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Average Ratings 0 Ratings

Total
ease
features
design
support

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Write a Review

Description

Functional Finance serves as the engine for insurance billing and payments, managing the flow of money once a policy decision is finalized. Positioned between the policy management system and the general ledger, it processes policy events such as bindings, endorsements, cancellations, and reinstatements, executing the corresponding financial commitments with precision. The system adeptly oversees billing, invoicing, payment collection, cash application, treasury routing, and the payables for distribution partners, accommodating various models like agency bill, direct bill, installments, and premium financing. Payments are systematically applied at both the policy and line-item levels, ensuring that commissions and remittances remain aligned while maintaining an auditable trail for every transaction. Consequently, this results in a financial operations system that is aware of policy details, replacing the need for manual reconciliation with streamlined and scalable processes that enhance operational efficiency. Ultimately, the integration of these functionalities fosters a more reliable and transparent financial environment within the insurance sector.

Description

The Sapiens Platform for Property & Casualty offers a comprehensive, cloud-based or on-premise suite of software solutions equipped with cutting-edge digital functionalities. This platform can be deployed either as an integrated system or as independent modules. Its wide-ranging offerings cater to the diverse requirements of P&C carriers, supporting various lines of business and distribution channels while providing an extensive array of digital tools. The Sapiens CoreSuite for Property & Casualty features several key components, including Sapiens PolicyPro for Property & Casualty, which oversees the entire policy administration process from the initial quote to rating and policy issuance; Sapiens BillingPro for Property & Casualty, which guarantees the accurate collection of premiums, management of claims payments, and processing of agent commissions; and Sapiens ClaimsPro for Property & Casualty, which manages claims processing and the settlement procedures. Additionally, the platform encompasses a reinsurance solution, enhancing its robustness and functionality. This comprehensive approach ensures that carriers can efficiently streamline their operations and improve overall service delivery.

API Access

Has API

API Access

Has API

Screenshots View All

No images available

Screenshots View All

Integrations

SPLICE Dialog Suite
Sapiens Insurance Platform
Smarty

Integrations

SPLICE Dialog Suite
Sapiens Insurance Platform
Smarty

Pricing Details

No price information available.
Free Trial
Free Version

Pricing Details

No price information available.
Free Trial
Free Version

Deployment

Web-Based
On-Premises
iPhone App
iPad App
Android App
Windows
Mac
Linux
Chromebook

Deployment

Web-Based
On-Premises
iPhone App
iPad App
Android App
Windows
Mac
Linux
Chromebook

Customer Support

Business Hours
Live Rep (24/7)
Online Support

Customer Support

Business Hours
Live Rep (24/7)
Online Support

Types of Training

Training Docs
Webinars
Live Training (Online)
In Person

Types of Training

Training Docs
Webinars
Live Training (Online)
In Person

Vendor Details

Company Name

Functional Finance

Country

United States

Website

functionalfi.com

Vendor Details

Company Name

Sapiens International

Founded

1982

Country

Israel

Website

sapiens.com/solutions/property-and-casualty-insurance-software/

Product Features

Product Features

P&C Insurance

Billing & Invoicing
Broker / Agent Portal
Claims Management
Commission Management
Customer Portal
Document Management
Insurance Rating
Marketing Automation
Policy Management
Quote Management
Reinsurance Administration
Underwriting Management

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