Problem / Case
Our Expert team has experience in handling a robust insurance management system that is formed with a synergy of some of the best admin systems available in market. Separate systems were used for individual admin purposes with the systems interacting with each other through Web services and data sharing. The separate systems were used for:
Insurance Admin System: The Insurance Admin System was the core system that was used for the entire insurance operation relating to Policy Servicing and Claims Management. The process of calculation of premium, Issuance of policy, renewals, loans, surrenders, bonus, claims, etc. were done from this system.
Quote Management and Data entry System: This system was used for providing quotes, benefit Illustrations and data capturing through Internet and mobile devices. Two way data movement with the Insurance Admin system happened vide a web service with a wonderful handshake mechanism to communicate errors and failures effectively.
Cash Collection System: This was again a internet/mobility based cash collection system that communicated with the admin system through web service with details regarding the premiums collected to ensure immediate appropriation to the policy account.
Underwriting system: The STP policy issuance happens from the Admin System where as any policy that goes through underwriting process would be moved to an independent exclusive underwriting system. Again this communication happened through web services.
Other System Used: Similar to the above mentioned systems, separate systems were used for handling Agency and Distribution Management, corporate financials, MIS, Investment Portfolio Management and Data Warehousing. The structure of the entire system is depicted herewith: