ParaCode is a complete policy admin system including an open etrade platform that enables business to be conducted quickly and easily between all parties. ParaCode overcomes the restrictions of fixed question sets, product standards and EDI messaging by employing Dynamic Distribution to enable insurers and MGAs to directly publish and brokers to find and transact any product – commercial, personal, or niche, without expensive delays.
Insurance products can be created directly within the ParaCode platform more quickly than on any other system, typically in under a day. These can then be published to the ParaCode marketplace where they are visible to every other party in the market. Parties wanting to sell the products that they find in the ParaCode maketplace can request an e-toba through the marketplace and can start capturing risk data, requesting quotes and incepting policies as soon as this is granted.
The entire policy lifecycle can be managed in ParaCode across all parties, without leaving the platform.