A highly flexible system for Corporate Brokers, Insurance Companies and Underwriting Agencies

Helping you get the best out of your business

INSIGHT is a modern and powerful insurance company and corporate broking system, which is designed to cater for the complete range of general insurance activities - from providing Multi-Quotes for direct broking operations, to detailed portfolio and re-insurance management for Insurance Companies.

The system is rules-based and table-driven, giving you access to quick development and modification of insurance products with few, if any, programming changes. Most processing parameters and validation criteria are carried as easily maintainable values in relational database tables. When program changes are unavoidable, the modular design and construction techniques simplify design and testing.

INSIGHT's integrated Product Builder uses the latest system development techniques to allow deployment of new products without programmer intervention. INSIGHT also comes with over 100 different classes of business, including Corporate, Commercial, Engineering and Domestic already built in to make this process even faster.

It's a system that really does put you in control

INSIGHT has been successfully installed in a number of locations worldwide for Broker, Underwriting Agency and Insurer operations.

In a recent installation for a major insurer, the speed of product development was highlighted when the system went live in only three months following a short proof of concept. Another major financial services organisation runs both its broking and underwriting operations on the same INSIGHT platform, has over 500 users and handles over 1 million monthly policies proving the scalability and flexibility of this ground-breaking system.

What features make INSIGHT so special?

• Can be delivered via an ASP or as a distributed application.

• Speedy implementation and has a ready-to-run product set which delivers a full range of insurance business, including panel-based commercial combined products.

• A user-friendly, menu driven design allows easy capture of New Business data for Personal Lines or Commercial business.

 

What will INSIGHT do for you?

• Quotations.

• Client and Policy Management.

• Endorsements / Mid-Term Adjustments.

• Integrated Financial Accounting.

• Comprehensive Claims Management.

• Document and Letter Management.

• Complete management reporting facilities, with links to Crystal™ reports.

• Activity and Diary Manager.

• Fully featured security allows users access only to business processes specifically authorised for their user ID.

• Underwriting.

• Agency or Broker Management and Commission.

• All output documentation can be managed through Microsoft Word™.

• Product Rule Maintenance.

• Multi-Company with up to 6 levels of structure.

• Reference Table Maintenance.

• Re-insurance / Treaty and Facultative.

• Catastrophe and Working XOL RI.

• Rate and Reinsurance Table Maintenance.

How does INSIGHT handle Client and Policy Administration?

• The system is client-centric, which means that all aspects of the quotes, policies and claims link back to your client record. Your client can have multiple policies, which can be reported on or reviewed, at client level, enabling the accurate and customer friendly management of your client's insurance portfolio.

• Quotations - the relevant client details are carried through to the rating engine, which when added to the risk specific information, results in a Quote. Any number of products can be put onto the system and selected products can then be shown in a Multi-Quote format, allowing your client to choose a policy which most suits their circumstances.

• Once a policy is accepted, the system will raise the appropriate premium, debit notes or bank debit order payment. Policies can be amended mid-term using the automatic calculations for pro-rata premiums according to the prescribed formulae - 1/12th or 1/365th (or a formula of the clients choice) according to the requirements of the insurer.

 

What about the Claims Handling?

• INSIGHT has an integrated Claims module which allows the registration and administration of claims, without having to re-input client and policy details. Claim free discounts, etc. can also be automatically adjusted when capturing a claim. Assessors and suppliers can also be managed by the system, allowing accurate control over their activities, as well as applying the correct and total expenses to a claim. The system shows online the current financial picture of each claim - outstanding estimates, payments made and salvage recoveries. Full reporting (claims frequency, loss ratios, etc.) is also built into the system.

• The claims system has full version control that allows the selection of an item as at the date of loss. The system will roll back that item, so all terms and conditions, as well as re-insurance information for that specific item is available as at the required date of loss.

• Being integrated, the claims system will allow for the allocation of claims to a Catastrophe or alternatively a Working Excess of Loss programme. All splits and allocations will be retained and can be reported on.

Accounts

• Full real-time dual entry accounting is provided. These transactions can be viewed online giving up-to-the minute information on the financial status of clients, policies, agents, insurers, suppliers, loss adjusters or re-insurers.

• The Accounting system is rules-based, allowing disbursements of all financial transactions to multiple accounts down to section level, based on product or other set-up rules.

• Comprehensive commission management is provided for Brokers, Sub Agents and introducers.

• Interface with general ledger products through a transaction extract file. This file is customised for each installation.

 

Products

• The product builder allows for new products to be launched quickly and efficiently. This can be achieved either by amending an existing system product or creating new ones together with existing defined input forms.

• Rules-based rating enables the system to apply loadings, discounts, refer risks or decline them totally, according to the requirements of the products. This automated underwriting reduces new business strain on the Underwriting Department, freeing them up to focus on the profitability of the business. Automatic rating and re-assign (for renewals or rate increases) is also rules-based, enabling sections of the book to be affected, as defined by you.

 

Re-insurance

• The Re-insurance module is fully integrated with the Policy, Accounts and Claims modules.

• The system has the capability to handle both Proportional and Non-Proportional Re-insurance, from both a Treaty (including Catastrophe and Working Excess of Loss) and a Facultative perspective.

• The system will enforce Re-insurance, thereby prohibiting the acceptance of risks without adequate Re-insurance cover.

• Accumulations as well EML's and MPL's are catered for. All relevant information is available for reporting purposes.

• Each transaction posted from within the claims area, will be automatically split to the various re-insurers according to the pattern placed on that risk item as at the date of loss.

Audit and Security

• The system will record every users activity, whether it is an enquiry or an update. It has full individual, team and branch security to ensure access to various areas is only allowed to authorised users.

Click here to download a .pdf of our INSIGHT brochure