SynInSys Insurance General Business

SynInSys Insurance General Business 2017-01-10T09:34:41+00:00

SynInSys Insurance System

Is built to be flexible, giving you, the Insurance Company, ultimate control. Your clients are better serviced with quick access to your products and up-to date accurate information. The System integrates policy and claim administration, accounting and management reporting. With its integrated processing features and advanced client-server technology, it is the ultimate solution to administer your business with flexibility and control.

Insurance products are entirely defined by the company. Facilities exist to provide the structure, the rating and the underwriting rules upon which policies and claims are based. The building process is necessarily flexible to allow the wide variety of product types.

The details of all entities involved in the system transactions are maintained by the system. Such entities are clients, agents, drivers, reinsurers, etc. The data structure is client driven allowing multiple views of the system from client level down.

According to the structure defined for each insurance product, complete set of policy business transactions is supported. This includes quotations, new business, mid term adjustments, renewals (batch and per policy), declaration adjustments and cancellations.

The Claims component supports the needs of claims departments for both insurance companies and issuing agents. It is fully integrated with the Policy, Entities and Accounts components. All claims are stored against the policy and use policy history to record the claim against the relevant policy picture. Full claim estimates, payments and recoveries processes operate with automated authorisation procedures.

Reinsurance treaties are used to define the reinsurance agreement for different insurable risks. The reinsurance component supports Quota Share, Surplus and Facultative proportional arrangements to be processed at risk level, as well as Excess Of Loss schemes. Reinsurance recoveries are automatically logged during claims processing.

The creation of the relevant accounting transactions is integrated within the Policy, Claims and Reinsurance components. These transactions automatically update SynPlus Accounting. Alternatively they can be exported to update a third party accounting system. Additionally the system can provide a 2nd set of accounting transactions that can be used to update the Issuing Agent’s accounting system (if required).

The system is supplied with an extensive set of standard reports, which can be accessed from the system menu or directly from the related processing window. Extra and/or modified reports, policy schedules, certificates, cover notes etc., can be easily created using the supplied report generator and embedded into the system. All existing standard reports may be modified by the user and automatically incorporated back into the system.

It is completely integrated with other SynPlus & third party software providing seamless flow of information across modules that can be audited and checked on the spot with a click of a button. It is undeniably a very powerful tool in the hands of financial and power users by improving data clarity through custom enquiries and sophisticated management/analytical reporting.

Spend extra time and effort to analyse each product requirements, before initiating implementation for better results on policy and claim administration.

Products are implemented based on the company’s needs, in a dynamic way that does not require any actual hard coding.

Make use of the provided claim settlement statistics and premium analysis reports.

Let them help you analyse the performance and profitability of your Insurance Products.

Training the I.T. people on the provided report generator in combination with basic knowledge of SQL language will enable the customization of every system report and the development of policy documents in-house. This will result in faster / cost effective implementation and future insurance products maintenance.

PRODUCT DEFINITION

In our SynPlus Insurance software, insurance products are defined entirely by the company, with facilities existing to provide the structure, rating and underwriting rules upon which policies and claims are based.

The design architecture for supporting insurance products has been structured so that it can meet the needs of medium to large size insurance operations.

The software allows an administrator to define insurance products with ease and without the need of any hard coding. Functions have been included to support the specific requirements of insurance general business, such as Motor, Property, Misc. Accident, Marine, Liability, Engineering, Cargo, etc.

It is completely integrated with other SynPlus & third party software providing seamless flow of information across modules that can be audited and checked on the spot with a click of a button. It is undeniably a very powerful tool in the hands of financial and power users by improving data clarity through custom enquiries and sophisticated management/analytical reporting.

Use the many options of the product build procedure to bring Insurance products to your exact requirements. These options define parameters ranging from underwriting rule, pricing of covers, accounting interface settings, document output layouts and number of copies to be printed.

PRODUCT

A product usually consists of a single or combination of insurance type of business (household, liability, etc). This consists of the basic rules to govern the policy creation and pricing, the set-up of the related document layouts and the definition of the specific user-defined fields on the insurable items used in the underwriting process.

INSURABLE ITEM

Insurable item is the description of a risk that is undertaken by the Insurance Company. They are attached to policies, to enable the definition of essential details of what is being insured. Each insurable item can be used many times (Except Motor and Marine Hull where we have a unique identification of the Vehicle/Hull).

PRODUCT STRUCTURE

The product structure allows a flexible, user definable base for marketing and selling insurance policies. The following main features are supported:

  • Automated rules for base rating, terms for discounting and loading, excess value definitions
  • User defined premium rules for new business, mid term adjustments, renewals, declaration adjustments and cancellations.
  • Automated claims rules for any type of product.
  • Reinsurance terms.

ENTITIES

The details of all parties associated with the insurance operation are entered using the Entities component. Facilities are provided to record both personal and corporate details. The central windows store the main details of the entity and give access to the peripheral windows where other, more specific, information is held.

