Policy Administration Software Development

Product configuration defining each line of business in the system: the coverage types available under the product, the coverage limits and deductibles available at each coverage level, the exclusions that apply by risk category, the policy term options, and the endorsements that can be added at inception or mid-term. Coverage interdependency rules preventing combinations of coverages or options that the product design doesn't permit -- the mandatory fire coverage that can't be removed when flood is included, the liability limit that must be at least as high as the property limit. Form selection logic associating the correct statutory policy form with each product, territory, and coverage combination so the right forms are attached to each policy at binding and renewal without manual selection. Product versioning allowing changes to coverage terms, rating factors, and form selections to be deployed to new business while existing policies continue on the terms in force at inception. Configuration managed by product and operations staff without developer involvement for routine product maintenance changes.

Rating engine executing the premium calculation for each coverage from the risk data provided at quote, applying the factor tables, loading matrices, minimum premiums, and territory adjustments that the product's rating plan specifies. Factor table management with an interface for actuarial and pricing teams to update rating factors without developer involvement, with the change effective date controlled and the previous factor table retained for policies rated before the change. Multi-coverage rating handling the interaction between coverages where a combined premium is different from the sum of individual coverage premiums. Quote generation producing a bindable quote document with the premium breakdown, coverage summary, and policy terms presented in the format the distribution channel expects. Quote comparison where multiple coverage options or deductible levels are presented side by side so the policyholder or broker can compare before selecting. Quote expiry management cancelling quotes that have not been bound within the quote validity period and recording the declination reason where provided.

Binding workflow confirming the acceptance of a quote and creating the in-force policy record with all coverage, premium, and term data captured at the moment of binding. Policy number generation to your numbering convention with the structure required for bordereaux reporting and regulatory identification. Policy schedule generation producing the full policy document from the bound coverage data -- the declarations page, the coverage schedule, the applicable endorsements, and the statutory forms -- assembled and delivered to the policyholder or broker without manual document preparation. Certificate of insurance generation for policyholders who need to provide evidence of cover to a third party, generated on demand from the in-force policy data. Payment processing integration collecting the premium at binding or setting up instalment billing where the product offers premium finance, with the payment confirmed before the policy is placed in force. Confirmation of cover notice issued to the policyholder and any additional insureds or loss payees specified on the policy.

Endorsement processing handling mid-term changes to the in-force policy: additions and removals of scheduled items, changes to the insured's risk profile, coverage limit adjustments, and additional insured additions. Premium adjustment calculation for each endorsement type -- pro-rata for coverage additions, short-rate or pro-rata for reductions depending on the product terms -- with the adjustment posted to the policy financial record and presented to the policyholder or broker for confirmation before the endorsement is applied. Policy schedule regeneration reflecting the endorsement change with the effective date of the endorsement clearly shown and the previous policy schedule retained in the policy history. Endorsement form generation producing the statutory endorsement form where required by the product's form filing, added to the policy document package at the time of processing. Mid-term cancellation processing with return premium calculation under the applicable cancellation terms -- pro-rata or short-rate -- and the cancellation notice generated and delivered to the policyholder within the statutory timeframe.

Renewal offer generation at the configured lead time before expiry, re-rating the renewing policy at the current rating plan and presenting the renewal offer to the policyholder or broker with any coverage or premium changes highlighted against the expiring policy. Renewal questionnaire for products where the risk data needs to be confirmed or updated at renewal, presented to the policyholder or their broker through the distribution channel with the renewal offer held until the questionnaire is completed. Automated renewal processing for policies meeting the criteria for straight-through renewal, with the renewal bound and the policy schedule issued without manual intervention. Lapse management for policies not renewed by the expiry date, with the lapse recorded, a post-lapse reinstatement window configured to the product terms, and the expired policy status preventing any further changes or claims. Renewal reporting showing the renewal pipeline by product line and distribution channel, the renewal retention rate against target, and the policies requiring manual underwriting review before renewal is offered.

Document generation engine producing policy documents from the policy data at each lifecycle event -- inception, endorsement, renewal, cancellation -- without manual document preparation or word processor editing. Template management for each document type with the firm's branding, the product-specific terms, and the statutory language maintained in the document template rather than assembled from separate sources for each document. Document delivery by email, portal, or post according to the policyholder's and broker's delivery preferences, with delivery confirmation recorded against the policy. Document storage with every document ever issued for each policy retained in the policy record and accessible to operations staff, brokers, and policyholders through their respective access channels. Regulatory form management tracking the effective dates of statutory form filings and ensuring the correct form version is used on policies written in each territory and product line.