Insurance Software Solution

Definition of Insurance Products

• Easy definition of insurance products, covers, risk factors, tariffs, risks, risk groups and insured amounts

• Definition of limits of liability, excess per cover, multiple commissions for different product parameters, taxes based on products, location etc.

• Ability to choose among different premium calculation methods on cover level

• Mathematical calculations of reserves and insurance premiums based on relevant risk factors (integrated financial calculator)

• Insurance Policy Life Cycle Management

• All of the above with No need of IT involvement!

Agent/Broker Structure and Commissions

• Definition, calculation and payment of commissions for different periods and schemes

• Definition of users and teams with specific roles across the network of branches & departments

• Broker network relationship management and reporting

• Agreement & Application Management

• Manage efficiently all insurer-broker relationships with CoreFin Insurance Broker Software

More info for Brokers here

Reinsurance Management

• Definition of reinsurance contracts and terms and conditions

• Proportional and non-proportional: Quota – share, Excess of loss, Surplus

• Reinsurance payments and collections

• Business constraints, alerts and notification

More info

Payment and Collection Management

• Payment management – types, due dates, receivables – all within COREFIN Insurance

• Online Payments integration (Direct Debit, Online etc.)

• Payment reconciliation and allocation

• Web services/import of data about payments from related banks

• Track outstanding payments and manage collection campaigns – reminders, charges and more

Productivity

• Management of required forms & documents and re-insurance contracts

• Activity and task management

• Seamless tracking of communication between Outlook and COREFIN

Pricelists from Suppliers and other Stakeholders

• Up-to-date lists of spare parts and services of repair shops (for auto insurance), their costs and comparison between partners

Human Resource

• Screening, recruitment & employees administration

• Compensation and reward management

• Training and learning management

First notice of loss

• Self-claim registration via a web portal or over the phone

• Detailed info gathering: loss details, involved parties and properties, injury information, coverage verification, initial liability determination, documents available for upload etc.

Assignment & scheduling

• Claim activity management, progress tracking and task assignments

• Claim loss reserve management

• Assign the right resources to a certain claim based on skills, location and capacity

Investigation & adjustment

• Detailed item verification process

• Claim appraisal & assessment; preparation of related reports

• Integration with 3rd parties for on-site visits and assessment by insurance investigators

• Notes and attachments for each case

• Remote access via mobile/smart devises

Settlement & Indemnification

• Claim payment management & recovery

• Subrogation

• Catalogue of assets, spare parts and repair/service shops helps cost the repair work on the spot of damages reported

Reducing claim costs

• Reduce claim settlement amounts while decreasing time

• Eliminate claim leakage and minimise attorney involvement

• Streamline processes with automated workflow

Planning

• Management of territories, teams/brokers, insurance products, discounts and more for cross-sell and up-sell initiatives

• Integrated financial calculator to define risk-adjusted premium payment plans, commissions, taxes, brokers’ target budgets and many more

Sales Workflow Automation

• Issuance of an instant quote or аn insurance policy with a few clicks: any time from any mobile devise via a web self-service portal

• Easy quote to policy conversion

• Automated workflows with reminders to ensure consistency, timely action and optimal customer engagement

• Central repository for sales literature and product catalogues

Lead & Opportunity Management

• Leads monitoring and prospecting: the right insurance software tool for lead generation!

• Leads tracking by channel to measure marketing efficiency

• Lead qualification to opportunities, scoring, routing, assignment and conversion

• Comprehensive risk assessment & underwriting functionality

Account Management

• Application and contract life cycle management, full history of changes

• Overview of organizational structures & relationships

• Monitor actual revenue by creating/tracking orders and invoices

Single data source

• Access and share information across departments, product lines, channels, intermediaries for policy holders and insured individuals: all in one system!

