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Insurance Policy Management |
The Insurance Policy Management includes automation of the entire business cycle of negotiations, signing and ongoing support of the insurance contracts. Full information on insurance policy is available in this component.
The Insurance Policy Management mainly consists of the following sub-components:
- Policy Templates Builder
- Policy Management
- Agents Management
- Reporting
Policy Templates Builder is a flexible tool for creating policy templates being executed through the following routine:
- design and creation of insurance subject' input forms;
- selecting insurance subject(s) for the policy template;
- specifying all necessary information including policy terms, limits and risks;
- setting up special scripts for the insurance costs calculation;
- specifying insurance type and group;
- defining the bonus assumptions relating to the policy template;
- specifying policy cancellation terms.
Policy Management component is aimed at creating insurance policies using policy templates supplied by the Policy Templates Builder. Once the policy template is selected from the available list and the required data fields are filled in, the following actions become applicable in relation to it:
- policy costs estimation;
- policy reinsurance through obligatory reinsurance treaty;
- modifying the created insurance policy;
- appending the policy through additional agreements;
- cancellation of the policy in accordance with specified terms.
The system assumes different options for estimating the policy costs which are:
- underwriter's scripts specified for the selected policy template in prior, which considers the insurance subjects, terms and applicable discounts;
- calculations based on reinsurance costs determined by the applied reinsurance scheme;
- manual insertion (for authorized users only).
The insurance risks included in the specified policy become available in the Reinsurance Management component for reinsurance transactions, and all related accounting operations get corresponding reflection in the Financial Management component.
Agents Management component assumes creation of insurance agents' directory through specifying and tracking agents' profiles, setting the contract terms, limitations, reporting periods as well as commission rates and compensation plan for completed job.
The Reporting subsystem of the Insurance Policy Management is a filtering tool which allows generating different kinds of statistical reports on insurance business processes of the company. The insurance policies can be filtered by one or more patterns, such as date range, policy signing date, cancellation status, policy status, insurance type, insurance category, insurer, insurance cost and fee, and etc. The filtering result fields are also subject to customization through including or excluding from the results list. The generated reports can be easily converted and saved into Excel format.
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