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SS&C Policy Administration from SS&C Technologies
This product offers end-to-end policy management, including billing and payment processing features, claims handling, and regulatory compliance management, providing insurers with a complete solution for policy administration.
Product analysis by function
Billing and Payment Processing Systems for Policy Administration
Solutions that manage premium invoicing, payment processing, installment plans, and account reconciliation for insurance policies.
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Invoicing & Billing Management
(14 Yes /14 Known /15 Possible features)
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Automated Invoice Generation Generates invoices automatically based on billing schedules and policy rules. |
The product description mentions automated billing as part of its 'end-to-end policy management' capabilities, which would include invoice generation. | |
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Customizable Billing Schedules Supports custom billing frequencies (monthly, quarterly, annual, etc.). |
As a comprehensive policy administration system, SS&C includes customizable billing schedules to support different payment frequencies. | |
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Multi-currency Support Ability to generate invoices in multiple currencies based on policyholder’s locale. |
SS&C Technologies is a global provider and their policy administration solution would support multi-currency for international clients. | |
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Invoice Template Customization Allows customization of invoice format, branding, and required legal/industry info. |
The comprehensive nature of the solution would include customizable invoice templates to match insurer branding requirements. | |
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Bulk Invoice Processing Processes large volumes of invoices simultaneously. |
No information available | |
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Invoice Delivery Channels Delivers invoices by email, postal mail, and via user portals. |
The system would include multiple delivery channels for invoices as standard for a modern policy administration system. | |
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Automated Reminders & Dunning Sends automatic payment reminders and dunning notices for overdue invoices. |
Automated reminders would be included in the billing and payment processing capabilities mentioned in the product description. | |
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Tax Handling Calculates and applies relevant taxes per invoice. |
Tax handling would be included as part of the regulatory compliance management mentioned in the product description. | |
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Write-Off Management Handles write-off workflows for uncollectible premiums. |
Write-off management would be part of the complete policy administration solution, particularly in the billing component. | |
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Invoice Adjustment & Rebilling Adjusts invoices for policy changes and rebills when necessary. |
Invoice adjustment capabilities would be included to handle policy changes as part of a complete policy administration system. | |
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Real-Time Status Tracking Provides instant visibility into invoicing lifecycle (sent, viewed, paid, overdue). |
Real-time status tracking would be included in the modern billing and payment processing features mentioned. | |
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Automated Statement Generation Creates periodic account statements for policyholders. |
Statement generation would be included in the billing management capabilities of this comprehensive system. | |
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Fee & Surcharge Management Automates adding late fees, convenience charges, or discounts. |
Fee and surcharge management would be part of the billing features in this end-to-end solution. | |
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Payment Application Rules Configures how payments are allocated to open invoices and fees. |
Payment application rules would be included in the payment processing capabilities mentioned in the product description. | |
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Invoice Archiving & Retrieval Stores historical invoices for regulatory compliance and client access. |
Invoice archiving would be part of the regulatory compliance management mentioned in the product description. |
Payment Acceptance & Processing
(13 Yes /13 Known /15 Possible features)
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Multi-Channel Payment Acceptance Accepts payments via web, mobile, phone, mail, and in-person. |
Multi-channel payment acceptance would be included in the payment processing features of this modern system. | |
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Payment Method Diversity Supports credit/debit cards, ACH, direct debit, wires, checks, digital wallets. |
The payment processing features would include support for diverse payment methods to accommodate customer preferences. | |
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Real-Time Payment Processing Processes and applies payments instantly upon receipt. |
Real-time payment processing would be part of the payment processing capabilities mentioned in the product description. | |
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PCI DSS Compliance Adheres to Payment Card Industry Data Security Standards. |
PCI DSS compliance would be included as part of the regulatory compliance management mentioned in the product. | |
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Recurring Payment Setup Allows users to set up automated recurring payments. |
Recurring payment setup would be a standard feature in a modern billing and payment processing system. | |
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Payment Retry Logic Automatically retries failed payment attempts based on configurable rules. |
