Full quotation and policy administration module, which covers the entire policy lifecycle including endorsements, renewals, commissions and reinsurance. The system handles direct business and business produced by brokers, as well as received co- and reinsurance.
Setting up new products and insurance object has been made easy thanks to data model that is based on a customer/partner relationship. All policies have a defined period and are linked to a customer or partner.
Handling the entire claims process, from the fist notification of loss until the claim is closed with a ledger on each claim showing all transactions as reserves, payments to claimant, payments to other parties such as surveyors and adjusters, and recoveries from reinsurers.
In PARIS, claims are linked to policies, which means that the system automatically identifies policy terms at the time of incident. Handling the entire claims process, from the fist notification of loss until the claim is closed with a ledger on each claim showing transactions as:
-Payments to claimant
-Payments to other parties as surveyors and adjusters etc.
-Recoveries from reinsurers
Functionality for co- and reinsurance placing, which handles covers, quota share reinsurance, facultative placing (both proportional and non-proportional), and umbrella excess of loss programmes. Additionally, the system can produce the following types of Bordereaux and Statements of Accounts:insurance, add (endorsement), closing, claim advice, claims, detailed statements of accounts and technical statements of accounts.
Personal ledger / Payment & billing
Personal ledger module which keeps track of outstanding payments to and from customers and amounts due to and from to reinsurers including functions for reminders, collections and electronic payment.
General ledger interface
General ledger interface transferring premium income, claims costs, debtor and creditor entries to general ledger systems. Flexible setup of accounts and accounting dimensions including product, UW year, claim year etc.