Broker Studio

A new Insurance Broking System

 

Handles following types of clients: Clients, Insurers, Agents and Prospects:

One client can have many persons and locations

Has forms for profiling of clients and persons. Easy to add fields to collect profiling data.

Provides three types of searches: by client, person and location. Has simple and extended search with many fields for search criteria.

Can easily list: Insurers, Agents and Prospects

It has two main types of records: Policies and Transactions.

Policy holds details of risk, class, dates to and from, policy number etc.

Transactions deals with premiums, date effective and transaction type (new business, endorsement,cancellation etc)

When policy is created it stores both the Policy and Transaction records. When policy gets endorsed it adds only a new transaction record.

Policy can use one of many additional forms that hold class specific data. We call those forms Particulars. It opens the form in a new tab and generally has all fields that Insurer requests for that particular class of insurance.

A set of documentation is created for each of insurance class. Documents are created in PDF and saved as attachments, linked to the policy record.

At some point the policy will be Posted to Accounts. All premium data goes to accounting engine where it will be further processed.

To renew a policy we copy the old policy and create a new policy for new period of insurance.

Insurers accounting is specific and we have our own accounting module.

Invoices come from Policy module by posting them to accounts

It handles: Receipts from clients, Allocation, creation of Bills, Payments to debtors

It can do Reversals of every step in a processing- one at a time.

Lists Client Balance

Lists Bank balance – allowing the broker to manage its brokers account

All documents and files are handled by Attachment module.

It automatically maintains a folder structure where it saves files. They can be accessed and managed using File Manager (if allowed by system admin on the site)

Attachments are linked to other records Client, Policy, Quote, Task etc.

The user can list all attachments for the client, for the policy etc.

Once found the attachment can be opened and viewed. The Word document opens in Word, PDF in Acrobat Reader etc.

Insurance requires many documents to be produced during processing of a policy: Quote Request, Quotation to Client, Renewal Request, Final Reminder, Invoice, Closing etc.

All documents are produced in PDF format

Documents are saved as files and handled by our Document Management System.

Some forms (proposals) can be offered to external users on the web to populate and request quotes on line.

There can generally be two types of external users:

• Any user on the web. The user finds a link of a proposal on the broker’s web. The proposal has additional area for collecting users name, address and other details
• Known user that logs in to a restricted area and finds proposals that are related to that user.

The user opens, populates the proposal and submits.

The proposal goes to quotation area (see next chapter) where it gets further processed. The broker will first look at the data and decide whether to Accept the request for a quote as a genuine one or Decline the request.

Provides quoting functionality

A new quote is generated by various means:

• By the broker creating a new quote for an existing policy
• By external user submitting the proposal as a request for quote on line

The proposal populated by the user becomes Particulars form that is part of a Quote and will later become part of a Policy record.

Each quote can be rated more than ones. The rate can be provided in several ways:

• Broker entering premiums manually after getting the values form the insurer
• Insurer logging in and entering premiums manually. Off course the internal security will take care what the insurer can access, see and do.
• Getting rating automatically – this function is not part of this solution and uses another ‘Studio” product that provides this functionality.

Relevant documentation can be generated from that module: Quotations etc.

Once the quote is accepted, the user can create a new client is the client is new, new policy if required and a new transaction.

Provides claims processing for the broker

Claims form getters all standard claims data.

On the form can select additional class specific form to enter class related claims Particulars details.

Module Notes provides all contact management features for the solution

Every contact with the client should be recorded as a new Note.

Notes are linked to the Client.

You can email, and send fax directly from the Notes

Module Tasks handles all users’ tasks.

One task can have many activities.

Tasks can be created automatically: one for each policy that has to be renewed. It creates a separate activity for each step that should be followed during the renewal process.

Provides a standard set of reports to manage the brokers business

Each report is versatile and the user can enter various criteria, decide on grouping and sorting.

Each report page contains and information regarding the report: name, criteria used, grouping and sorting used, time stamp, company and user that created the report, page numbers and report version.

It has number of Admin modules for managing various aspects of the solution