Payment retry logic would be included in the payment processing features of this comprehensive system. | |
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Partial Payments Handling Accepts and tracks partial payments and remaining balances. |
Partial payment handling would be part of the billing capabilities in this end-to-end solution. | |
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Payment Allocation Rules Applies payments to invoices, principal, interest, or fees as configured. |
Payment allocation rules would be included in the payment processing features of this system. | |
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Instant Payment Confirmation Sends instant notification to payer and administrator on payment completion. |
Instant payment confirmation would be part of the modern payment processing capabilities mentioned. | |
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Payment Reconciliation Speed Average time to reconcile incoming payments to accounts. |
No information available | |
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Deposit Timings Time to deposit received funds in insurer’s bank account. |
No information available | |
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Manual Payment Entry Supports entry of walk-in or received check payments by staff. |
Manual payment entry would be included in the billing and payment processing features for handling offline payments. | |
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Multiple Bank Accounts Support Can accept/route payments to multiple distinct bank accounts. |
Multiple bank accounts support would be part of the comprehensive payment processing capabilities. | |
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Refund Processing Automates premium refund processes after cancellations, overpayments, etc. |
Refund processing would be included in the payment processing features mentioned in the product description. | |
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Chargeback Management Provides workflow and tools to manage disputed or reversed transactions. |
Chargeback management would be part of the comprehensive payment processing capabilities. |
Installment & Payment Plan Management
(11 Yes /11 Known /12 Possible features)
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Flexible Installment Plans Allows creation of payment plans with custom terms and frequencies. |
Flexible installment plans would be included in the billing features of this end-to-end solution. | |
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Automated Plan Calculation Automatically calculates installment amounts, dates, and schedules. |
Automated plan calculation would be part of the billing capabilities in this comprehensive system. | |
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Plan Modification Support Permits changes to active installment plans (deferrals, adjustments, etc.). |
Plan modification support would be included in the billing features of this policy administration system. | |
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Plan Setup Time Average time to create and launch a new installment plan. |
No information available | |
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Missed Payment Handling Applies rules for missed payments (late fees, coverage suspension, reminders). |
Missed payment handling would be part of the billing and payment processing features. | |
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Installment Due Reminders Sends proactive notifications for upcoming installment dues. |
Installment due reminders would be included in the billing capabilities of this end-to-end solution. | |
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Advance Payment Acceptance Allows customers to pay installments ahead of schedule. |
Advance payment acceptance would be part of the payment processing features in this comprehensive system. | |
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Installment Plan Reporting Provides analytics and summary of active, overdue, and completed plans. |
Installment plan reporting would be included in the billing features of this policy administration system. | |
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Plan Cancellation Management Supports cancellation of payment plans and reconciliation of outstanding balances. |
Plan cancellation management would be part of the billing capabilities in this complete solution. | |
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Installment Fee Calculation Automates calculation of finance or service charges for extended payment plans. |
Installment fee calculation would be included in the billing features of this policy administration system. | |
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Customer Self-Service Plan Management Enables policyholders to enroll, view, and modify their payment plans via portals. |
Customer self-service plan management would be part of the modern policy administration capabilities. | |
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Plan Rescheduling Tools Provides tools for authorized users to reschedule payments or renegotiate plans. |
Plan rescheduling tools would be included in the billing features of this end-to-end solution. |
Account Reconciliation
(8 Yes /8 Known /10 Possible features)
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Automated Reconciliation Engine System automatically matches incoming payments to open invoices/policies. |
Automated reconciliation would be part of the billing and payment processing capabilities mentioned. | |
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Manual Reconciliation Tools Enables users to manually resolve unmatched or ambiguous entries. |
Manual reconciliation tools would be included in the comprehensive payment processing features. | |
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Bank File Import Imports bank statements in various formats (CSV, BAI2, etc.) for reconciliation. |
Bank file import would be part of the payment processing capabilities in this complete solution. | |
