Product Configuration
Product set-up
Configure Insurance Product: Product structure, underwriting rules, forms, portals, notifications multi-carrier support, multi-currency support, broker management, commission handling, AI-assisted configuration, taxes and regulatory compliance. Verified by Kentucky Department of Insurance for handling taxes
Self-service configuration
BPA’s no-code configuration tool means that insurers are able to establish their system on their own. The Gen AI-assisted configuration helper empowers insurers to autonomously customize and deploy insurance products through an intuitive, conversational interface
Product Versioning
BPA maintains a comprehensive version control system for all insurance products with configurable approval process of product roll outs, ensuring traceability and auditability throughout the product lifecycle.
Product Templates
Pre-configured accelerators, containing common policy structures, coverages, and rules that can be rapidly customized for new product launches across different lines of business or geographical regions, promoting operational efficiency
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Underwriting / Rating
Automate Underwriting Rules
Predefined decision-making configurations that evaluate insurance applications based on specific criteria, enabling faster and more consistent risk assessment. Such automated UW rules can be easily updated to reflect changes in underwriting guidelines, market conditions, or regulatory requirements, ensuring agility in product management.
Rating engine
Inbuilt rating engine that can handle multi-section, multi-product rating for bundled offerings. With drag-drop capability & rule based configuration, it allows rating administrators to define, modify and manage rating rules with multiple versions with specific effective dates. Gain greater control and visibility with BPA’s built-in rating engine equipped with configurable rate tables and version control.
Work with external rater
BPA can seamlessly integrate with external rating services through APIs, allowing insurers to leverage standardized, up-to-date rating content and algorithms within their existing workflows, enhancing pricing accuracy and operational efficiency. It can integrate with Verisk’s ISO RaaS (Rating as a Service).
Audit history / versions
Obtain greater transparency with dynamically generated rating worksheet and maintain detailed logs of all rating calculations, supporting transparency, debugging, and regulatory compliance.
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Policy Lifecycle
End-to-end policy servicing
BPA systems provide comprehensive support for the entire policy lifecycle, from quoting and issuance through renewals and cancellations, binder management, while accommodating out-of-sequence endorsements to ensure accurate policy servicing and maintain historical integrity.
Flexible Workflows
BPA systems orchestrate comprehensive underwriting workflows, automating risk assessment, decision-making and approval processes from initial application through policy issuance and post-bind transactions. Dynamic OFAC check can be integrated at different points in the workflow.
Task Management
BPA platforms offer robust task management capabilities, including automated and manual task creation, allocation to individuals or groups, SLA tracking and escalation, and flexible workflow design to support diverse business processes and operational efficiency.
Insurer/Broker/Insured Portals
BPA offers intuitive, drag-and-drop tools for rapidly building user-friendly portals tailored to underwriters, brokers, and insureds, enabling easy customisation of look-and-feel, user journeys, and functionalities.
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Reporting / Integration
Embedded Analytics
Ensure transparency and monitor business performance accurately with real-time reporting and business intelligence tools in BPA. Supports Lloyds’ 5.2 Borderaux report for coverholders.
Role Based Access Control
Working on role-based access rules as standard, BPA adds an extra layer of security with SSO and multi-factor authentication tools. BPA has robust Role Based Access Control to configure fine grained user authorisations on the platform.
Data Connectors
BPA comes with more than 30 pre-built out-of-the-box connectors that seamlessly integrate with various data sources and third-party systems. BPA can easily connect with heterogeneous systems with various integration protocols (SOAP, REST, Webhook etc.)
Headless architecture
BPA platforms leverage headless architecture to provide flexible, API-driven integration capabilities, enabling seamless connection with diverse third-party systems while maintaining a robust, scalable core that supports omnichannel experiences. BPA publishes all its APIs as Open API specifications.
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Billing & Forms
Payment Plans & Billing Options
Supports both direct and agency billing and ability to set-up and manage different payment plans and flexible commission handling. Configure the options based on the needs of the insurer.
Cash Reconciliation
Cash Reconciliation Plugin helps insurers and MGAs automate broker remittance, internal policy records, and cash reconciliation between bank statements. Insurance organizations can extract remittances in PDF format and match them with broker accounts to verify policy and accounts receivable details
Forms/Document Management
BPA systems offer comprehensive form management and document handling, featuring static/dynamic form generation, intelligent data capture, version control, and automated document routing, while supporting digital signatures and integration with content management systems for streamlined paperless operations. Supports ISO and AAIS form too.
Flexibility & agility
Multi-carrier, multi-currency operations easily supported in BPA. ChainThat also provides effective and efficient version management support.
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Migration
Single Platform – Connect & Collect
BPA leverages Azure Data Factory as a unified platform to seamlessly connect to diverse data sources and collect information, streamlining the initial stages of data migration.
Low Code – Transform & Enrich
Utilizing Azure Data Factory's low-code interface, BPA enables intuitive data transformation and enrichment, allowing business users to define complex migration logic without extensive programming.
Data Reconciliation – Monitor & Validate
BPA has robust monitoring and validation tools to ensure data accuracy and completeness throughout the migration process, facilitating real-time reconciliation and error detection.
Graphical Interface to Manage Progress
The platform provides a user-friendly graphical interface powered by Azure Data Factory, offering visual representations of migration workflows, progress tracking, and intuitive management of the entire data transition lifecycle.
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