Today, like never before, P&C insurers are facing huge demands brought about by the quickly changing business environment, new competitors, new regulations and increasing customer demands. Legacy IT systems are often inflexible and costly to maintain which results in Companies losing out in terms of business agility, competitiveness and market share.
FirstGen Neo is NTT DATA FA Insurance Systems answer to the challenges faced by P&C insurers. FirstGen Neo is a new generation, web-based policy administration system, which covers the full cycle of insurance operations from point of sale right through to the general ledger. FirstGen Neo is flexible, scalable and can quickly be deployed.
Lines of Business
FirstGen Neo helps Insurers to be more agile:
- Fast configuration and rollout of new products
- Accessible at point of sale or partner sites
- Easy integration with partner systems (e.g. broker, reinsurer, TPA or business process outsourcer) offering a 'virtual' Insurance Company
- 'Straight through' automated operations which cut out unnecessary paperwork and reduce cost
- Simple to personalize screens to meet your business requirements
- Ability to handle variations in underwriting like
- Co-insurance Transaction
- Open Cover and Master Policy
- Certificate issue for Open cover and Master Policy
- Real time information available for Business Analysis and Reporting
- Customer centric approach. Provides a single client view for better customer servicing
- Single entry of data. E.g. quotations can be converted to policies upon acceptance by the customer without the need for the re-entry of data
- Support for multiple distribution channels
- Powerful rating engine which supports scoring-based approach
- Multi-lingual (double byte) and multi-currency
- All communications can be formatted and sent in various forms, e.g. Paper, PDF, e-mail or SMS
FirstGen Neo supports all classes of P&C insurance for personal, commercial and industrial lines - Motor, Fire, Marine, Liability, PA and multi-line package products. It is multi-currency and double-byte, which means it, can be implemented in different languages. FirstGen Neo makes full use of parameters, tables and rule engines for the configuration of the products including rating and authorisation levels. The externalisation of business rules allows changes to be quickly made without the need for any programming changes.