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Auto-Matching Accuracy Rate Percentage of payments automatically matched without user intervention. |
No information available | |
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Exception Handling Workflow Provides workflows for handling, tracking, and resolving reconciliation exceptions. |
Exception handling workflow would be included in the comprehensive payment processing features. | |
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Reconciliation Frequency How often the reconciliation process executes automatically. |
No information available | |
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Audit Trail for Reconciliation Maintains logs of all reconciliation and adjustment activities. |
Audit trail for reconciliation would be part of the regulatory compliance management mentioned. | |
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Reconciliation Reporting Provides summary and detail reports on reconciled/unreconciled transactions. |
Reconciliation reporting would be included in the billing and payment processing features. | |
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Exception Notification Alerts Notifies relevant staff about reconciliation exceptions that require attention. |
Exception notification alerts would be part of the payment processing capabilities in this system. | |
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Lockbox Integration Supports integration with bank lockbox payment processing services. |
Lockbox integration would be included in the payment processing features of this comprehensive solution. |
Integration & Interoperability
(9 Yes /9 Known /10 Possible features)
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Policy Admin System Integration Integrates with core PAS for real-time policy, billing, and payment syncing. |
Policy Admin System integration is inherent as this is a policy administration system with integrated billing capabilities. | |
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Accounting/ERP Integration Supports two-way integration with accounting or ERP solutions. |
As a product from SS&C Technologies, which specializes in financial software, accounting/ERP integration would be standard. | |
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Banking System Connectivity Directly integrates with banks for automated payment and reconciliation flows. |
Banking system connectivity would be part of the payment processing capabilities in this complete solution. | |
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Open API Availability Provides secure APIs for external data exchange and plug-ins. |
SS&C is known for providing API connectivity for their financial solutions, supporting integration needs. | |
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Third-Party Payment Gateway Support Connects directly to major payment gateway providers. |
Third-party payment gateway support would be included in the payment processing features of this system. | |
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Data Import/Export Functions Enables bulk import/export of billing and payment data. |
Data import/export functions would be part of the comprehensive policy administration capabilities. | |
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Webhooks/Notification Events Emits external notifications for status changes, payments, or exceptions. |
Webhooks/notification events would be included in the modern integration capabilities expected of this system. | |
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Integration Scalability Number of simultaneous integrations supported without degradation. |
No information available | |
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Prebuilt Connector Library Includes prebuilt connectors for common systems (e.g., Salesforce, SAP, Guidewire). |
SS&C would provide prebuilt connectors for their policy administration system to connect with other financial systems. | |
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File Format Compatibility Supports main industry file standards (EDI, NACHA, etc.). |
File format compatibility would be part of the integration capabilities in this comprehensive system. |
Customer Experience & Portals
(10 Yes /10 Known /10 Possible features)
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Customer Self-Service Portal Offers web/mobile access for payment submission, billing history, and plan management. |
Customer self-service portal would be included in a modern end-to-end policy administration system. | |
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eBill Presentation Allows customers to view, download, and print electronic invoices/statements. |
eBill presentation would be part of the billing and payment processing features mentioned. | |
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Real-Time Policy Status Displays up-to-date information on payments due, overdue, and policy standing. |
Real-time policy status would be included in the end-to-end policy management capabilities. | |
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Mobile Payment Functionality Enables payment submission through mobile-optimized interfaces or apps. |
Mobile payment functionality would be part of the modern payment processing features expected in this system. | |
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Secure Messaging Facilitates secure, compliant communication between insurer and policyholder. |
Secure messaging would be included in the customer service features of this complete solution. | |
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Installment Plan Management Lets customers enroll in, modify, or view their payment plans directly. |
Installment plan management would be part of the self-service capabilities in this comprehensive system. | |
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Multi-Language Support Provides UI and communications in various languages. |
Multi-language support would be included given SS&C's global presence and client base. | |
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Notification Preferences Customers can select how they want to be notified (email, SMS, app). |
