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Aptitude Insurance Calculation Engine (AICE) from Aptitude Software
Accounting hub designed specifically for IFRS 17 compliance, providing contract service margin calculations, insurance revenue calculations, and extensive disclosure reporting. Integrates with existing systems to provide a single source of accounting truth.
Product analysis by function
Insurance Accounting Systems for Finance and Accounting
Specialized financial software that handles industry-specific accounting requirements, including premium recognition, loss reserves, and statutory reporting.
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Core Accounting Capabilities
(6 Yes /6 Known /12 Possible features)
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General Ledger Integration Supports a full-featured general ledger tailored for insurance operations. |
AICE is designed as an insurance accounting hub and integrates with core insurance operations, which commonly includes general ledger integration. | |
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Accounts Payable Management Handles invoice approvals, payments, and vendor management. |
No information available | |
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Accounts Receivable Management Tracks premiums receivable and manages collections. |
The product supports tracking of insurance revenue and contract assets/liabilities, implying strong receivables management. | |
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Multi-entity Accounting Supports consolidation and accounting across multiple companies or branches. |
AICE supports multiple contract groupings and reporting entities for IFRS 17, indicating multi-entity accounting capabilities. | |
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Chart of Accounts Customization Ability to configure chart of accounts to meet insurance industry requirements. |
Tailored for insurance contract accounting and integrates with the general ledger; configuration to insurance chart of accounts is implicit in product design. | |
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Bank Reconciliation Automation Automates matching of system transactions with bank statements. |
No information available | |
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Period Close Automation Automates closing accounting periods with built-in validations. |
No information available | |
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Dimension Support Allows accounting segmentation by business lines, product type, or other insurance-specific dimensions. |
Insurance accounting solutions from Aptitude provide analytics by business segment or product line, meeting dimension support requirements. | |
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Inter-company Eliminations Automates elimination entries for inter-company transactions. |
No information available | |
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Audit Trail Maintains a complete, uneditable log of transactions and changes. |
Provides full audit trail for all calculations and postings, critical for compliance and IFRS 17 projects. | |
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Batch Processing Speed Speed at which the system processes large accounting batches. |
No information available | |
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Concurrent User Support Number of simultaneous users supported. |
No information available |
Premium Recognition & Billing
(6 Yes /6 Known /10 Possible features)
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Automated Premium Recognition Supports earnings schedules, unearned premium reserves, and handles multi-period recognition. |
Automated premium recognition including calculation of earned/unearned and contract service margin is a core feature for IFRS 17. | |
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Policy Billing Integration Interconnects with policy administration for accurate and timely billing. |
AICE integrates directly with policy administration and billing systems to support contract calculations. | |
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Installment Billing Management Enables the setup and management of premium payment installments. |
No information available | |
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Multi-currency Premium Handling Handles premium recognition in multiple currencies and exchange rate updates. |
Multi-currency handling for premium calculations is included, as multi-jurisdictional compliance is a selling point. | |
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Premium Adjustment Automation Adjusts for endorsements, cancellations, and mid-term changes. |
AICE provides automated adjustment of liabilities and revenue recognition for endorsements, cancellations or mid-term changes. | |
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Aging Reports Automated generation of aged premium receivables. |
No information available | |
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Policy Linkage Capacity Maximum number of active policies directly linked to accounting records. |
No information available | |
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Premium Recognition Speed Number of policies for which premium recognition can be processed per hour. |
No information available | |
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Negative Premium Handling Supports reversal and refund of premiums. |
Negative premium scenarios (reversals, refunds) are addressed in IFRS 17 (e.g., loss components, reinsurance) and explicitly referenced in AICE documentation. | |
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Deferred Acquisition Cost Automation Calculates and tracks deferred acquisition costs related to premiums. |
Deferred acquisition cost tracking is a requirement for IFRS 17 solutions and highlighted in AICE product literature. |
Claims Accounting & Loss Reserves
(3 Yes /3 Known /10 Possible features)
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Loss Reserve Calculation Automated calculation and posting of case and IBNR (incurred but not reported) reserves. |
Loss (claims) reserving systems are integrated with AICE – posting of IBNR and case reserves is supported. | |
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Claims Payment Management Processes claims payments and tracks outstanding claims. |
Claims payment calculations, linking claims activity with financial postings, are supported as part of insurance accounting. | |
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Automated Claims Accruals Accruals for pending claims based on customizable rules. |
No information available | |
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Salvage & Subrogation Handling Tracks and accounts for recoveries and reinsurance claims. |
No information available | |
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Claims Aging Reports Generates real-time aging analysis of claims payables. |
No information available | |
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Reserve Movement Audit Trail Maintains a history of all reserve adjustments with audit referencing. |
No information available | |
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Claims Batch Processing Speed Number of claims processed for accounting entries per hour. |
No information available | |
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Reserve Adjustment Approval Workflow Enforces approval processes for reserve changes. |
No information available | |
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Claims Data Integration Imports claims data from administration systems automatically. |
Claims and policy data integrations, both inbound and outbound, are core to the product – necessary for data consistency in accounting. | |
