iFACTS INSMAN supports the insurance process for Captives and other Self insured organisations. It includes the production of insurance policies, invoicing, claims management, inspections, the renewal process and a powerful report generator. It is an easy to use web based software part of the iFACTS Governance platform.
How it works
iFACTS INSMAN gives control of the entire insurance process in one integrated workflow, avoiding information being scattered in documents and spreadsheets with no interconnection.
By gathering data in one place, reports and statistics are just a keystroke away (premium reserve, submission, claims report etc.).
Invite external parties directly into iFACTS INSMAN, avoid redundant systems and reporting that is out of your control and not integrated. For example give reinsurers, brokers, inspectors or claims administrators the opportunity to share information regarding loss data, EMLs, updated sum insured or added surveys.
Through iFACTS INSMAN the administratively challenging Renewal process can be facilitated in an integrated manner. The easy-to-use communication tool Boomerang is efficient in order to gather values, integrated loss prevention and instant access to risk score and loss history. Premium modelling is used to simulate different insurance settings and to allocate premiums.
Use the Report generator to produce submission reports. Due to its dynamic functionality, the reports can be customised showing extensive insurance object values, claims statistics as well as company/user information.
In the Reinsurer Portal you share all documentation with external parties.
The system and information is fully controlled and owned by the Captive/Self insured - providing independence.
iFACTS Boomerang - an easy-to-use tool to gather insurance information
Write a message, select receivers and press Send - the renewal process is initiated
Boomerang gives you the opportunity to communicate efficiently with your subsidiaries and other stakeholders in the renewal process.
Each recipient can update values from one window, accessed from a link in the introduction mail.
The updating process is monitored by the administrator in a control room. It is divided into milestones, indicating progress of the renewal.
iFACTS Report generator is used to create customised reports controlling reported data.
Communication between the local insurance administrator and the renewal administrator is supported in a built-in message function including mail notification. Registered communication is stored for future need. Reminders with personal messages can be sent when required.
Information is kept within the same system; avoid rearrangement of data jeopardising the quality of the updated information.
The application is web based; no client software installation is required.
Functionality:
- Mail notification
- Message broadcast
- Text library for messages and reminders
- Insurance Quotation and ordering
- Message status
- Reports
iFACTS Reinsurer portal - immediate access to updated information
Invite stakeholders to share your insurance data
The Reinsurer portal offers external stakeholders, such as reinsurers and brokers, insurance information in a single view.
It provides a flexible, yet structured way to provide uploaded files and reports designed in the iFACTS report generator. Keep everybody constantly updated on new events.
The Report generator is used to create report templates including column selection, filters and aggregate levels. The designer can choose if the report will be based on archived or live data.
Reports are categorised in groups such as Submission, Sum Insured, Losses, EML, Wording and CatNat. Depending on point of time, focus can be set on different categories.
A list of uploaded and graded surveys is presented. The list can be searched and filtered in the application.
In order to present graphical information, iFACTS Chart control displays charts and pictures.
Built in access control provides personal access to the application and the reports.
The application is web based; no client software installation is required.
Functionality:
- News
- File uploader
- Report categories
- Configuration
- Log function
- iFACTS Chart control
The tools and techniques
Several iFACTS tools and components are used to support the insurance workflows.
Insurance Policy includes all relevant information such as insurance types, wordings, EML/PML, values and rates, CatNat zones, location and risk score.
Invoicing. Support for invoice activities such as auto generated invoices from insurance policies, handling of premium taxes, invoice distribution, invoice monitoring and exporting financial information to external systems.
Claims management module, with support for claims information, stop loss and self-retention limits, cost registration, payments, loss adjustment, reinsurer share and reserves (historical and present).
Loss prevention is performed in iFACTS Facility.
Renewal. Supports the activities in the renewal process: update insurance values, submission, stop loss/self retention simulation, reinsurer premium, premium allocation, captive result and invoicing status.
Reinsurer portal. Specially designed portal for stakeholders to continuously monitor the captive. Includes sum insured, EML profile, losses, surveys and inspection recommendations.
Dynamic setup of organisational structure and roles, creation of company tree, roles and insurance types, e.g. property and liability.
Dynamic creation of templates for insurance policies, reports, invoices etc.
Culture formatting. Support for different date & value formatting depending on cultural differences.
