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Prophix for Insurance from Prophix
CPM solution specializing in budgeting, planning, reporting, and analytics for insurance companies. Includes premium planning, claims forecasting, expense allocation, regulatory compliance capabilities, and built-in workflow management.
Product analysis by function
Financial Planning and Analysis Tools for Finance and Accounting
Applications that support budgeting, forecasting, and financial modeling to help insurers plan for future performance and resource allocation.
More Financial Planning and Analysis Tools
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Data Integration & Import
(6 Yes /6 Known /10 Possible features)
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Multi-Source Data Import Supports importing data from spreadsheets, accounting software, ERPs, CRMs, and claims systems. |
Prophix supports import from spreadsheets and multiple financial/ERP systems; this is standard for Prophix CPM. | |
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Automated Data Refresh Ability to schedule regular and automated updates of datasets from source systems. |
Automated data refresh/scheduled loads are supported for all data sources in Prophix. | |
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Real-Time Data Sync Supports real-time synchronization with associated data sources for live analysis. |
No information available | |
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Custom ETL (Extract, Transform, Load) Pipelines Allows users to build data transformation and mapping rules between systems. |
Prophix has tools for data mapping and transformation (custom ETL pipelines) based on documentation. | |
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API Connectivity Can be integrated with external applications using standard or custom APIs. |
API integration is available for connecting to external apps in Prophix. | |
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Data Validation & Cleansing Includes tools to check, clean, and standardize imported data to ensure accuracy. |
Data cleansing and validation included in Prophix import process. | |
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Data Import Speed Maximum speed at which the system can import data from connected sources. |
No information available | |
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Historical Data Import Limit The maximum historical data range that can be ingested for trend analysis. |
No information available | |
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Prebuilt Insurance Integrations Includes out-of-the-box integrations with common insurance platforms (e.g., Guidewire, Duck Creek). |
No information available | |
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User Access Controls on Data Import Support for role-based access and approval workflows for data importing. |
Role-based permissions and approval workflows available for imports in Prophix. |
Budgeting & Forecasting
(10 Yes /10 Known /11 Possible features)
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Multi-Scenario Budgeting Enables creation and comparison of multiple budget and forecast scenarios. |
Multi-scenario budgeting is a core feature of Prophix for insurance. | |
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Rolling Forecasts Supports continuous, rolling updates to financial forecasts. |
Rolling forecasts supported and commonly promoted by Prophix. | |
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Top-Down & Bottom-Up Planning Offers both centralized and departmental planning approaches. |
Top-down and bottom-up planning available per product capabilities description. | |
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Driver-Based Planning Utilizes key financial and operational drivers for forecasting processes. |
Driver-based planning is a featured differentiator of Prophix. | |
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Scenario Planning Speed Time required to generate alternate scenario plans. |
No information available | |
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Collaboration Tools for Budgeting Enables multiple users to participate in budgeting and forecasting simultaneously. |
Collaboration tools for budgeting available including workflow and simultaneous participants. | |
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Audit Trail for Changes Tracks and logs all changes made to budgets and forecasts. |
Prophix maintains audit trails for budget changes. | |
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Budget Version Control Supports multiple versions of budgets and forecast models with rollback. |
Budget versioning and rollback supported in Prophix. | |
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Adjustable Time Horizons Allows custom definition of forecasting and budget periods (monthly, quarterly, annual, etc.). |
Adjustable time horizons provided for custom budgeting/forecasting. | |
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Integrated Assumption Libraries Facilitates reuse and standardization of planning assumptions (e.g., inflation, claims frequency). |
Built-in assumption library (e.g., inflation, claims, etc.) provided for reuse. | |
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Forecast Accuracy Measurement Tracks accuracy of forecasts compared to actuals over time. |
Forecast accuracy measurement tools are included according to insurance marketing materials. |
Financial Modeling & Analytics
(9 Yes /9 Known /11 Possible features)
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Customizable Financial Models Allows users to create or modify financial models specific to the insurance business. |
Customizable model building (insurance-specific) described for Prophix. | |
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Embedded Actuarial Calculations Includes built-in actuarial and statistical functions (e.g., loss triangles, reserving models). |
Actuarial/statistical modeling support (e.g., reserve analytics, loss triangles) included. | |
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What-If Analysis Enables dynamic adjustments to inputs for on-the-fly scenario evaluation. |
What-if scenario evaluation is a core function in Prophix. | |
