A1 Enterprise recently conducted a demo for a property & casualty insurance company based in the United States covering all lines of coverage (workers compensation, auto liability, general liability, marine, crime, fidelity, and O & D for government agencies and housing authorities). This type of insurance commonly known as P & C usually covers home insurance including condo, renters and landlord insurance. It also includes personal property insurance such as automobiles.
The company needed a fully integrated web-based and automated insurance management software that covers end-to-end insurance operations. The process would include policy underwriting, billing processing, claims processing with focus on worker’s compensation, and regular reporting for agencies and insurance departments. The company intends to migrate to a paperless insurance operation to streamline and utilize online and self-service resources. The company wants to fully integrate for the entire operations, across multiple departments including finance, client services, claims administration, underwriting, sales, business development, and customer retention.
The company works with multiple lines of insurance including auto liability, general liability, workers compensation, marine, crime and fidelity insurance and director & officer insurance.
A1 Tracker provides for several types of modules which can help with a paperless transition. In terms of insurance regulatory reporting, the Dashboard in A1 Tracker provides both a high level overview and in-depth granular reporting of claims and claim trends, including those that are pending and for approval. A1 Tracker insurance software can also help analyze both claim types and root causes in order to analyze how claims occur as to determine mitigation loss prevention tactics across all insurance lines. Inside A1 Tracker, access and permissions can be controlled by the administrator in order to ensure that specific departments will only have access to those modules, claim records, and insurance policies assigned to them.
In terms of operational interdepartmental insurance needs, sales and business development can track leads using the A1 Tracker CRM module, which may also generate quotes. From there, the team that handles policy quotations will be able to process a quote based on the data provided by the business development team.
A1 Tracker supports both insurance rating and coverage rates, while allowing for rate modifications and custom rate data tables based on the requirements set by the insurance company and coverates. Automating insurance quotes and rates significantly simplifies the underwriting and quoting process, making it easier for the insurance underwriters to make underwriting decisions.. Since underwriters evaluate the data gathered by the sales team, the process of passing and reviewing underwriting data between sales and underwriting can be semi or fully automated, as all related data resides in A1 tracker and connected by underwriting approval workflow. The entire underwriting decision process may be streamlined to a sequence of automated steps..
A1 Tracker can also aid in the process of receiving claims with the use of insurance claim portals. Once a claimant files a claim through the claimant portal, it would be easier for the claims management team to handle and check the data provided. A1 Tracker can also validate claim data submitted against an existing insurance policy, and catch certain requirements that are not met as to automatically adjudicate the claim, and further simplify the claims decision process for claim managers and adjusters. The adjuster doesn’t need to visit the insured since the portal can be utilized to upload files for evidence of the damage or injury claimed. The insurance claim portal secures and supports real-time communication with the claimant
Insurance management reports are very important when it comes to running an insurance management business. This is why A1 Enterprise presented robust analytical insurance and claims management dashboards in order to help insurance analysts pro-actively assess loss ratios, the financial performance of policies and customers, insurance products offered, and coverages & limits. In insurance management, it is crucial to identify and analyze loss ratios. This is the insurance claims and adjustment expenses divided by the total earned premiums by the company. The dashboard presented offers if there is a high loss ratio or if there is a possibility of high loss ratio and avoid future financial distress.
Additionally, A1 Tracker notifications and alerts can warn insurance managers of certain thresholds that are considered high-risk to the insurance business, and segregated by claim type, region, customer, root cause, or other relevant claim statistics. Such tools give an insurance business some predictability to forecast insurance performance, and adjust business operations, sales, and the underwriting process accordingly to mitigate risk.
These are just some of the many features offered by A1 Tracker. We implement software based on different company needs. Each one is configured uniquely for every company. If you want to know more about how our tracker can help your business be more streamlined, click here to schedule a demo.