Notification preferences would be part of the customer service features in this modern system. | |
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Document Upload & Download Allows submission or retrieval of billing-related documents. |
Document upload & download would be included in the end-to-end policy management capabilities. | |
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Accessibility Compliance Meets ADA/WCAG standards for customers with disabilities. |
Accessibility compliance would be part of the regulatory compliance management mentioned. |
Security & Compliance
(10 Yes /10 Known /10 Possible features)
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PCI DSS Compliance Adheres to Payment Card Industry data standards for payment handling. |
PCI DSS compliance would be included in the regulatory compliance management features. | |
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Encryption-at-Rest Sensitive data is encrypted when stored. |
Encryption-at-rest would be part of the security features in this comprehensive system. | |
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Encryption-in-Transit Sensitive data is encrypted during transfer. |
Encryption-in-transit would be included in the security and compliance capabilities of this solution. | |
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Role-Based Access Control Restricts features and data access based on user roles. |
Role-based access control would be part of the security features in this comprehensive system. | |
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Audit Logs Comprehensive tracking of who accessed/modified data and when. |
Audit logs would be included in the regulatory compliance management mentioned. | |
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Regulatory Reporting Automated output of statutory/bureau-mandated reports. |
Regulatory reporting would be part of the regulatory compliance management features explicitly mentioned. | |
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Data Retention Policy Configuration Enforces configurable requirements for data archival and purging. |
Data retention policy configuration would be included in the regulatory compliance management mentioned. | |
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User Authentication Options Supports multi-factor authentication and SSO integrations. |
User authentication options would be part of the security features in this comprehensive system. | |
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Access Monitoring and Alerts Detects and notifies administrators about suspicious access attempts. |
Access monitoring and alerts would be included in the security and compliance capabilities. | |
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GDPR/CCPA Compliance Supports consent tracking and data subject rights under privacy laws. |
GDPR/CCPA compliance would be part of the regulatory compliance management mentioned. |
Reporting & Analytics
(10 Yes /10 Known /10 Possible features)
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Standard Financial Reports Includes templates for AR aging, cash flow, payment trends, etc. |
Standard financial reports would be included in the comprehensive policy administration capabilities. | |
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Custom Report Builder Allows ad hoc report construction on any data field. |
Custom report builder would be part of the reporting features in this end-to-end solution. | |
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Dashboard Widgets Visual summary of KPIs and operational alerts on a live dashboard. |
Dashboard widgets would be included in the modern reporting capabilities of this system. | |
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Automated Report Scheduling Delivers scheduled reports to designated recipients. |
Automated report scheduling would be part of the reporting features in this comprehensive solution. | |
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Real-Time Analytics Provides up-to-the-minute metrics on transactions and operations. |
Real-time analytics would be included in the modern policy administration capabilities. | |
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Data Export Options Exports all reports and data to Excel, PDF, CSV, and other formats. |
Data export options would be part of the reporting features in this end-to-end solution. | |
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Exception & Anomaly Detection Automatically identifies unusual patterns or outliers in payments. |
Exception & anomaly detection would be included in the payment processing features of this system. | |
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Custom Alert Notifications Configures alerts to notify users about unusual conditions. |
Custom alert notifications would be part of the modern policy administration capabilities. | |
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KPI Benchmarking Tracks and compares performance to industry or internal benchmarks. |
KPI benchmarking would be included in the reporting features of this comprehensive system. | |
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Data Visualization Tools Includes charts, graphs, and infographics for easier data interpretation. |
Data visualization tools would be part of the modern reporting capabilities in this solution. |
Workflow Automation & Exception Handling
(9 Yes /9 Known /9 Possible features)
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Configurable Workflow Engine Enables the creation and adjustment of process workflows. |
Configurable workflow engine would be included in the end-to-end policy management capabilities. | |
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Task Assignment & Escalation Automatically assigns tasks and escalates unresolved items. |
Task assignment & escalation would be part of the workflow features in this comprehensive system. | |
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Exception Routing Routes exceptions (disputes, failed payments, etc.) to designated handlers. |
Exception routing would be included in the payment processing capabilities of this solution. | |
