Insurance & Claims
Insurance and claims management system, is set-up with a selection of different modules. With an intuitive configuration process, different needs in the insurance area can be fulfilled. Functionality and information is controlled via a permission system that allows both internal and external users to be given access to specific parts of the system.
Insurance management supports many different insurance types. The administrator can easily adapt content and processes depending on the insurance type and coverage. The system handles both direct insurance and inwards/outwards reinsurance.
Registered information is used both to create insurance policies, and to generate required reports. Built-in version control of the insurance policies ensures that the valid insurance is always available and that claims are linked to the correct version.
Information from the insurance can easily be reused in other contexts, for example supporting calculations of EML / PML in the loss prevention work.
The claim management module handles all types of claims. Different claim types can be configured and forms designed to support claims reporting directly in the system. Basic claim information can be supplemented with uploaded documents and photos. The process includes adding deductibles, reserves and payments.
Statistics for claim costs, handling time and status follow-up are presented in reports or dashboards.
Registration of claims with many claimants, recovery of deductibles and recourse is also supported.
To avoid manual handling of data between systems, integration solutions with several leading financial systems are available.
In the invoicing module, invoices for insurance premiums, deductibles and claims recovery are easily created with the help of predefined templates. Approval rules can be set-up for different levels. Support is available for batch invoicing and supplemental invoicing.
Accrual of premium reserves is calculated by the system. The process is finalized with the invoice being marked as paid.
Invoice and premium reports can be generated.
Integration with financial systems can be used for more efficient handling.
Support for the entire renewal process for insurances, from selection of insurance types and policyholders, to the issuing of new insurance policies. The Boomerang tool can be used as part of the process for effective communication with policyholders and other stakeholders. Indexing and premium modelling are functions that facilitate value management and premium allocation in the renewal process.
By registering reinsurance portfolios per UW year, the system calculates reinsurers’ share of claims. This information is used partly for internal reporting and partly for follow-up against reinsurers with the Statement of Account report.
Reinsurer demands can be automatically converted into cash calls in the invoicing module.
Via the Reinsurance Portal, external parties such as brokers and reinsurers can continuously access updated insurance information, inspections, claims, terms & conditions, etc.
Reports & Solvency II
The application provides effective support for different types of reports.
Via Microsoft SSRS and standard reports integrated into the system, users can set up and save different designs of reports themselves. Parameter setting, column selection and report format are different types of settings that can be easily used.
Support for the challenging Solvency II reports is available in the system, particularly the demanding claims reports S.19, S.20 and S.21.