Camilionâ¢ Solutions, a leading provider of insurance product development solutions and modern P&C policy administration systems that create enterprise product agility, today announced its latest release of Authority SuiteÂ®. This release of Camilionâs no-code policy administration system for all property/casualty lines further strengthens the solutions applicability for mid-market insurers by providing pre-populated ISO Electronic Rating Contentâ¢ (ERC) that allows insurers to quickly enter new markets and strengthen existing books of business, along with key functionality enhancements that will enable them to better serve their agents/brokers.
Authority Suite provides full support for ISO Electronic Rating Content, implementation tools that automatically pre-populate complete ISO product definitions and, at the heart of the solution, business-analyst-friendly product configuration and rating that allows innovative inheritance and re-use of insurance product components, such as company rates, rules, forms and stats. As a result, insurers can now develop and update their ISO-based Commercial and Personal lines products from 50% to 85% faster* than the traditional product template and manual build approaches. Product testing time is also significantly reduced as insurers only need to test their deviations, rather than the complete product definition. Unlike other policy admin systems, where ISO circulars are manually interpreted, Authority Suite automatically provides the rates and rules straight from ERC, which substantively minimizes the risk of premium leakage and non-compliance.
As well as enhancing Authority Suite as a full-service ISO solution, this release provides additional out-of-the-box functionality that will benefit both mid-market and Tier 1 insurers, including:
â¢ Quick Quote: Streamlined workflows, that allow agents and brokers to quickly price new business, endorsements, and renewals, improve collaboration with producers and make insurers easier to do business with.
â¢ Underwriting Workstation Enhancements: Flexible automated, exception-based and manual underwriting; and new functionality like premium audit, monthly reporting, policy extension and reinstate with lapse; reduces costs associated with manual processes while providing better service to agents/brokers.
â¢ Transaction Comparison: Customer service representatives, and agents/brokers, can be more responsive to customer inquiries by quickly identifying âwhat changedâ within a particular policy.
â¢ Extensibility improvements: Make it easier and less costly for insurers to upgrade screens and processes.
â¢ A standards based integration framework: Enables the rapid development of interfaces for easy integration with other solutions such as claims, billing, print and third-party information providers.
âCamilion continues to make significant investments in providing a modern, best-of-breed policy administration system that meets the needs, in both functionality and price, of mid-market and Tier 1 insurers,â said Ross Orrett, President and CEO, Camilion Solutions. âAuthority Suiteâs pre-populated ISO product content, out of the box functionality, and advanced product configuration capabilities enable us to dramatically reduce implementation times and costs, while helping insurers meet their aggressive growth objectives.â