Adaptik Suite

Insurance software configured, not coded

Adaptik Suite bundles insurance applications for four jobs: policy administration, rating, billing and product design. The vendor describes it as unlike other insurance software available, intuitive and user-friendly, and its central idea is that users complete critical tasks through configuration rather than programming.

What each part handles

Policy administration looks after each policy from issue to the end of its life. Rating calculates premiums from configured rules. Billing deals with invoicing and collection of what policyholders owe. Product design is where an insurer defines the products it sells, so that new offerings can be set up as part of the same system that later administers them.

Why configuration matters to an insurer

The vendor says working by configuration brings a large gain in operational agility and in speed to market for both new and existing products. It also points to a marked reduction in cost and risk, since changes do not depend on writing and testing new code each time. Its own summary of the pitch is that complexity becomes opportunity. For a carrier with many products and frequent rule changes, that is the practical case for the suite.