The Entities component can be used as a pivotal point, since policies, accounts and claims associated with the entity, can be accessed with a click of a button

Each entity may have one or more ‘roles’, which determine their interaction with the system. The main entities are summarised as follows:

  • Personal or Commercial Customer
  • General Agent and Sub-Agent
  • Driver
  • Reinsurer
  • Underwriter
  • Claim Handling Officer

Some of the details held against each entity, are (Client Entity described):

  • Name, ID and Address. The automatic address retrieval system may be used, for example – Define a Post Code and have a list with all related streets OR define the street and have a list with potential Post Codes to choose from. The address can also be entered manually if preferred (Addresses Abroad). Primary and mail addresses can be stored for each entity.
  • Personal Details. Stores information such as the sex of the client, the nationality, date of birth, occupation, pictures. The details, which are held here, can be used for underwriting purposes.
  • Transacting Agent. Every client is related to an Agent or Sales Person through whom he/she conducts business.
  • Contact Information. Telephone numbers are stored here, along with fax numbers and e-mail address. Consolidation code to group related clients together (e.g.: Relatives).
  • Company Details. The following extra information can be recorded for commercial clients: Company Registration, VAT Registration, contact person and title.
  • Analysis Fields. Custom defined fields can be used for grouping and providing analysis reports per group.

Before an entity record is accepted in the system a duplicate entity check is carried out. The entity is then assigned a unique number by which it can be identified through out the system.

The data structure is client driven allowing multiple views of the system from client level down.

POLICY ADMINISTRATION

The structure and behaviour of a policy is determined by the product definition. Policy administration encompasses all policy and quotation transactions, including new business, mid term adjustments, renewals, declaration adjustments and cancellations.

QUOTATION

Quotation administration is available to support the pre-sales activities of an insurance outlet. Quotes can be issued prior to new business. Storage of quotes gives the ability to convert to full policies at a later stage.

Insurance quotation screen can be used to quickly calculate the exact cost of a potential policy based on the exact client requirements, for instant oral response or proceed to store the request for a formal document output and easy conversion to policy.

Allow you agents to remote access the quotation process for accurate price quotes and formal issuing of insurance cover notes.
This will allow you to have an instant and accurate view of all the risk under actual and temporary cover.

RENEWALS

Renewals are automated and can be split so that policies can be renewed in batches by product. For renewal and mid term adjustment cases the active picture of each policy is held so that normal policy administration can take place while the renewal or adjustment details are being finalised. The originally active picture is archived on activation of the new picture. This procedure automatically constructs the policy history.

Access to the policy’s historical phases is easy and fast, available directly through the active policy screen.

DECLARATION ADJUSTMENT

Declaration Adjustment facility is available to enable the maintenance of the appropriate adjustments needed on risks insured on a policy in an “On Declaration” concept (e.g.: Employers Liability, Money, Stock Fire Insurance, etc).

GENERAL POLICY ADMINISTRATION

Policies are very easily accessible. For existing policies, a user may have full access to the Entities, Accounts and Claims components. These two factors make Policy an ideal central point from which users can easily reach all pertinent information.

A policy record can be partially completed and held in an `Outstanding` state while awaiting further information. When the relevant details have been gathered, the policy can be easily converted to a `Live` state.

Commission processing is automated for Issuing Agents, Sub-Agents and Sales Personnel.

Policies can be accepted/declined and discounted/loaded automatically or manually. The automatic process uses the underwriting rules of the product upon which the policy is based. This processing is available at risk line level, this way it is possible to cover under the same product several risks with different rating.

When an insured amount is entered, the rate and premium are calculated automatically using the underwriting rules set up for that specific product. These values can be overwritten if necessary, provided that adequate authority is granted or a change request is approved.

Reviewing is primarily performed by processes which are controlled by rules defined at product level. These include performing acceptance (accept/reject) of the risk and identifying reminders (renewal invitation & acceptance or lapse notice). Renewal invitation processing automatically takes into account new product rules for rating, underwriting, commission etc. Appropriate facility exists to enable the process to be performed manually for single policy, if required.

Reinsurance cessions to treaties can be carried out easily, since the cession is automated up to the level of the capacity of the treaty.

At the end of a policy transaction, the relevant accounting transactions are automatically generated.

Every time a policy is amended, a policy snapshot is taken with all its related details. These policy pictures are retained to construct the policy history that can be viewed at any time from within the Policy component.

Renewals are automated and can be split so that policies can be renewed in batches by product. For renewal and mid term adjustment cases the active picture of each policy is held so that normal policy administration can take place while the renewal or adjustment details are being finalised. The originally active picture is archived on activation of the new picture. This procedure automatically constructs the policy history.

Use the many capabilities of the Insurance product rules to tailor policies to your exact requirements. The rules can allow Insurable items to be included more than once if necessary. Custom input screens can be used to describe a risk line.

Set up authorisation limits for each underwriter. If a limit is infringed, the user is notified that he will need to pass a ‘request for approval’. The request is directed to his authorised supervisor, who may approve or reject requests within his own limits, otherwise he will need to forward the request to a higher authority level supervisor.

Take advantage of the provided policy statistics to track performance by Product, Insurable Item, Issuing Agent, Sub-Agent, Sale Person etc.

