STEP Solutions Policy Administration System automates all policy related transactions beginning with the initial collection of information and continuing through the life of the insurance contract. STEP Solutions is a straight-thru Enterprise Processing Engine that enables fast, efficient and flexible solutions for New Business, Policy Administration, Agency and Claims management.
The System provides support for multiple Company processing and reporting and provides a comprehensive solution for insurance Companies that write Life, Health and Annuity Insurance. STEP Solutions is the most flexible insurance policy administration system on the market. It offers flexible product definitions which support emerging hybrid products, such as the Long Term Care Combo Product.
STEP Solutions Policy Administration component is a powerful, real-time software solution for life and health insurance business. It is a configurable, rules-driven policy administration system that gives the insurers business agility and flexibility. From policy issue through premium billing through day-to-day customer service activities, STEP Solutions provides for all policy maintenance activities.
Special features of STEP Solutions include a dairy module that allows the user to manage outstanding activities on both a policy and claim level. The System automatically creates a daily task list showing what needs to be done and when.
The entire STEP Solutions platform is based on individual roles and the authority and responsibilities associated to these roles. This role-based approach provides the exact communication tool needed to improve efficiency and productivity of each individual. The business rules definitions provide for a full suite of functions for the System Administrator.
Financials
STEP Solutions supports all common premium modes, and examines policy related events during the billing process. The System processes all cash and non-cash transactions, including list billing, EFT and credit card payments. Application of premiums, premium transfers, return of premium payments, policy collection problems can all be processed through STEP Solutions financial features.
Rate Increases on Long Term Care Products are common and complex requiring compliance with state regulatory constraints. STEP Solutions allows the client to monitor required rate increase response, add and view rate increase transactions. The financial feature also maintains information for processing of 1099’s.
Business Services
STEP Solutions includes a range of business services that are defined by the client and include maintenance of plan codes, mail manager, a listing of NAIC Carriers, ICD9, CPT and Zip Code files.
Correspondence
Compliance documents are part of the STEP Solutions offering. The user can maintain and control both the rules and regulations of the insurance industry as well as the operational procedures of the company itself.
Policy forms and statement of benefits can be automatically generated based on policy products, coverages and policy transactions. STEP Solutions allow you to create, edit and maintain correspondence templates to a client’s exact specifications.
Reporting
STEP Solutions comes with a suite of ready-to-use standard reports and the ability to provide custom reports at the company, product, policy and claim level. Reports can be generated using a variety of factors including by data repository, policy or claim transactions, periods of time or any other parameters defined by business requirements.
Document Management
STEP Solutions provides for an organized, secure and archived method of document management in a document-intensive industry. It allows the user to instantly retrieve documents and content to facilitate the task at hand and reduce the budget drain of manual processes, eliminating the costs of paper-driven activities. The System is designed for multiple use across offices.
STEP Solutions Document Management feature can present any type of file format that can be stored on the network. The System provides versioning, security as well as indexing and retrieval capabilities. Dynamic rules allow for documents to be distributed to designated repositories.