Renewal

• Customer knowledge helps increase retention

• Understand the reasons for non-renewal and measure the success of renewal strategies

Segmentation & Planning

• Instantly segment prospects and customers into highly targeted marketing lists

• Data and list management

• Base planning on historical and current market/data analysis

• Ability to create planning activities, assign budgets and execute campaigns

Campaign Management

• Choose from complex multi-channel campaigns or a few-clicks Quick campaigns wizard

• Automated sending of personalized emails based on templates with mail merge functionality

• Execution of campaigns across multiple channels (email, sms etc.) and measurement of effectiveness by channel

• Assignment of campaign activities (phone calls, tasks) to related employees/teams

• Track who has opened your mails and what links were clicked all within COREFIN Mail Tracking Module

• Automated Email campaigns for policy renewals, Christmas promotions, Birthdays and other events

Management of Events and Responses

• Plan, execute and review events

• Collect and analyze the results of campaigns (by marketing channel)

• Measure effectiveness and ROI of marketing campaigns and compare budget to real performance

• Link event attendances to new opportunities and orders and demonstrate marketing ROI

Loyalty Management and policy holder profiling and household

• Reward customer loyalty with COREFIN Loyalty Management module

• Define criteria and profile your contacts base

Internet marketing

• Possible integration with company website to track email and engine search performance

Advanced Contact Center

• Call in the cloud (COREFIN Advanced Contact Center module)

• Automated incoming call recognition with instant client profile visualization

Accounts Management

• Intuitive user interface

• Improved first-call resolution with access to customer histories

• Churn management

Services & Resources Scheduling

• Easy, visual scheduling of resources (field personnel, fleet, tools, parts and resources)

• Centralized view of service workers’ calendars and resources

• Review response and case resolution time and identify problem areas

Case Management

• Agent Scripting

• Easy-to-use case management - case creation, editing, dispatch, tracking and resolution

• Routing & escalation of cases and activities

Interaction & Knowledge Management

• Robust email support including auto-response and auto promotion of emails to cases

• Knowledge base

• Article authoring, review and publishing

• Automated transfer of data between CRM and NAV in a systematic fashion (tax, profit, regulatory class etc.)

• Tool for Risk & Accounting Management

• Regulatory Compliance (Solvency II): automation of filling Solvency II templates

• Perfect for companies operating in more than one country

• Multi company & consolation of financial data

• International scope – MS NAV supports multiple languages & currencies

• Automation for issuing various reports according to predefined rules

• Management of the cash flow and easy forecasting for future payables/receivables

• Supervision of all monetary transactions

• Reserve Management

• Accounting & Billing Management

• Simple and intuitive interface

• Option to integrate analytics with Power BI for creating and sharing stunning interactive reports in seconds

• On-demand dashboards and reports with drill-down on agent/broker productivity, new business success, customer loyalty, policy & claim processing and many more

• Track critical insurance KPIs for real time informed decisions

• Ability to modify existing dashboards or create new ones: easy with just a few clicks!

• Ability to export reports and charts in various formats: Excel, PDF, WORD

• Ability to schedule and send reports automatically to the responsible department/person

• Ability to define and create regulatory reports and predefined data templates (Solvency II)

• Reports for paid and expected premiums, unresolved and paid claims

• History reports and analysis by business lines and segments

• Define sales/agents targets & budgets, track productivity and analyze trends

• Ad hoc or customized analysis

• Easy to use on any smart device

Issue quotes and policies with a few clicks

• Insurance web-based self service portal to calculate and issue quotes and policies in a few clicks

• Ability to issue multi-item policies and invoices

• Integrated and easy to manage financial calculator for multiple premium calculations

• Easy administration of all the agreements, quotes, policies, cancellations and requests for amendments and renewals

• Insurance Policy Life Cycle Management

• List of upcoming payments and their status (paid, unpaid, late payments)

• Online payments integration: Credit Cards, Direct Debit

• Automated tool for document generation, invoicing, e-mailing and reminders

• Ability for automated payments and invoices allocation

• Payment and Collection Management

• Accounting & Billing Management

Manage your relationships with Insurance companies with the right tool

• Easy importing of product definitions data and related documentation from insurance companies

• Reporting tool to insurers via a Bordereaux templates

• Automation of cash flow

• Flexible reporting tools

Claim Management:

• Web & Mobile interface for (self) claim registration

• Detailed info gathering: loss details, involved parties and properties, injury information, coverage verification, initial liability determination, documents available for upload etc.

• Tracking communication with insurers

• Out of the box collaboration tools for communicating and informing the end client

• Payment management and tracking