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Predictive Analytics Supports machine learning and statistical modeling for claims trend prediction and pricing. |
Predictive analytics supported, including forecasting for claims/insurance. | |
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Monte Carlo Simulation Built-in functionality to run probability-based simulations for risk analysis. |
No information available | |
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Sensitivity Analysis Ability to test and visualize the impact of changing key input variables. |
Sensitivity analysis for insurance planning and modeling is a standard analytics feature. | |
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Model Calculation Speed Average time required to run a complex model. |
No information available | |
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Model Library Provides a library of prebuilt models for insurance (e.g., cash flow, solvency, premium projection). |
Model library with templates for insurance cash flow, solvency, and premium projection available. | |
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Versioning of Models Tracks and allows reversion of changes to financial models. |
Model versioning supported in Prophix's financial platform. | |
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Documentation Support Allows in-tool documentation and annotation of model logic. |
Documentation and annotation can be added to models within Prophix. | |
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Modular Model Components Enables creation and reuse of model building blocks to streamline future modeling. |
Creation and reuse of model components supported. |
Reporting & Visualization
(10 Yes /10 Known /11 Possible features)
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Customizable Dashboards Users can build and personalize dashboards with charts, graphs, and KPI widgets. |
Dashboards can be customized extensively in Prophix. | |
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Prebuilt Financial Reports Includes a set of standard insurance financial reporting templates (e.g., statutory, regulatory). |
Prebuilt report templates for insurance/regulatory requirements included. | |
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Ad Hoc Reporting Users can quickly generate custom reports without IT assistance. |
Ad hoc reporting and analytics are a standard feature. | |
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Scheduled Reporting Reports can be scheduled for automatic generation and distribution. |
Scheduled automated report distribution supported. | |
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Self-Service Analytics Enables business users to build and analyze reports independently. |
Self-service analytics for business users highlighted in Prophix marketing. | |
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Data Export Formats Supported number of export formats (e.g., PDF, Excel, CSV, XML). |
No information available | |
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Interactive Visualization Tools Includes tools for interactive data exploration (e.g., drilldowns, filters). |
Interactive visualization (drilldowns, filters) capabilities are described. | |
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Mobile-Ready Reporting Dashboards and reports are accessible and optimized for mobile devices. |
Mobile access for dashboards and reporting mentioned in document. | |
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Narrative Commentary Users can add textual commentary or explanations to reports. |
Narrative commentary support for reports cited in insurance use cases. | |
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Role-Based Report Access Controls who can view, edit, or share reports based on user roles. |
Role-based access for report viewing/editing supported. | |
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Real-Time Dashboards Visualizations refresh dynamically with live data feeds. |
Live data feeds in dashboards mentioned; real-time reporting available. |
Collaboration & Workflow
(6 Yes /6 Known /10 Possible features)
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In-Platform Messaging Facilitates direct communication among users within the application. |
No information available | |
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Task Assignment & Tracking Enables tracking and delegation of tasks involved in planning and analysis cycles. |
Workflow and task management features included in Prophix. | |
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Approval Workflows Configurable multi-step approval processes for budgets and forecasts. |
Approval workflows for budgets/reports are a well-cited feature. | |
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Change Notifications Automated alerts and updates for key events or submissions. |
Automated notifications are part of workflow/process management. | |
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Concurrent Editing Multiple users can edit budgeting or forecasting documents at the same time. |
Concurrent document editing supported for budgeting and forecasting. | |
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Commenting & Annotations Users can comment on specific cells, reports, or model assumptions. |
Commenting and annotation supported (cell and report level). | |
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Collaboration Audit Log Tracks all user actions and collaboration events. |
No information available | |
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Workflow Template Library A set of prebuilt workflow templates for insurance FP&A processes. |
No information available | |
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User Activity Dashboard Provides a summary of current user assignments, approvals, and tasks. |
User activity monitoring features (dashboard/summary of assignments) available. | |
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Time to Approve Workflow Step Average time it takes for approval workflows to be completed. |
No information available |
Security & Compliance
(10 Yes /10 Known /11 Possible features)
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Data Encryption All data is encrypted both at rest and in transit. |
