Life Cycle Of Insurance Policy

1. Solartis Policy Insurance Life Cycle

2. Solartis Insure • Partner with Solartis so you can focus your resources on a digital strategy that differentiates your insurance products in the marketplace. • Leveraging Solartis policy life cycle web services in conjunction with third party digital content providers (ISO Electronic Rating Content, Google Maps, Thomson Reuters Oden, etc.) reduces the overall cost and timeline of your project and minimizes project risk.

3. Enrollment / ePay • Solartis Insure services include enrollment and e-payment capabilities for enrollees to select and purchase insurance coverage online. Online enrollment and e-payment is increasingly being viewed as “must-have” functionality for consumer business worldwide. From a customer service standpoint, potential enrollees are demanding quick and easy ways to select and buy coverage. From a profitability standpoint, the low premium per enrollee requires that administrative and customer service costs be kept at a minimum.

4. Clearance • Clearance begins with a search to determine whether the applicant already exists in the Solartis Insure database. The search can either be manually initiated or automated to display “close match” results. User level rules can be set to determine whether a user is authorized to see the search results or simply presented with a “Clearance issue” screen. • For example, a Broker may be referred to an underwriter if the search identifies that the applicant is an existing insured associated with another Broker.

5. Quote • Risk and Coverage information is entered into the system by an authorized user. The system utilizes either the ISO ERC content or the customer specific configured content (your rates, rules, algorithms and forms). The coverage premiums are displayed on the screen for review by the user. At this time, a rating worksheet or quote proposal can be produced as a PDF. Additional copies of the quote (and its corresponding output) can be produced as needed.

6. Refer • A Referral is sending the risk or task to another user for review and / or processing. Referrals can be either system triggered based on rules or manually triggered by the user (i.e., broker). Additional correspondence can accompany the referral (by entering info into the quote record or attaching a imaged document). The quote status is changed to “Submit” when referred. Workflow rules determine which user (i.e., underwriter) gets the referral. The referral recipient (i.e., underwriter) can decline, underwrite and price, and create a quote proposal. The process can occur as many times as necessary between multiple users (i.e., the broker and the underwriter). All transactions and activity is stored and auditable.

7. Propose Taxes & Fees Compliance Maintenance of State Taxes and fees for each state are becoming more complex and challenging for companies to maintain. Solartis State Surplus Lines Tax and Fee Services can be purchased as part of Solartis Insure’s full Policy Life cycle or as a standalone service. • The proposal service varies based on the user’s authority, insurance product protocols and company rules. In Solartis Insure we tailor the proposal procedures and activities to conform to your unique requirements: For example: • Once a proposal is issued the quote is locked to prevent undocumented changes • Multiple versions of a proposal (quote) can be produced and are tracked to support desired changes / quote iterations • Proposal and / or worksheet documents are produced as PDFs to be emailed or distributed to the brokers and / or insureds • Supporting information and documentation can be produced with the proposal (e.g., application documents, schedule of forms, instruction packets, etc.)

8. Bind Issue The Solartis Insure issuance process can be tailored to meet your specific carrier and program requirements: Example Workflow: Once the bind transaction is issued the binder document is produced and a policy number is assigned (user or system generated). A policy issuance checklist or the Solartis Insure subjectivity service is invoked to ensure all proper information is received and procedures are followed before issuance occurs. All policy declaration pages and its attachments (based on coverages selected) are available for preview before issuance. If needed, additional forms can be selected from the forms library. All policy documents are produced and stored in a PDF. • The bind process and the rules of binding an insurance risk varies based on the user’s authority, insurance product protocols and company rules. In Solartis Insure we configure the bind procedures and activities to conform to your unique bind requirements.

9. Bill / Invoice Document Production All policy documents are produced and stored as PDFs. The PDF document is available to all designated parties via printing, email or accessible in Solartis Insure. All policy documents can be exported to document management systems for external storage • At the appropriate point in the policy life cycle, Solartis Insure generates electronic or paper invoices. Invoices can be issued as a standalone process or in conjunction with other policy transactions (e.g., bind, renew). For installment based invoicing and endorsement transactions, Solartis Insure generates the invoice at the designated point in the policy life cycle.

10. Certificate of Insurance Endorsements & Audits All policy endorsements and audits are supported in Solartis Insure. Once the policy is issued, the designated user selects to add the endorsement or audit, and modifies the appropriate policy information. If the premium is to be adjusted the system re-rates the policy with the new information and displays back the annual and pro rata coverage premiums / changes for review. When the designated user issues the endorsement or audit the appropriate forms are produced from the system. A complete history of all policy transactions are stored in Solartis Insure. • ACORD Certificates of Insurance, ACORD Evidence of Insurance and Auto ID Cards are dynamically generated on-demand. Automated business rules determine whether the Certificate Record is complete and whether the user is authorized to issue. The Certificate of Insurance is auto-populated with data from the Certificate Record. 

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