InsureEdge Technology for Insurance

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is increasingly being challenged by rising costs of operations, regulatory pressures, improper business-IT alignment, outdated technology infrastructure and inflexible enterprise architectures.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: Group Life, Loss of Employment, Term Life/Whole Life, Creditor Life, Accidental Death and Disability, Group Health, Critical Illness, Funeral Grant, Guaranteed Life, Group Pensions.

General Insurance: Property – Commercial/ Homeowners, All Risk – Jewelry Insurance, Fire & Special Perils, Motor Personal/Commercial, Commercial Fleet, Road Side Assistance, Public Liability Insurance, Workmen’s Compensation, Marine Insurance, Erection All Risk, Fidelity Guarantee, Goods in Transit, Plate Glass, Machinery All Risk, Money Insurance, Consequential Loss, Professional Indemnity, Advance Payment, Bid/Tender, Computer Insurance, Burglary Insurance, Electronic Equipment All Risk, Contractor All Risk, Customs Bond, Retention Bond, Supply Bond, Performance Bond, Travel Insurance, Aviation Insurance, Mortgages, Umbrella Policies.

It is highly scalable, stable and reliable and has a wide coverage of functionalities. The various modules in InsureEdge include:

  • Product Administration
    Configure 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.
  • Policy Administration
    It’s a full policy management suite that enables the customer to create quotes, enforce policies, do endorsements, renewals or cancellations.
  • Claims Processing
    Manage 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.
  • Reinsurance
    Insurers can configure their reinsurance treaties & facultative arrangements & automatically integrate reinsurance processing within the policy administration & claims lifecycles.
  • Dashboard & Reporting
    Access 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.
  • Customer Portal
    This 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.
  • Agency Portal
    Set 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.
  • CRM
    Track 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 Repository
    This 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.
  • Accounting
    With 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.

InsureEdge Benefits

  • Operational Efficiency
    Organize your business by automating and integrating various business functions seamlessly.
  • Customer Experience
    Empower your customers to self-service their policies over web and mobile or resolve their queries over chat with customer reps.
  • Profitable Growth
    Cross-sell your services and increase your retained revenues with integrated CRM, Agency and Customer Portals.
  • Informed Decisions
    Extensive reporting and elaborate views of your business on mobile friendly Dashboards help you stay informed.
  • Quick & Easy Implementation
    A quick and simplified 4-stage implementation process sets your system for go-live.
  • Business Transformation
    Helps you take advantage of technology to improve the customer journey leading to business growth.
  • Feature-Rich Framework
    InsureEdge has a feature-rich framework which has been designed for today’s competitive rapid application development (RAD) environment.
  • Scalable Architecture
    Underlying 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 Solution
    InsureEdge has tight links between product management, underwriting, policy processing, reinsurance and claims systems.
  • Third Party Integrations
    There is provisioning for integrations with third parties to rationalize the quote and policy process considering the defaults/ claims on driver/ vehicle.
  • Self-Provisioning Portals
    InsureEdge has self-provisioning portals for all roles including agents, adjusters and end users.