Policy Lifecycle Management

STEP-Policy-Lifecycle

STEP Product configuration allows the Carrier/Product to be configured for all the functions during a policy lifecycle. These functions can be automated to process the policies in a batch process cycle or can be designed for exception based processing by Policy Processors. Sophisticated Business Process Management and Activity based monitoring of the policy enable efficient operations with minimal manual intervention during the policy life cycle. All accounting and financial management is automated during the policy process cycles configured during the carrier/product configuration. Reporting and downstream interfaces are also managed as part of the policy management and are automated using process rules.

Here’s an overview of the STEP Solutions’ all-inclusive offerings:

  • Exception based task management
  • Self-service options
    • Integrated endorsement management
    • Document and e-signature management
  • Product driven policy provisions
  • Integrated claims/settlements management
    • Rules based claims initiation and submission
    • Provisions based settlement options
    • Automated routing of cases claims based on: Product guidelines and locale attributes; Coverage selections such as face-amounts, riders etc.; Specialized claims processing guidelines
  • In-force underwriting
  • Automated correspondence and document management