INSight is a totally integrated insurance administration system, designed to cater for the specific needs of intermediaries and insurers. The system integrates the areas of new business, policy management, underwriting, reinsurance, claims and accounts.
INSight allows for the creation and setup of users and their appropriate security levels, restricting particular access into the system. Levels are restricted to No Access, View Edit and Update, and Supervisor Access. Further security options are available to restrict confidential or sensitive information.
Details pertaining to a particular client are stored at security level, thus enabling multiple policies per client, irrespective of product-type, and multiple claims per policy. Clients can either be companies or individuals. The client forms the centre of the system. Each client can have many policies, such as motor, fire, life, unit trust, or group benefits, and there are unlimited types of policies. From the client screen a list of all available policies is shown, and the broker can navigate to any one of the policies or to other modules such as accounts or claims.
The product development facility allows the user to build new products or schemes quickly, in order to get to market in the shortest possible time. INSight`s Product Rules allow users, rather than the information technology department, to create and maintain products.
Quotations can be loaded onto INSight`s system in quote-mode, ensuring that while in the negotiation stage no actual transactions take place. The advantage of this system is that multiple changes can be made to a quotation. When the final closing is received, one merely selects a menu item to accept the quotation, and it is automatically converted to a live policy.
The policy management system enables management of risk at the following levels: company, region, branch, scheme, agent and sub-agent, product type, department, account executive, and section of cover. These levels of risk management may be expanded and are user-defined.
Policy renewal is again managed on a parameter-driven basis. The user may specify certain conditions that only a section of the book may meet, and select only those policies for renewal. Renewal of individual policies can also be carried out; a policy may be copied into renewal mode, manipulated, and then only taken on as a live policy once the renewal negotiations have been finalised.
Due to the complete integration of the Insurance Administration System and its parameter-based operation, all claims are registered against each applicable policy. The claims-event logging system enables a user to review the history of a claim from its initial registration right through its finalisation on screen, including correspondence, reserving, payments, recoveries and reserve amendments. The only time that claims staff need to access the original claim is for original hard copy documentation.
Due to the often-repetitive wording related to claims correspondence, INSight has a facility to allow the user to prepare and enumerate standard paragraphs, which may be used in the claims, correspondence facility by selection of the paragraph numbers. The system may be connected to a fax facility and selected correspondence sent to a facsimile queue for automated transmission. It is also possible to e-mail clients. No-claim bonuses can be automatically adjusted on the policy once a claim is registered, so that the premium can be altered in accordance with user-defined requirements.
A free form scriptwriter is available, which enables the user to maintain confidential information relating to a particular client: such information not appearing on any correspondence with the client. The following claim reports and statistics are standard in the system:
Original estimate Claims by section
Total cost of claim Claims by circumstance
Excess Claims by area or zone
Own damage paid Large loss reports
Own damage outstanding Third Party paid
Loss ratios Third Party estimate
Recoveries/salvage Profit and loss
All of the above may be sorted and reported on in accordance with the user`s selection choice.
The integrated accounting supports double entry transactions in debtor, creditor and bank accounts. Accounts are maintained at client level, with all transactions relating to any policies of the client being posted and aged within the client`s account. Accounts are also maintained at company/region/branch/agent levels, with all transactions relating to any policies of the company/region/branch/agent being viewed as required.
Allocations of receipts from a client may be automated if an automatic collection is applicable, or manual processing of receipts may take place. Unallocated receipts may be recorded against a client`s account for subsequent matching and clearing. Journal entries of varying nature with standard for descriptions may be processed with full audit trail controls. A clients` account - with complete history - may be viewed at any time during the operation of the INSight system. The view facility can be controlled as a read-only facility for certain users.
The method of payment option, relating to a client, provides for payment of premium by various media including credit cards, debit orders, automatic clearing bureau debts, salary stop orders and debit card entries. Manual or points-of-sale transactions are also catered for. The collections can then be generated automatically through the accounts system, where - if required - the unmet payments operation can be utilised.
Client correspondence may be in letter- or facsimile-format; if facsimile, correspondence can be sent automatically from the system. Standard letters may be created and then selected for client under user-defined conditions. Letters may be system-generated, dependent upon operations or functions that may be preset by the user. Standard paragraph formats may be used in letters. And there is a full merge-and-edit facility on the letter writer. The system also provides for the production of labels. All Microsoft Office products are supported.
The Diary facility will create automatic diary and task entries from certain events that take place in the system: for example, automatic diarising of claims. The diary and task list can also be used for manual input of entries. The system has an operator-specific diary, which may be accessed on a hot-key basis, and uncleared items are carried through to the current day until such time as they are cleared. Certain operations within the system may generate automatic diary entries: these operations again being user-defined. There is a supervisor option within the diary system, whereby a supervisor may monitor outstanding diary entries for a particular department.
Rating tables may be loaded into the INSight system for the purpose of automatically arriving at premium calculations based upon user-determined rating criteria. Rating tables can differ from product to product and are parameter-driven. Premium is calculated on a pro-rata basis as standard. However, this option may be ignored based upon user-requirements. Re-rating can be carried out on the entire policy base, or on only those policies cover by user-defined conditions. The setting of these conditions is again parameter-driven, enabling rapid and effective risk management.
Comprehensive sets of standard reports are produced monthly, along with the facility of producing ad hoc reports. The INSight system may interface to any of the leading Relational Database Reporting Tools. Websoft Maven has selected Crystal Reports as its report writer. By creating dictionary items for a particular field in the system database, the user is able to report on the database (or any part thereof) utilising sort criteria, conditions and output generation at use-level. Crystal allows the user to report on any field on the database.
Parameter-based report definitions enable the user to prepare reports in a selected format swift and efficiently. As a management tool the report writer is invaluable as ad hoc reports utilising look-up table criteria, and variable conditions can be viewed either on the screen or printed anywhere on the user`s network.
Management information processing provides management with real-time online information relating to premium, number of policies, claims and number of claims statistics. This information may be defined by the user and can be produced by product type and section of cover within all of the multi-layers of the policy management system. All statistical reporting may be represented in text or graphic format.
The policy schedule designer using Microsoft Word enables the production of schedules specific to product types, in a format ready for the user`s customers. This design facility includes variable text, colours, shading and fonts, borders, bold and italic, ensuring a professional finish to a policy schedule. At initial design, the reference to the applicable part of the database required is set up by dictionary, and thereafter the schedule may be produced for individual policies, all policies or a selection of policies dependent on user-defined criteria.
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