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Risk360°/Claim Administration automates administration of claims throughout their lifecycle. Unlike most claim administration systems, Risk360°/Claim Administration is tightly integrated with Risk360°/Policy Administration which eliminates duplicate effort and reduces mistakes.
- Automatic verification of coverage on either an occurrence or claims-made basis.
- Creating a direct attachment to the policy which eliminates duplicate data entry and errors.
- Automatically determine the applicable deductible based upon the nature of loss.
- Prevents payments in excess of annual aggregate, per-occurrence, per-claimant or per- item limits where applicable.
- Complete financial audit trail.
- Diary and Notes to track development of the claim, so that answers can be provided without contacting an adjuster or retrieving a paper file.
- Track details of claims in litigation including counsel assignments, dates, witnesses etc.
- Financial controls including case reserves based on adjuster level of authority and separation of authority between requesting payments and issuing checks.
- Supports all Property and Casualty coverages.
Risk360°/Claim Administration uses the Customization Through ConfigurationTM to conform to the information needs of each pool in areas such as:
- Reserve types to use for each coverage.
- Payment codes to use for each reserve type for each coverage.
- Deductible invoicing vs. withholding the deductible.
- Data elements to capture for each incident.
- Data elements to capture for each coverage.
- Codes to use for describing cause of loss and nature of loss.
- A safety net protecting against costly mistakes exists due to the tight integration with Risk360°/Policy Administration.
- A low lifetime cost of ownership, thanks to Customization Through ConfigurationTM.