OverviewData WarehousePolicy AdministrationClaims AdministrationInsurance AccountingMember Portal
Risk360°/Policy Administration automates the entire new business and renewal underwriting and policy administration functions of your pool, including the following key functional capabilities:
- Maintain complete history of exposures, coverages and premium for each policy.
- Fully automated rating with override capability for special exceptions.
- Production of declaration sheets and schedules.
- Automatic creation of invoices and credit memos through the Risk360°/Insurance Accounting module.
- Issue and track certificates of insurance.
- On-line underwriting notes.
- Fully automated calculation of ceded premium.
- Browser-based user interface for simple maintenance and short learning curve.
- Supports all Property, Casualty and Workers Compensation coverages including:
- Auto Liability
- General Liability
- Boiler & Machinery
- Garagekeepers Liability
- Business Interruption
- Public Officials Liability
- Inland Marine
- Law Enforcement Liability
- Auto Physical Damage
- Excess Liability
Risk360°/Policy Administration is designed from the ground up to conform to the unique information technology needs of each pool through the Customization Through ConfigurationTM feature. This module has a very large set of parameters, some of which include:
- Coverages and sub-coverages that are being sold and their options for deductible, limit etc.
- Exposures used to calculate premium.
- Exposures that are scheduled vs. reported in aggregate.
- Data elements to be captured for each type of scheduled exposure.
- Rating formulas, rates and rate modifying factors for each combination of rating
classification and coverage.
- Pool underwriting rules and policies.
- Creates substantial operational efficiency so that a large volume of membership
servic ing activity can be performed by a relatively small staff.
- Data is consistent, accurate, and detailed for both internal and external management reporting using Risk360°/Data Warehouse.
- Lifetime cost of ownership is significantly reduced by Customization Through ConfigurationTM and web browser based design.