iFACTS INSMAN - is a modern insurance management software, designed to support the everyday work of Captives and self-insured companies. It is a tool for the complete insurance process including the renewal and production of insurance policies, invoicing, claims management, and reporting.
INSMAN gives you control of the entire insurance process in one integrated workflow, so information is not scattered in documents and spreadsheets with no interconnection. Reports and statistics are just a keystroke away (premium reserve, submission, claims report, etc.).
With specially designed portals, external parties can login directly to INSMAN, avoiding the hassle of separate systems and non-integrated, out-of-control reporting. For example, reinsurers, brokers, inspectors or claims administrators can access loss data, changes in EML values or performing survey, and underwritten material.
Experience from customer implementation frequently shows a drastic improvement in cash flow as a result. The integrated workflow ensures that invoices are distributed on time and payment is often settled before the reinsurance premium due date.
The complicated and administration-intensive renewal process can be facilitated in a completely new way. Examples of tools include:
- A distributed method to gather values
- Integrated loss prevention
- Instant access to risk score and loss history
- Premium modeling to simulate different insurance settings
- Report generator to produce the submission report with a key stroke
Share your experience with others in the INSMAN network that are using the same integrated approach.
- Sums insured
- Invoiced premiums/Not yet invoiced premiums
- Claim reserves
- Claim payments
- Third party recovery amounts
iFACTS' insurance management supports a wide variety of insurance types. It is easy for the administrator to add new insurances and customize which input fields to use. Registered information should include:
- Sums insured
- Net sales
- Indemnity period
- Taxes and surcharges
- Company information
Registered data is used for insurance letters and reports such as Submission reports and Premium reserve reports. An advanced version control assures that claims are connected to the correct insurance. Add an extra dimension of productivity by integrating INSMAN with iFACTS Facility for live update of technical information and loss prevention work.
Claims are handled in the Claims portal, which displays claims information, reports, statistics, latest viewed items and a communication center. Reports display claim reserves and payments at any desired report date and currency. A file uploader, for pictures and documents, makes it easy to gather all claim information in a single place. The Claims portal also supports self-retention calculations.
Shared insurance data and customized templates make invoicing quick and easy. The system supports integration to leading financial systems, group invoicing as well as the invoicing of changes in insurance premiums.
Boomerang supports a decentralized renewal process, which provides the opportunity to communicate efficiently with subsidiaries and other stakeholders.
In the Reinsurance portal, external parties such as brokers and reinsurers can partake of submission data, inspections, claims, terms and conditions, etc.
Premium modeling is an effective tool for premium allocation. A superb overview is provided for fine-tuning technical rates, adjustments and premiums. One-click functionality transfers the allocated rates and premiums to the production environment.
A report generator with the capability to cover almost any reporting needs.
It is possible to integrate with other modules in the iFACTS Software Platform: Facility for Loss prevention, Governance for Solvency II and other regulations, and Event reporting to handle all type of incidents.
- Insurance management
- Claims portal
- Reinsurer portal
- Premium modeling
- Report generator