All data in Prophix is encrypted at rest and in transit. | |
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Role-Based Access Control Access permissions can be tailored to individual roles within the organization. |
Role-based access control is a foundational platform feature. | |
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Audit Trails Complete logging of user actions and data modifications for compliance. |
Audit logs/trails available for compliance and tracking user actions. | |
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Regulatory Reporting Templates Includes built-in templates for insurance compliance and regulatory filings (e.g., IFRS 17, Solvency II). |
Regulatory reporting templates (e.g., IFRS 17, Solvency II) promoted for insurance. | |
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GDPR/CCPA Support Features to facilitate compliance with data protection regulations. |
GDPR/CCPA support featured in security documentation. | |
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Single Sign-On (SSO) and MFA Supports enterprise authentication protocols and multi-factor authentication. |
SSO and MFA supported for enterprise deployments. | |
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Data Retention Policies Configurable data archival and retention management. |
Data retention policies configurable as part of data management. | |
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Penetration Testing Frequency How often the system undergoes security penetration testing. |
No information available | |
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User Session Timeout Controls Customizable inactivity timeouts for user sessions. |
Session timeouts are configurable per platform admin guides. | |
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Incident Response Procedures Documented procedures for managing security breaches. |
Incident response procedures and disaster recovery planning available in enterprise documents. | |
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Data Residency Options Ability to select data storage in specific geographic regions. |
Data residency (regional) support outlined for compliance needs. |
Insurance-Specific Functionality
(10 Yes /10 Known /10 Possible features)
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Claims Forecasting Tools for projecting future insurance claims based on trends and actuarial data. |
Claims forecasting is specifically named as a supported feature. | |
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Policyholder Profitability Analysis Ability to analyze profitability by policy segment or product line. |
Profitability by policy, product, or segment discussed in industry briefings. | |
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Loss Ratio Analytics Automatic calculation and trend analysis for key insurance ratios (e.g., loss, expense, combined). |
Loss, expense, and combined ratio analytics shown for insurance performance management. | |
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Premium Revenue Modeling Supports forecasting and backtesting premium revenue scenarios. |
Insurance premium revenue modeling available per insurance product collateral. | |
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Reserve Adequacy Testing Built-in analytics for claims reserving and adequacy verification. |
Analytics for reserve adequacy testing are documented for insurance use. | |
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Reinsurance Planning Tools Assists with modeling the impact of reinsurance structures. |
Reinsurance modeling and scenario impact tools are available. | |
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Compliance with Insurance Accounting Standards Includes logic for accounting under statutory frameworks. |
Insurance/statutory accounting logic included according to platform information. | |
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Underwriting Channel Analysis Provides analysis tools for profitability by channel or intermediary. |
Underwriting and channel analytics available in insurance FP&A solution. | |
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Policy Lifecycle Modeling Models full policy life from quote to claim, renewal, or lapse. |
Life cycle modeling for insurance policy is part of included functionality. | |
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Integration with Actuarial Tools Can be connected to external actuarial systems (e.g., Moody's Analytics, Milliman). |
Integrates with actuarial tools/systems (e.g., external actuarial package support). |
Usability & User Experience
(6 Yes /6 Known /10 Possible features)
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Intuitive User Interface Designed for easy navigation, with consistent layouts and terminology. |
Product is known for its intuitive UI for insurance and FP&A. | |
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Customizable Workspaces Users can personalize dashboards and layouts. |
Personalization of workspaces/dashboards is actively marketed by Prophix. | |
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User Onboarding Tutorials Guided onboarding and contextual training within the product. |
User onboarding and in-tool training available. | |
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Multi-Language Support Available in multiple languages for diverse teams. |
No information available | |
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Accessibility Compliance Complies with common accessibility standards (e.g., WCAG 2.1). |
No information available | |
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In-Tool Help & Documentation Comprehensive, searchable help resources available within the application. |
In-tool help/documentation is standard and referenced in the support section. | |
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Average User Task Speed Mean time required to complete common tasks (e.g., running a forecast). |
No information available | |
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Error Message Clarity Clear, actionable feedback when issues occur. |
Clear and actionable error messages described in user documentation. | |
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Bulk Data Update Tools Efficient interfaces for updating large datasets. |
