The insurance industry exhibits a heavy reliance on latest technology to launch new products, assess claims and most importantly, to provide a seamless customer experience. An astonishingly large number of core P&C insurance administrative landscapes across the industry continue to rely on technology that is decades old. This negligence has led to applications with redundant technologies that complicate new feature introduction and a reduced availability of technical programmers for outgoing technology.
Most P&C insurance carriers utilize standard applications that include the core Policy Administration System (PAS) and a Claims Administration System (CAS) as part of their legacy IT modernization strategy. There is a possibility that these insurers might scout for a fully integrated end to end application that reduces the overheads in terms of their support staff. For e.g., the Finance department for receipting & payments or the reinsurance department for allocation and booking of outward reinsurance risks might utilize external systems to integrate the daily, monthly, or frequency-based transactions, which in turn increases the cost and effort of maintaining peripheral systems.
FirstGen is a new age insurance solution offering that supports extensive operational capability, from the Point of Sale (POS) right up to General Ledger (GL), including Outward Reinsurance booking and Claims settlement.
This fully integrated P&C application suite meets the ever-increasing demands of the insurance market segment for Personal, Commercial, Specialty and Health (medical) portfolios. FirstGen is a cloud enabled GUI based modular insurance administrative application that meets the P&C carriers business needs (all LOB’s) and is significantly intelligent enough to deliver singular transactions, bulk processing, immediate & deferred settlements, cross module transitions, linguistic abilities, and digital interactions.
The application renders beautifully structured user interface with adaptive screen layouts, hierarchical insurance patterns and summarized financials coupled with robust database architecture. The DIY configurational aspects of the system ensure a modern and personalized behaviour, great user experience aimed at achieving speed to market with focus on new product development/launches by the P&C carriers. This reduces the overall dependency on hiring large technical teams to work on code development, re-factoring and compilations thereby lowering frequent application downtimes.