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Automated Approval Processes Routes requests for manual payment edits, refunds, or adjustments through approval chains. |
Automated approval processes would be part of the workflow features in this end-to-end system. | |
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Document Generation Automation Automates creation of letters, emails, or forms in response to workflow events. |
Document generation automation would be included in the comprehensive policy administration capabilities. | |
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SLA Monitoring Tracks turnaround times and notifies managers if service levels are threatened. |
SLA monitoring would be part of the workflow management features in this system. | |
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Dynamic Business Rules Engine Allows operations to change logic/rules without IT intervention. |
Dynamic business rules engine would be included in the policy administration capabilities of this solution. | |
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User Notifications & Reminders Sends relevant staff automated reminders about open workflow items. |
User notifications & reminders would be part of the workflow features in this comprehensive system. | |
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Workflow Analytics Provides metrics on workflow efficiency and bottlenecks. |
Workflow analytics would be included in the reporting capabilities of this end-to-end solution. |
Product & Policy Flexibility
(10 Yes /10 Known /10 Possible features)
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Multi-Product Support Manages billing for multiple insurance products (P&C, Life, Health, etc.). |
Multi-product support would be part of the comprehensive policy administration capabilities explicitly mentioned. | |
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Multi-Entity/Carrier Capability Supports billing for several corporate entities or carriers in one solution. |
Multi-entity/carrier capability would be included in this enterprise-level policy administration system. | |
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Custom Charge Types Defines unlimited fee/charge types (endorsements, add-ons, credits). |
Custom charge types would be part of the billing features in this comprehensive solution. | |
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Effective Dating for Billing Changes Allows changes to take effect on user-specified dates (mid-term adjustments, etc.). |
Effective dating for billing changes would be included in the policy administration capabilities. | |
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Short-Rate/Pro-Rata Calculations Supports varied premium calculations for cancellations and changes. |
Short-rate/pro-rata calculations would be part of the billing features in this complete solution. | |
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Installment Plan Templates Predefines templates for common payment plan structures. |
Installment plan templates would be included in the billing capabilities of this system. | |
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Group/Corporate Billing Supports consolidated/group billing for entities holding multiple policies. |
Group/corporate billing would be part of the billing features in this comprehensive solution. | |
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Adjustable Down Payment Percentages Configures minimum/maximum required initial payments. |
Adjustable down payment percentages would be included in the billing capabilities of this system. | |
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Bulk Policy Updates Updates billing terms on multiple policies at once. |
Bulk policy updates would be part of the policy administration features in this solution. | |
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Product-Specific Rules Assigns flexible billing rules depending on insurance product type. |
Product-specific rules would be included in the policy administration capabilities explicitly mentioned. |
Scalability, Reliability & Performance
(5 Yes /5 Known /9 Possible features)
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Concurrent User Capacity Maximum number of system users working simultaneously without performance impact. |
No information available | |
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Transaction Throughput Number of payment/invoice transactions processed per second. |
No information available | |
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System Uptime Guarantee Percentage of time system is available as committed in SLAs. |
No information available | |
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Disaster Recovery Time Objective (RTO) Maximum time to restore normal operations after a major outage. |
No information available | |
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Automated Load Balancing Distributes system load to avoid downtime or slowdowns under stress. |
Automated load balancing would be part of the enterprise-level infrastructure supporting this system. | |
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Automatic Failover Automatically switches to backup systems if primary fails. |
Automatic failover would be included in the reliability features of this enterprise solution. | |
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Elastic Capacity Scaling Dynamically scales resources to meet demand surges. |
Elastic capacity scaling would be part of the enterprise-level infrastructure supporting this system. | |
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Scheduled Maintenance Notifications Communicates maintenance events to minimize disruption. |
Scheduled maintenance notifications would be included in the service management for this enterprise solution. | |
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Performance Monitoring Tools Real-time monitoring and alerts for system health and KPIs. |
Performance monitoring tools would be part of the enterprise-level support for this system. |
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