Insurance carriers, today, operate in a fast-changing business landscape, Regulatory changes come and go, business models evolve, new products emerge (and disappear), distribution strategies change and cost pressures increase. Add to this the stiff competition, rising consumer demands, growing market consolidation and frequent regulatory changes.
To succeed in such a dynamic marketplace, insurance companies must launch new and innovative products in the market faster than the competition, cultivate new distribution channels and deliver higher levels of customer service. For many carriers, their IT systems lack the agility needed to support these evolving business demands.
Presenting Elixir- the modular policy administration solution for Life, Health and Annuity Insurance Carriers. Elixir is an end-to-end back office solution managing every aspect of the policy lifecycle from new business to claims.
With a proven rules engine technology at its core, Elixir provides carriers with the utmost flexibility for product definitions, business rules, regulatory interpretation, and automated workflow. The single calculation engine approach eliminates the costly programming and maintenance while reducing time to market challenges.
Elixir includes distribution management, new business and underwriting, policy servicing and claims while managing the regulatory requirements and reinsurance needs of carriers.
Elixir is:
- Agile: Configurable product design enables unprecedented product innovation and rapid speed to market.
- Modular: Functional components for phased implementation provide low-risk business transformation.
- Easy to integrate: Service-oriented architecture delivers rapid integration and collaboration with existing in-house and external systems.
- Efficient: Highly automated system provides low operation cost.
- Scalable: Grows to support your business
- Fully supported and maintained.
Benefits:
- Rapid launch of new, innovative products including complex hybrids or any combination of riders.
- Major improvements in operational efficiencies.
- Supports all compensation plans for all distribution channels.
- Low risk business transformation.
- Low cost of ownership.