CLAIM ADMINISTRATION

The Claims component supports insurance companies and issuing agents offering a full-delegated authority claims processing service. This will include fully integrated links to the Accounts component for claims payments, recoveries and cheque production.

If the General Agent is handling a claim, there is still an option for the payments to be performed by the Insurance Company directly.

Claims are recorded against a valid policy picture. Estimates are recorded at this level.

All claim details are matched against the correct view of the policy, making automatic use of policy historical archive where needed.

The status of the customer account can be examined. Multiple claims by a claimant or third party can be browsed to check and find possible inconsistencies.

Payment and recovery details are processed and recorded individually to support the accurate reporting of claims and underwriting statistics. Estimation totals are updated by payment and recovery entries or can be manually adjusted.

Payments are made by cheque or against account. Various levels of authorisation can be set against the claims administrators to control the creation and issue of claim payment requests.

Payments made by issuing agents on behalf of the Insurance Company are supported by the system through a 2nd set of accounting functions.

Where the claim is linked to a reinsurance arrangement and the claim is covered by reinsurance, recoveries from the treaty and/or facultative reinsurance will be generated automatically.

All changes made against a claim are historically recorded.

Associate third parties, insurance companies, injuries and legal actions with claims for correspondence, payment or administration purposes.

Set detailed estimation and re-estimation limits for each Claim Handling Officer/Product/Nature of Claim.

Use the claim statistics provided to track performance and trends by product, risk class, issuing agent, sub-agent and sales person.

REINSURANCE

Reinsurance processing supports the following treaty types:

  • Quota Share
  • Surplus
  • Facultative
  • Excess Of Loss

In the Product Design, reinsurance treaties are used to define a reinsurance arrangement for different insurable risks. The same reinsurance treaty can be entered for several risks so that they use the same reinsurance arrangement.

In policy processing, the cover can be automatically allocated to reinsurers up to the capacity of the treaties. The automatic allocations can be adjusted, and custom facultative arrangements can be ceded if necessary.

According to Product Definition, information may be provided concerning Risks Undertaken in the same or related Situations. This can help a lot with the Reinsurance Accumulation.

Use and maintain the list of Risk Locations automatically constructed when policy situations are defined. It is possible to relate / link together different risk locations.
This will provide more accurate view of the risk insured when executing reinsurance cessions!

DOCUMENT REPORT PRODUCTION

The system is supplied with a set of standard reports, which can be accessed from the system menu or directly from the related processing window.

Extra and/or customised reports, policy schedules, certificates, cover notes etc., can be easily created using the supplied report generator and embedded into the system.

All existing standard reports may be modified by the I.T. and automatically incorporated back into the system.

Additionally, you may achieve call to any third party report generating tool, from the system main menu (which can be customized for this purpose) as long as the specific software can be run and accept proper arguments.

Design your custom schedules, certificates, cover notes, quotations and proposals. Use different document layouts for each Insurance Product.

ACCOUNTS

The Accounts component supports Insurance Company and Issuing Agent related transactions.

For every policy that is issued by a Sub-Agent transacting through a Issuing Agent or for every policy issued to an Issuing Agent’s Direct Client, the system provides two sets of accounting transactions. The first is for the Insurance Company to bill the Issuing Agent and the second is for the Issuing Agent to bill his sub-agent or direct client accordingly.

In the above scenario, when generating the 1st set of transactions, the system will take into consideration the commission rating agreement between the Insurance Company and the Issuing Agent. For the 2nd set of transactions the system will take into consideration the commission rating agreement between the Issuing Agent and his Sub-Agent or Sales Person.

For claims that are fully handled by the Issuing Agent’s claims department, (claim handling, payments and recoveries are performed by the Issuing Agent) the system also provides for two sets of transactions. The 1st is for the Insurance Company to update the proper claim accounts (reserves and potential recoveries (treaty, facultative, other), payments and recoveries). The 2nd is for the Issuing Agent to update his claim accounts.

On Debit/Credit Note creation, the system finalizes the above transactions and makes them available for export to update the proper Accounting Systems.

For the Insurance Company, these transactions automatically update SynPlus Accounting or they can be exported to update a third party accounting system. In addition, according to the implementation adopted, the system can provide a 2nd set of accounting transactions that can be used to update the Issuing Agent’s accounting system. If the Agent is using SynPlus Accounting, then this process can be fully automated.

Define properly the relation / agreement of each Issuing Agent and Sub-Agent per product, for the system to correctly evaluate premium commissions payable.

USER AUTHORIZATION

Access to the system is secured by entering a user name and password. Each user can be restricted to the sections of the system he/she is allowed to use.

The Access Levels are defined on the individuals or group of users. In addition, authorisation limits can be imposed.

Another security measure is the Restriction Codes, where the administrator of the system assigns restriction codes to each user allowing access to specific records/entities.

For the Insurance Company, these transactions automatically update SynPlus Accounting or they can be exported to update a third party accounting system. In addition, according to the implementation adopted, the system can provide a 2nd set of accounting transactions that can be used to update the Issuing Agent’s accounting system. If the Agent is using SynPlus Accounting, then this process can be fully automated.

Define user limits and make use of the approval mechanism for out-of-limit requests.

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