What is a captive insurance company? A captive insurance company is a wholly owned subsidiary insurer. It provides risk mitigation services for parent companies. This happens if they cannot find a suitable firm to insure against particular business risks. The captive insurance company usually offers better and more affordable coverage for the parent company. When you have this insurance program, there are complex compliance issues to consider. This makes companies still rely on traditional insurers to protect against some risks. Therefore, having flexible and dynamic software is important to help people in the position to monitor and avoid risk damages that could lead to bigger problems. According to Captive International, Asia is expecting an increase in total captive formations by the end of 2022 to help organizations manage their total cost of insured risk.
Having been implementing self-insured and OCIP risk management solutions since 2001, A1 provides a sound captive insurance software solution. This sets us apart as a solid partner to support captive insurance companies. Here are the features and functions:
A1 Enterprise enables captive insurance organizations to grow and expand while maintaining solid control over risk, insurance, regulatory, loss prevention, and governance by setting up A1 Tracker to keep them updated on pending claims, especially those that are overdue. With this, they can maintain a high standard process. Setting up this feature is important especially for those high-risk claims. Whenever there is a high risk claim, assigned people get notified immediately. Although, the customer needs to review the policy module and evaluate what is covered.
A1 also augments the effectiveness of risk controls and financing the captive insurance program through this feature. It gives them assurance that specific people get notified on the changes and updates including those that are overdue. With workflow, records that are pending and untouched records will keep on notifying until closed.
We can set up workflow to alert high amounts of claim loss. Using analytical reporting, they can have a better view of what is going on with their company. They can see the trending claims in a given period, as well as it gives them an idea on what the new high-risk claims and trends are.
Total Loss Amount Report
A1 Tracker sets them up an automated Total Loss Amount report using the Advanced Views for weekly or monthly reviews. This gives them the ability to have constant monitoring of their claims record which helps them with Loss Prevention. Anyone can customize their Custom Views for reporting to give them more focus on what they need to monitor constantly.
Claim Policy Section is added and sets a standard reference. This also notifies third party adjusters to polish records according to their set policy. With the use of our email template, they can easily send an email to a specific person with an information record. The ease of notifying someone containing data of record could set standards higher when processing Insurance Claims.
Recently, we have released a new captive insurance claims module for our key customer in the convenience store chain and fuel business in South Carolina! This new module enables complete segregation between commercial and self-insured claims from captive insurance claims. Moving into Q4 of 2022, A1 Enterprise pleases to empower more businesses setting out to tackle the endeavor of forming and managing a captive insurance company.
We will be collaborating together with our key customers in South Carolina to govern captive claims, streamline, and analyze risk management practices at the granular level. All without giving up the existing self-insured retention and OCIP claim and risk controls. We will also be aligning our product road map and future of A1 Tracker to meet growing demands as the captive insurance space blossoms.
If you’re interested to learn more about A1’s Captive Insurance Software, contact us and schedule a demo.