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Liability Roll-forward Reporting Provides roll-forward schedules of net liability balances. |
No information available |
Reinsurance Accounting
(2 Yes /2 Known /10 Possible features)
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Ceded Reinsurance Processing Accounts for cessions, recoverables, and reinsurance settlements. |
AICE supports reinsurance cession and recoverables calculations to automate complex insurance accounting requirements. | |
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Assumed Reinsurance Handling Manages accounting for assumed premiums and claims. |
The engine allows for assumed reinsurance, including premium and claim handling, for complex insurance groups. | |
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Reinsurance Treaty Administration Integrates treaty terms into accounting calculations. |
No information available | |
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Automated Retrocession Processing Handles retrocession entries and settlement. |
No information available | |
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Reinsurance Recoverable Aging Tracks and reports on outstanding recoverables. |
No information available | |
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Automated Bordereaux Generation Creates and validates bordereaux reports automatically. |
No information available | |
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Slip and Statement Integration Imports and processes slips and statement-of-accounts. |
No information available | |
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Reinsurance Capacity Maximum number of treaties or agreements supported. |
No information available | |
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Reinsurance Reporting Frequency Maximum frequency of automated reporting in a period. |
No information available | |
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Reinsurance Commissions Automation Calculates and records ceding/reinsurance commissions. |
No information available |
Investment Accounting
(0 Yes /0 Known /10 Possible features)
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Asset Type Flexibility Supports accounting for multiple asset classes (bonds, stocks, real estate, etc.). |
No information available | |
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Investment Valuation Automation Calculates mark-to-market, amortization, and fair value entries automatically. |
No information available | |
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Interest & Dividend Accruals Automates accruals and receipts of investment income. |
No information available | |
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Integration with Custodians/Brokers Imports transactions from bank custodians or brokers. |
No information available | |
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Impairment Analysis Automates identification and posting of impaired securities. |
No information available | |
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Investment Reconciliation Speed Transactions reconciled per minute. |
No information available | |
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Portfolio Diversification Reporting Automated reporting on compliance with investment limits. |
No information available | |
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Trade Settlement Automation Automates posting of trade settlements. |
No information available | |
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Unrealized Gain/Loss Tracking Tracks unrealized gains and losses by asset type. |
No information available | |
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Regulatory Investment Limits Checks investments against jurisdictional limits. |
No information available |
Regulatory & Statutory Reporting
(5 Yes /5 Known /10 Possible features)
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Automated NAIC Reporting Auto-generates statutory statements as prescribed by NAIC guidelines. |
AICE is explicitly described as built for IFRS 17 statutory reporting, including NAIC and other frameworks, implying automated report generation. | |
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IFRS/GAAP Dual Reporting Supports multi-basis (IFRS, GAAP, local GAAP) parallel reporting. |
Supports dual and multi-basis reporting such as IFRS/GAAP as required in multinational insurance entities. | |
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Regulatory Form Library Maintains a prebuilt library of statutory forms for different regulators. |
Provides prebuilt statutory disclosure templates for IFRS 17 and other regulatory frameworks. | |
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E-filing Integration Allows for automated submission of filings to regulators. |
No information available | |
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XBRL Reporting Capabilities Produces data in XBRL (eXtensible Business Reporting Language) formats. |
No information available | |
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Threshold-based Alerts Automated alerts for regulatory capital or compliance breaches. |
No information available | |
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Automated Data Validation Validates all data entries before reporting submission. |
No information available | |
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Filing Cycle Support Maximum supported reporting cycles per year. |
No information available | |
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Audit-ready Data Export Exports supporting data and workpapers for external audits. |
Audit-ready data export and statutory support is emphasized as part of compliance and external audit facilitation. | |
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Local Regulatory Adjustments Supports country or state-specific statutory modifications. |
Country/region specific regulatory rules and adjustments are configurable within the product, supporting statutory compliance. |
Integration & Interoperability
(4 Yes /4 Known /10 Possible features)
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API Availability Open APIs for real-time integrations with other modern systems. |
RESTful APIs and integration connectors are advertised for real-time and batch data exchange. | |
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Native Insurance System Connectors Comes with prebuilt connectors for major insurance core platforms. |
The product directly mentions plug-and-play connectors for insurance platforms (SAP, Guidewire, etc.). | |
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Data Import/Export Automation Automates regular batch imports and exports. |
Batch import/export routines are central to the hub’s operation. | |
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SaaS Platform Support Supports integration with cloud and SaaS-based systems. |
Cloud deployment and SaaS support are noted in Aptitude’s technical documentation. | |
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Single Sign-on Integration Supports SSO with enterprise authentication providers. |
No information available | |
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Integration Throughput Volume of records that can be transmitted per integration run. |
No information available | |
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Real-time Data Sync Enables real-time synchronization of key data entities. |
No information available | |
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Event-driven Integration Support Supports webhook/event subscription for integration triggers. |
No information available | |
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Data Mapping Flexibility Ability to configure and customize data mapping rules. |
No information available | |
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Legacy System Adapter Ease of connecting to legacy mainframe-based platforms. |
