Deliver The Next-Gen Customer Experience and Achieve Accelerated Revenue with InsureEdge
Known for their traditional business models and hardwired operations, insurance firms are facing new forces demanding significant change and new business strategies. Among them lies new competitive threats, aging technology, exponentially rising cost pressures, and increasing regulatory requirements. At the same time, the customer journey is becoming more complex as preferences are shifting to hybrid, multi-channel, and multi-touch interactions. Both insurance agents and buyers are demanding more transparent and convenient processes from insurance carriers. To meet these demands, Damco has designed InsureEdge, a comprehensive insurance software for policy administration and claims management that retools insurance carriers with the digital first approach and drive change rather than be driven by change. We get the multi-variate challenges that insurers face involving timely processing of claims, renewing existing policies, and addressing customer queries efficiently. Our robust software solution, InsureEdge, is tailored to address these specific business needs of insurers in the most cost-effective manner.
Developed with in-depth domain understanding and years of insurance industry software expertise, Damco’s InsureEdge, is a unified policy administration and claims management suite that helps insurance carriers manage critical operational processes across policy administration, claims processing, and reinsurance processes efficiently and cost-effectively. Fueled by easy to configure and scalable modules, InsureEdge empowers different departments of an insurance firm by driving new business opportunities, manage/renew existing customer policies, timely claims processing, and effective addressal of customer queries while saving time, efforts, and costs.
How Has InsureEdge Helped Our Clients?
20+
Global Insurers as Proud Users
35%
Growth in Policy Sales
70%
Improvement in Customer Satisfaction
23%
Improvement in Conversion Ratio
29%
Improvement in Retention Ratio
Optimize Your Insurance Operations with InsureEdge’s Flexible & Read-to-Use Modules
A state-of-the-art, insurance software solution, InsureEdge optimizes end-to-end organizational processes with its predefined functionalities provided as integrated, easy to scale and configure modules.
Policy Administration
Efficient creation of personalized quotes, endorsements, policy renewals, and cancellations
Claims Administration
Error-free claim management starting from FNOL to documenting information
CRM
Seamless communication management with clients, brokers, agents, and vendors
Product Administration
Ease of system configuration customization, access control, and user management
Reinsurance
Configure reinsurance treaties and facultative arrangements, while integrating within policy administration
Agency & Customer Portals
Manage agents with real-time data exchange between brokers/agents and users. An interactive customer portal to improve transparency and reduce repetitive tasks
Dashboard & Reporting
80+ standard and statistical reports for quick data access and analysis
Document Management
Ease of uploading and managing multiple policy/claim documents
Mobile App
A customer-centric mobile app for policy management, payments, or raising queries
Optimize Your Insurance Operations to Deliver a Seamless Customer Experience with InsureEdge
Download BrochureInsureEdge’s Value Proposition
From ease of compliance and third-party integrations to an expansion-friendly model, InsureEdge brings all functionalities under one ecosystem to deliver seamless services for all players of the insurance value chain.
Innovative & Transformative Functionalities
- An insurance industry-specific product with a detailed future roadmap
- A unique global service delivery model to cater worldwide customers
- Ease of creating different product lines including General, Life, Health, and Pension
- Enabled by an efficient and simpler IT ecosystem
- Multi-level treaty setup model
- Supports FAC inward and outward business
- Inclusion of all bordereau reports
- An IFRS 17 compliant system with data points for IFRS reporting
- Easy data access points to push data into Data Lake or Data Warehouse for further reporting
- Improved monitoring with data-driven dashboards and reports
- Integrated, self-service customer portal for self-portfolio management
- Ease of premium payments
- Quick policy documents submission and downloads
Robust & Resilient Technology Functionalities
A Growth-Friendly Licensing Model
- Supports unlimited number of users without any restrictions
- Pre-built integration with license banks for ease of expansion across regions
Multi Country and Multi-Currency Model
- A multi-company and multi-geography supporting setup
- Supports multi-currency setup across different profit centers
- Ease of consolidated reporting at headquarter level
Simple Workflows for Easy Adoption
- Simplistic data flow in UI for quick and easy learning
- Pre-defined local risk definition in policy and claims screen
APIs for Third Party Integrations
- Open API library for easy integrations with loyalty system, accounting system, and regulatory state managed systems, etc.
InsureEdge Lines of Business
Damco, a leading insurance software company, has developed InsureEdge as a one-stop insurance software platform that addresses multivariate needs across multiple lines of business – Life, Health, and General Insurance.
Property & Casualty (P&C) Insurance
Damco’s InsureEdge covers P&C policy details and has automated renewal features and claims workflow management. Insurers can automate and digitize business processes through the unified dashboard of this insurance software while having access to all facets of P&C insurance such as policy, rating, billing, claims, data analytics, and more.
- Exception-based underwriting by risk, user, policy, and transaction type
- Automation and integration of customer service, underwriting, claims, policy management, and back-end processes via end-to-end integrations
- A highly interactive dashboard that showcases real-time business- critical data with ready regulatory and statutory reports for greater business control
Health Insurance
InsureEdge brings efficiency and digitization to the health insurance space by modernizing systems and strategizing processes. The unique automated software for insurance companies helps reduce the time and cost of performing mission-critical business functions like claims processing, benefit administration, and more.
- Leverage digital tools to compare products in real time, assess benefits, and streamline customer feedback
- In-built wizard automates recurring payments
- Includes medical provider integration tools
Life Insurance
InsureEdge accelerates life insurers’ speed to market by modernizing policy lifecycle. Insurers can develop and generate new life and annuity plans, automate operations, and efficiently manage work processes by leveraging this insurance software’s self-service and easy-to-use features.
- Automated rule-based underwriting for less complex/low face value applications
- Leverage the power of analytics to strategize your life insurance business
- Automate tricky tasks using Artificial Intelligence
Why InsureEdge for Your Insurance Business?
Web-based digital platform-driven customer experience
Supports multiple lines of business
Reduced policy servicing TAT
Better adherence to regulation and compliance
Increased team productivity
Better insights powered by data-driven dashboards and reports
