
Applied Epic is a digital agency management ecosystem that helps insurance companies streamline the collaboration of back-office and front-office teams and provide them with easy access to comprehensive business data.
- Policies access and management capabilities
- Seamless integration with a variety of Applied and third-party apps:
- Underwriting
- Document management
- Accounting
- CRM, and others
Insurance policy management software selection guide
The insurance software market offers a variety of solutions for insurance policy administration, which sometimes makes choosing the right one tricky. Our insurance experts assess the combination of aspects listed below to select the most fitting policy management solutions for our clients.
Your insurance processes
We suggest the optimal combination of features like underwriting, policy and claim management, customer service and engagement, and process automation capabilities that your insurance software should have to properly support your business processes. We also consider the potential solution’s customization and configuration capacity to make sure it can be fully tailored to your business specifics.
Your existing IT ecosystem
When companies already have an established IT ecosystem supporting multiple insurance processes, we select policy management software that integrates flawlessly with other systems to reduce information silos and improve data exchange between departments.
Security & compliance requirements
We conduct in-depth assessment of the potential insurance solutions’ security features to select the one that allows your company to ensure data safety and security while complying with the relevant industry regulations.
Common policy administration system integrations
We integrate policy administration software with other business solutions insurance companies use to enable quick and smooth data exchange and streamline business workflows.
Policy management software
ERP
Integrating insurance policy management and ERP solutions helps unify operational and customer data and streamline organizations’ essential insurance and business processes like quoting, underwriting, claims management, and financial workflows.
CRM
The integration between CRM systems and policy administration software helps insurance providers better personalize policies and sales and marketing campaigns based on policyholders’ demographic data, needs, and risk profiles.
Premium payment & billing solutions
The integration of payment and billing modules with the policy administration systems simplifies premium and tax calculations for policies, automates the creation, omnichannel distribution, and tracking of invoices, and enables payment processing via connected payment gateways.
Data analytics solutions
Utilizing data from policy management systems, analytical tools provide accurate insights into policy administration workflow efficiency, helping assess the profitability of insurance products and policies and detect patterns signaling potential financial loss or fraud.
Looking for a reliable insurance software implementation partner?
Advanced technologies for streamlining insurance policy management
Insurance companies are increasingly using artificial intelligence, machine learning, and other advanced technologies across different lines of business. Itransition’s experts closely monitor innovative trends and integrate advanced tech into insurance solutions to help our clients get ahead of competitors.
Our experts equip insurance policy administration systems with artificial intelligence and machine learning models that assist in risk management, real-time data analytics, customer information accuracy verification, omnichannel 24/7 customer support, and policy fraud detection.
We automate manual tasks in policy administration workflows using RPA. Our bots can handle simple routine tasks from policyholder information collection to payment request processing. We also create AI-enhanced intelligent bots to automate more complex processes like claims processing and risk assessment or even assist with policy issuance, renewal, and cancellation
Service
Custom insurance software development services and solutions
We provide insurance software development services to help companies streamline insurance workflows and improve their efficiency and customer servicing.
Service
Insurance portal development: features, benefits and solution overview
Learn about the key benefits and features of insurance portals. Explore how we can help you develop and implement a business solution.
Service
ERP for insurance: key features, benefits & top tools
Explore key capabilities and integrations of ERP software for insurance companies as well as learn how to implement a reliable ERP solution for your benefit.
Case study
Health insurance management platform
Maximus Inc. leverages Itransition’s expertise to handle their insurance management platform development.
Insights
RPA in insurance: 10 use cases & adoption guidelines
Discover RPA’s applications, pay-offs, recommended platforms, best practices, and challenges in the insurance industry.
Insights
AI in fintech: use cases,
 solutions & implementation challenges
Explore the top use cases, real-life examples, and branches of AI in fintech, along with common adoption challenges and guidelines to address them.
Insights
Salesforce for insurance: capabilities, products & success stories
Learn about Salesforce’s products, add-ons, and dedicated suites for different insurance branches, along with outstanding examples of its adoption.
Insights
Blockchain for insurance: key use cases & implementation tips
Learn how blockchain technology revolutionizes insurance through in-depth use cases and how insurers can benefit from smart contracts today.