SEG Software Releases SaaS Version of its Policy Administration Solution

SEG Software, LLC (SEG), providing industrial strength policy administration software to the life, health and annuity industries, has introduced SEG SaaS (News - Alert), a new software-as-a-service offering, as part of its policy administration solution for life insurance and annuities.

SEG SaaS offers a straight-thru-processing capability suitable for all lines of life and annuity products. It also includes modules for carriers with niche needs like commission and payout processing. Insurance carriers will be able to rapidly enhance process efficiencies of Admin’s technology and rules engine using the SEG SaaS.

Tom Johnson, president of SEG, said, “In today’s tough economy, carriers have limited capital funds for long term investments and large technology related projects. Our SaaS delivery model offers carriers the ability to achieve quick time-to-market and gain the advantages of true straight-thru-processing at an extremely attractive price point.”

The rules engine technology of SEG allows carriers to easily configure their product features and product calculations. It also allows changing of regulatory requirements in order to meet the carrier’s interpretations of the statutes.

Johnson continued, “It is very important that each insurance carrier have operational control to maintain a high level of customer service. Our SaaS offering eliminates the time and headaches associated with a traditional implementation project. To access the system, the client only needs to have access to an Internet Explorer browser- we’ll take care of everything else.”

Both the life insurance and annuity industries require robust software solutions. SEG provides industrial strength policy administration software and the company’s product suite is built on J2EE and developed in Java. This offers the industry modern technologies and rules-engine which allows annuity insurers greater flexibility, performance and scalability for consolidating and replacing their legacy environments, said SEG.

SEG has employed the new RULES ENGINE technologies for creating a production-proven policy administration platform suitable for all businesses. The architecturally-proven J2EE software enables carriers to realize the best performance from their systems besides being able to scale according to growth in requirements later.