Insurance products are entirely defined by the company. Facilities exist to provide the structure, the rating and the underwriting rules upon which policies and claims are based. The building process is necessarily flexible to allow for the wide variety of product types. “Product Build” allows the administrator to quickly define insurance products in a simple manner without the need of any hard coding.
Entities
The details of all entities involved in the system transactions are maintained by the system. Such entities are the clients, agents, drivers, reinsurers, solicitors etc. This way you avoid duplication of information and the data structure is client driven allowing multiple views of the system from client level down.
Policy Administration
Policies and quotations are entered into the system according to the structure, which has been defined for the product in Product Definition and Business Rules. A complete set of policy business transactions is supported. This includes quotations, new business, mid term adjustments, renewals, declaration adjustments and cancellations.
Claim Administration
The Claims component supports the needs of claims departments for both insurance companies and general agents. It is fully integrated with the Policy, Entities and Accounts components. All claims are stored against the policy and use policy history to record the claim against the relevant policy picture. Full claim estimates, payments and recoveries processes operate with automated authorisation procedures. Claim settlement statistics and premium/claims analysis tools are available to analyse the performance and profitability of the insurance products.
Accounts
The creation of the relevant accounting transactions is integrated within the Policy, Claims and Reinsurance components. For the Insurance Company, these transactions automatically update the “Synthesis Accounting” or they can be exported to update a third party accounting system. In addition, according to the implementation adopted, the system can provide a 2nd set of accounting transactions that can be used to update the General Agent’s accounting system. If the Agent is using the “Synthesis Accounting”, then this process is fully automated.
Document Report Production
The system is supplied with an extensive set of reports, which can be easily customised using a reporting tool. A reporting tool can also be used to define site-specific documents and extra reports that can be automatically adopted by the system. All documentation can be set up for automatic and/or manual printing
Reinsurance
The reinsurance component supports for “Quota Share”, “Surplus” and “Facultative” proportional treaties, as well as “Excess Of Loss” reinsurance. Reinsurance allocation can be automatic for proportional treaties, up to the capacity of the treaty. “Excess Of Loss” reinsurance is calculated before the “End Of Period”. The reinsurance calculation is performed at risk line level according to the Product Definition.