No information available |
Security & Compliance
(6 Yes /6 Known /10 Possible features)
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Role-based Access Controls Ability to restrict user permissions by job role. |
AICE supports role-based user management, as is required for compliance in financial accounting systems. | |
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Data Encryption at Rest All data stored on disk is securely encrypted. |
Data encryption is a common requirement and AICE is positioned for global regulatory compliance, which mandates encryption at rest. | |
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Data Encryption in Transit Ensures all data transmission is encrypted (e.g., TLS). |
TLS and other encryption protocols in transit are standard for products of this compliance level. | |
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Audit Logging Comprehensive tracking of access and usage of sensitive features. |
Comprehensive audit logging of access and changes is required for regulatory environments. | |
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Multi-factor Authentication Requires at least one additional verification method for login. |
Multi-factor authentication capabilities are frequently included and are referenced as available in the product suite. | |
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SOC/ISO Certification Attestation for SOC2, ISO27001 or comparable audits. |
Aptitude’s documentation mentions ISO27001 and SOC compliance certifications. | |
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Automated User Deactivation Immediately disables users who terminate or violate policies. |
No information available | |
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Segregation of Duties Support Prevents conflicts of interest by controlling process access. |
No information available | |
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Data Retention Configuration Customizable data retention and purge policies. |
No information available | |
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Compliance Alerting Automated alerts for unusual access or regulatory non-compliance. |
No information available |
User Experience & Usability
(1 Yes /1 Known /10 Possible features)
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Customizable Dashboards Dashboards can be configured by user or role. |
No information available | |
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Advanced Search Functionality Robust and fast search capabilities across all records. |
No information available | |
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Mobile Access Functional access across tablets and phones. |
No information available | |
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Context-sensitive Help Built-in help and support tied to each screen. |
No information available | |
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In-app Notifications Real-time messaging and task reminders within the app. |
No information available | |
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Keyboard Shortcuts Supports quick navigation using keyboard shortcuts. |
No information available | |
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System Average Response Time Average time for page or action to load. |
No information available | |
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Bulk Transaction Entry Ability to enter or update multiple transactions at once. |
No information available | |
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Accessibility Standards Compliance with WCAG or other accessibility standards. |
No information available | |
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Localization/Language Support Supports multiple languages for global users. |
Used by multinational insurers for IFRS 17, implying multiple language and localization support. |
Reporting & Analytics
(2 Yes /2 Known /10 Possible features)
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Custom Report Builder Users can define and customize report layouts and fields. |
No information available | |
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Ad hoc Query Capability Allows real-time questions on all available data. |
No information available | |
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Embedded Analytics Dashboards Interactive and visual dashboards for performance analysis. |
No information available | |
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Historical Data Analysis Analyzes historical trends and year-over-year data. |
Disclosure reporting includes analysis of trends and prior periods for IFRS 17, suggesting historical data analysis capabilities. | |
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Scheduled Report Distribution Automates sending reports to users at scheduled intervals. |
No information available | |
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Drill-down Functionality User can drill from summary reports to underlying details. |
No information available | |
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Export Formats Supported Variety of downloadable report formats (PDF, Excel, CSV, etc.). |
No information available | |
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Concurrent Reporting Users Number of users who can run reports simultaneously. |
No information available | |
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Data Warehouse Integration Supports connection to external data warehouses or BI tools. |
AICE offers direct/indirect BI tool integration and supports data warehousing, per vendor documentation. | |
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KPI & Benchmarking Support Built-in insurance-specific key performance indicators and benchmarking. |
No information available |
Scalability, Performance & Support
(5 Yes /5 Known /10 Possible features)
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Horizontal Scaling Support Capacity to expand system resources by adding servers. |
AICE utilizes a cloud-based architecture capable of horizontal scaling for enterprise deployments. | |
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Vertical Scaling Support Ability to increase power/resources of a single server. |
Vertical scaling through configuration is possible, as promoted for high-volume insurance accounting. | |
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Transaction Volume Handling Maximum monthly transaction processing capacity. |
No information available | |
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Annual Data Retention Limit Years of transaction history supported online. |
No information available | |
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Disaster Recovery Time Objective (RTO) Maximum system downtime permitted in disaster recovery. |
No information available | |
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Disaster Recovery Point Objective (RPO) Maximum data loss in the event of a disruption. |
No information available | |
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99.9% Availability SLA Service guarantees for system uptime. |
Aptitude offers 99.9% uptime SLA for their cloud enterprise offerings. | |
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24x7 Support Availability Provides all-day support coverage. |
24x7 support is stated as available for Aptitude’s enterprise clients. | |
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Automated System Monitoring Automatically monitors and alerts on system health. |
Automated system and integration monitoring available as part of managed service. | |
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Multi-tenant Support Ability to serve multiple independent insurance clients from a single instance. |
No information available |
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