Today insurance industry faces numerous challenges in order to pursue their business growth and maintain profitability. Their path to profitability is increasingly being challenged by rising costs of operations, regulatory pressures, improper business-IT alignment, outdated technology infrastructure and inflexible enterprise architectures.
Based on its strong experience of working with a lot of Insurance companies, Damco is conversant with most of the challenges insurance industry is facing today. We take pride in our rigorous technology capabilities as well as domain expertise on Insurance. Leveraging our extensive experience of working with various insurance companies, Damco has developed InsureEdge – a solution framework for insurance providers which:
- Help them optimize their processes
- Reduce turnaround times for application processing and claim settlement
- Manage agencies efficiently
- Enables them to gain customer satisfaction
InsureEdge covers multiple lines of businesses in Life and General Insurance.
Life Insurance: Creditor Life, Critical Illness, Funeral Grant, Involuntary Loss of Employment, Accidental Death and Disability, Individual Life.
General Insurance: Motor Personal/Commercial, Property – Commercial/ Homeowners, Public Liability Insurance, Workmen’s Compensation, Erection All Risk, Fidelity Guarantee, Goods in Transit, Plate Glass, Marine, Machinery All Risk, Money Insurance, Professional Indemnity, Advance Payment, Bid/Tender, Burglary Insurance, Electronic Equipment All Risk, Contractor All Risk, Customs Bond, Retention Bond, Supply Bond, Performance Bond.
It is highly scalable, stable and reliable and has a wide coverage of functionalities. The various modules in InsureEdge include:
- Customer PortalThis is a self-service portal for customers, where on either web or mobile customers can view & manage their policies or raise a concern through interactive chats.
- Policy AdministrationIt’s a full policy management suite that enables the customer to create quotes, enforce policies, do endorsements, renewals or cancellations.
- Product AdministrationConfigure your system as per your needs & preferences; set up rates, discounts or loadings. It also allows you to manage users & provide access based on their roles.
- Claims ProcessingManage your Claims through claims processing system. It allows you to register the first report of loss & document all the necessary information for its informative processing. It is integrated with policy modules providing the user with real-time coverage verification.
- ReinsuranceInsurers can configure their reinsurance treaties & facultative arrangements & automatically integrate reinsurance processing within the policy administration & claims lifecycles.
- Dashboard & ReportingAccess your data through ready reports, which are more than 200 in numbers, including both standard & statistical reports. These could be exported for further data drilling. Dashboard interface is available both on web & mobile; giving you added flexibility to keep a tab on your business at your ease.
- Agent PortalSet up your Agencies or manage your agents & their commissions from here. The agent portal is easy to set up & configurable at agent level for better control. It allows for real time data exchange between broker/agents & internal users.
- AccountingWith ready connectors to bind any third party accounting software, the system is equipped with operational accounting to give you a clear view of your income & expenditures.
- CRMTrack your communication in one place; this becomes a contact repository for all your clients, brokers, agents, reinsurer or vendor. This module will help you to manage your contacts & allow you to engage in up-selling or cross-selling at the company level.
- Digital Document RepositoryThis takes away the hassle of managing paper documents & linking them back to the policy or a claim. You can upload as many documents against a policy or a claim & can manage them accordingly within this interface.
- Operational EfficiencyOrganize your business by automating and integrating various business functions seamlessly.
- Customer ExperienceEmpower your customers to self-service their policies over web and mobile or resolve their queries over chat with customer reps.
- Profitable GrowthCross-sell your services and increase your retained revenues with integrated CRM, Agency and Customer Portals.
- Informed DecisionsExtensive reporting and elaborate views of your business on mobile friendly Dashboards help you stay informed.
- Quick & Easy ImplementationA quick and simplified 4-stage implementation process sets your system for go-live.
- Business TransformationHelps you take advantage of technology to improve the customer journey leading to business growth.
- Feature-Rich FrameworkInsureEdge has a feature-rich framework which has been designed for today’s competitive rapid application development (RAD) environment.
- Scalable ArchitectureUnderlying architecture accelerates the development and customization efforts considerably because most of the functionalities already exist; only the specific behavior needs to be customized for the particular requirement.
- Synced SolutionInsureEdge has tight links between product management, underwriting, policy processing, reinsurance and claims systems.
- Third Party IntegrationsThere is provisioning for integrations with third parties to rationalize the quote and policy process considering the defaults/ claims on driver/ vehicle.
- Self-Provisioning PortalsInsureEdge has self-provisioning portals for all roles including agents, adjusters and end users.