Business Challenges

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.

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FirstGen : Introduction

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.

Features and Benefits

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Technology

  • Fully integrated application with On-Premises and Cloud Ready capabilities – Use As You Go.
  • Built for the future: J2EE SOA Design, Mobility & Cloud Ready, Intuitive & Modern UI, Platform Independent.
  • Futuristic design component with structured screen layout provides soothing UX/UI.
  • Metadata driven architecture enables data and analytics (business intelligence, operational reporting, compliance reporting, core data access).
  • Plug-and-Play Architecture, Easy Coupling & De-coupling, Straight-through Processing, enables 360 Degree View.
  • Insurance microservices for third party integrations.
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Easy Product Configuration
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Flexible Rule & Rating Engine
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Intuitive and Modern User Interface

Empowerment

  • Faster Time-to-Market: Ready-to-use Packaged Solutions, Fast Configurations & Rollouts.
  • Full featured and robust Reinsurance capabilities.
  • Operational Efficiency: Fully integrated solution for all LOBs with real-time data, comprehensive out-of-the-box industry-standard capabilities, responsive to changing marketplace.
  • Rapid definition, management, and testing of products. Rapid rollout of innovative products supports ‘speed-to-market’.
  • Powerful rule and rating engine which supports various rating methods like table-based methods, scoring-based methods, historic methods, etc.
  • Customer Acquisition: Customer-centric Solutions with Front-end Capabilities for Empowering Channels & Customers.
  • Redundancy from traditional OLTP based data commits to enhance real time information exchange.
  • User experience and journey via complex case management, workflow approvals and straight through processing of low risks.
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Platform Agnostic
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Enterprise Mobility
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Cloud Ready
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Product

  • Global solution supports multi-lingual (double byte) and multi-currency transactions.
  • Seamless configuration of all Property & Casualty and Health within FirstGen Product Wizard.
  • Single time entry & review of insurance data e.g., quotations/ applications can be converted to policies upon acceptance by the customer without the need for data re-entry.
  • Real-time data verification across business components.
  • Exceptionally vital contact information management covering various insurers, reinsurers, suppliers, and supplementary entities.
  • Insurance microservices for third party integrations.
  • Universal party support provides significant upside in managing parties and enables data for analytics/insight.
  • Draft outbound print communications in various forms, e.g., PDF, Static, E-mail or SMS.
  • Comprehensive Risk Management: Risk Blocks, Reinsurance Programs, Enterprise level Risk Management.
  • Detailed identification, analysis and recording of Double Entry Accounting entries for Underwriting, Claims and Reinsurance financial implications.
  • 3rd party integration using modern API framework (standard as well as custom built) with all major business hubs for flow of information.
  • Harmonious connectivity with peripheral applications i.e., legacy platform, proprietary products, and standard software package.
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Regulatory Compliance
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Component-Based SOA Architecture
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Enterprise Collaboration
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3rd Party Integration

Commitment

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  • One Stop Shop: Products, Solutions, Tools, Services and Infrastructure.
  • Expertise: 3 Decades of Insurance Domain Expertise
  • Fulfilling modern API based connectivity with regulatory websites to ensure positive compliance.