Solutions for the Insurer
If you are an executive of an insurance company that underwrites corporate and group insurance business, you may recognise some of these common problems:
- How to better understand the risks that you underwrite
- Collecting the right information about specialised risks
- Making it easier for insureds to supply you with quality information
- Eliminating costly collating of hard copy renewals data
- How to integrate client renewals data into your existing systems
- How to gain and retain key clients by adding value to the services that you offer
ReSure was developed primarily for risk managers looking for a simple, cost effective solution to the many problems encountered in collecting, managing and distributing risk exposure and asset values information. It’s important for you to understand how ReSure does this, so we suggest you read about solutions for the risk manager before proceeding further.
For the insurance company, ReSure can help you to collaborate more effectively with broker and insured to address these problems:
How to better understand the risks that you underwrite
The key to better understanding is complete, comprehensive, accurate and timely information about risk exposures and values. Hard copy or spreadsheet forms in current use have little control over the renewals process or the quality of the information that they collect. ReSure is focussed on managing the process of collecting and distributing renewals information, and on ensuring that it meets required standards of accuracy and completeness.
Collecting the right information about specialised risks
ReSure contains a series of templates – we call them Risk Classes – that allow you to add, remove or change the data that is collected. When you alter a Risk Class template, the changes refect immediately throughout the entire system, so you don’t need to re-design data collection forms or reports. Risk Class templates can also contain business rules that enhance the quality of the data collected (eg making a comparison between this year’s and last year’s values and warning if they are outside a specified range) as well as definitions and examples to assist the user.
Making it easier for insureds to supply you with quality information
ReSure includes features to help the client like data validation rules; showing the data supplied from previous years; automatic indexation of values; and definitions and examples that are always visible at data entry time. On line, context sensitive help about how to use the system is always available. For organisations that keep data in spreadsheets, we provide a spreadsheet export/import capability so that data may be entered or updated in bulk. You don’t need to ask your clients to convert measurement units: currencies and any other measures, such as building floor area, can be captured in the units that they commonly work with and then converted at any time to any other unit – automatically.
Eliminating costly collating of hard copy renewals data
Even if you use electronic means such as spreadsheets to collect your data, there is still the problem of consolidating it, including the removal of duplicated or redundant information, and managing different versions of the same data. ReSure eliminates completely the error-prone collating and summarising processes. Because all of the data is captured in real time in a well-engineered database, it never needs to be collated. Reports have “drill-down” capabilities, so you can view high level summaries or drill down to the finest level of detail.
How to integrate clients’ renewals data into your existing systems
ReSure is a standalone product that uses an industry standard Microsoft SQLServer database. In addition to the ability of the software to export data sets and reports in spreadsheet format, we can provide an XML document interface for complete integration with insurer systems. ACORD compliance is also available for companies that use this emerging standard. ReSure does not impose a new system on your organisation – it can be viewed as an extension of your existing systems.
How to gain and retain key clients by adding value to the services that you offer
Because ReSure is a novel concept, insurers who use it and support it will be differentiated from their competitors. ReSure is more than just words about better service – it is a tangible, web-based product whose benefits can be readily demonstrated. Clients understand that you are using state of the art technology to achieve your organisation’s goals of providing them superior service, together with the best insurance terms and price.
ReSure not only provides you with a major opportunity to differentiate and enhance the service you offer your key clients – it also benefits your own organisation by reducing the work required to manage renewals process. Key features and benefits include:
- No more collating hard copy or spreadsheet information
- No more confusion about which version of the information you are dealing with
- No more errors transcribing data from the client to broker to underwriter
- Paperless capture, sharing and distribution of information
- Download data in spreadsheet format for analysis and presentations
- Everything needed for risk exposures, values and renewals is stored in one place
- Use ReSure to publish information such as policy documents back to your client
- Web service requires no costly investment in IT infrastructure
- Can be integrated with your existing systems
- XML and ACORD compliance is available
- Software can be re-badged to present your company’s image
- Software can be run in-house as an alternative to the web service
- Special pricing for bulk use of the system
If you would like to know more about how to deliver this exciting new concept to your clients, please contact us.