Framework for flexible policy administration platform - Adaptive & Connected

Gradatim MFInsure® is an advanced SaaS B2B Digital Insurance Platform designed specifically to meet the diverse needs of the insurance industry. This platform stands out for its flexibility, allowing it to support a wide range of core insurance processes across various domains, including Life, Non-Life, and Health insurance products. One of its key advantages is the ability to seamlessly integrate with the existing application landscapes of insurers, ensuring that organizations can leverage their current technologies while enhancing their operational capabilities.

The platform is adept at handling all major mid-office and back-office functions associated with insurance policy administration. This includes comprehensive management of policy lifecycles, from inception to termination. Additionally, it provides robust solutions for the processing of claims, ensuring that claims are handled efficiently and effectively, thereby enhancing customer satisfaction and trust in the insurance provider.

Gradatim MFInsure® comes equipped with a range of additional features that contribute to its complexity and versatility. The platform supports a variety of insurance products, including individual, group, variable, fixed, indexed, and repetitive insurance products, as well as health and welfare products. On the life insurance side, it accommodates a broad spectrum of offerings such as Term Life Products, Annuity Products, Funded Schemes, Pension Products, and Social Security Schemes. This extensive product support allows insurers to cater to a wide array of customer needs and preferences, thereby expanding their market reach.

It is an adaptive and connected platform, functioning as a powerful enabler for insurers looking to grow their businesses. By facilitating the acquisition of new customers and catering to the demands of digital natives, Gradatim MFInsure® helps insurers establish a robust infrastructure that fosters innovation and continuous improvement. This adaptability is crucial in today’s rapidly changing insurance landscape, where the ability to pivot and respond to new market trends can significantly impact an insurer's success.

The platform adopts a componentized approach, offering prebuilt components that can be implemented and consumed individually. These components include essential functions such as policy administration, new business acquisition, and underwriting processes. Additionally, the platform is cloud-ready, featuring granular services that can be tailored to the specific requirements of each insurer. This modular structure not only enhances the platform's usability but also allows for scalable growth as the business expands.

The Platform focuses on seven major business processes that are critical for effective insurance operations:

1. Customer/Client/Management; This process validates membership and its underlying Membership Service, ensuring that all client information is accurate and up-to-date, which is essential for maintaining strong customer relationships.

2. Channel Management: This vital process oversees the management of intermediary channels, fostering relationships with brokers and agents, and handling intermediary commissions. Effective channel management is essential for maximizing distribution and driving sales.

3. Manage Policies: This comprehensive process encompasses the management of insurance policies, including the handling of policy payments for individual, group, and master policy holders. It ensures that all insurance agreements are maintained accurately, which is crucial for operational integrity.

4. Premium & Pay-out: This process is responsible for managing premiums associated with individual and group policies. It also oversees the claim pay-out process for both single and group claims, as well as for pensions and funds, ensuring timely and accurate disbursements.

5. Underwrite Individual & Group Policies: This process involves underwriting policies, managing premiums, and executing mid-term corrections to policies. It is essential for assessing risk and ensuring that policies are priced appropriately based on individual and group characteristics.

6. Process Claim: This critical process handles the initiation and processing of insurance claims, ensuring that claims are managed efficiently and effectively, which is vital for maintaining customer satisfaction and trust.

7. Processing Insurance Accounts: This process maintains the ledger for policies, payments, and claims, providing a comprehensive view of the financial health of the insurance operations. Accurate accounting is fundamental for regulatory compliance and financial reporting.