Bulk data update/UI management tools are a promoted feature for finance teams. | |
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Keyboard Shortcuts Keyboard-based navigation and command options. |
No information available |
Deployment & Scalability
(7 Yes /7 Known /10 Possible features)
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Cloud-Based Deployment Offered as a fully managed SaaS solution. |
Prophix is a cloud/SaaS solution. | |
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On-Premises Option Ability to deploy the product on local infrastructure if required. |
On-premise option available for certain clients (per older product documents). | |
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Multi-Tenancy Can securely host multiple business units or legal entities within a single platform. |
Supports multiple business units/entities (multi-tenancy). | |
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Concurrent User Capacity Maximum number of users supported simultaneously. |
No information available | |
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Geographic Data Centers Number of global data center locations for redundancy and compliance. |
No information available | |
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High Availability Uptime Service level guarantee for platform uptime. |
No information available | |
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Disaster Recovery Features Tools for automatic failover and data recovery. |
Disaster recovery, backup, and failover are cited in IT/admin documentation. | |
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Elastic Compute Scaling Automatically increases resources as workloads grow. |
Elastic resource scaling and cloud flexibility are available. | |
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Integration with Identity Providers Supports integration with enterprise SSO and directory services (e.g., Active Directory, Okta). |
SSO/Directory integration (e.g. with Okta, ADFS) available. | |
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Mobile & Tablet Compatibility Works fully on mobile and tablet devices for remote or field staff. |
Mobile/tablet compatibility available and officially supported. |
Integration & Extensibility
(3 Yes /3 Known /10 Possible features)
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Open API Availability Comprehensive, documented APIs for extending or integrating the platform. |
APIs available for custom integration as described in extensibility docs. | |
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Prebuilt ERP Connectors Includes ready-to-use connections to leading ERP suites (SAP, Oracle, etc.). |
ERP/connectors for SAP, Oracle, MS Dynamics are available. | |
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Plug-In Framework Supports custom plug-ins for bespoke functionality. |
No information available | |
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Integration Monitoring Dashboard Monitors and reports on the status of all integrations. |
Integrations and their status monitoring supported (integration dashboard). | |
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Custom Scripting/Logic Support Allows users to write custom scripts for data transformation or business logic. |
No information available | |
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Webhook Support Can trigger and respond to webhooks for event-based integration. |
No information available | |
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Marketplace for Add-Ons Access to a library of certified extensions or partner apps. |
No information available | |
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Integration Throughput Maximum supported transactions between systems per minute. |
No information available | |
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Legacy System Support Can connect and synchronize with older on-premises or mainframe systems. |
No information available | |
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Custom Notification Channels Allows integration with external messaging or notification platforms (e.g., Slack, Teams, email). |
No information available |
Support & Vendor Services
(8 Yes /8 Known /10 Possible features)
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24/7 Support Availability Round-the-clock technical and user support access. |
24/7 support available for enterprise/SaaS insurance customers. | |
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Dedicated Account Manager A designated representative for customer queries and escalations. |
Account management/dedicated contact assigned for insurance accounts. | |
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Implementation Services Professional services for onboarding, configuration, and deployment. |
Professional implementation and onboarding provided by Prophix. | |
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Training Resources Comprehensive training materials and programs for end users and admin staff. |
Training resources and programs available for end-users/admins. | |
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Community Forums Access to online user communities for peer support. |
No information available | |
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Service Level Agreements (SLAs) Guaranteed response and resolution times for support issues. |
SLAs for SaaS service described on support section and contractual docs. | |
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Supported Languages Number of available support languages. |
No information available | |
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User Conference & Webinars Periodic conferences and webinars for product updates and best practices. |
Regular webinars and update events for user base. | |
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Feedback & Enhancement Channels Structured method for users to submit product feedback or feature requests. |
Feedback submission and enhancement requested via support portal. | |
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Vendor-Managed Upgrades Regular updates and upgrades are managed by the vendor. |
Vendor-managed upgrades included with SaaS, as stated in product collateral. |
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