Prime Insurance Suite

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1.         Policy Administration

PRISE’s policy administration solution executes core policy processes for personal lines, and complex coverage for Commercial and Specialty lines to support their needs for growth and efficiency.

Highlights of the solution

·         Enables you to drag and drop UI elements to create new workflows.

·         Simplifies the task of calculating premiums, validating data, triggering conditions, and generating quotes and policies from pre-defined templates.

·         Enhances the quoting process through on-line collaboration and messaging to benefit Underwriters.

·         Integrates sophisticated plug-ins with third party data providers, rating engines and reporting tools.

2.         Billing

PRISE’s billing solution automates the billing lifecycle to reduce administrative errors and total cost of ownership, provides flexible payment methods, and improves enterprise-wide transparency by way of granular, third-party billing options for invoicing, payments and receivables.

Highlights of the solution

·         Enables you to manage and keep track of receivables, drill-down into individual invoices, payments and shipments.

·         Calculates TRIA premiums and numerous government and internal charges against insurance premiums.

·         Supports Direct Bill and Agency Bill Invoice methods by producing monthly, quarterly, semi-annually or annually branded invoices for selected policies and present line item details.

·         Links to external credit card and electronic funds transfer payment systems to facilitate payments by users.

3.         Claims Management

PRISE’s claims management solution improves the speed and efficiency of claims management and settlements to enhance customer service and operational efficiency. You can easily customize the claims module without any need for additional development to capture and validate additional data elements for future analysis.

Highlights of the solution

·         Allows Administrators to provide every user with personalized access to data and functions they need using the multi-dimensional access security architecture.

·         Enables authorized users to collaborate in real time and process claim files. Easily upload and view notes, digital photographs, survey reports, and shipping documents.

·         Generates and sends letters, subrogation notifications and other correspondence automatically by drawing information from a policy or claim of the insured.

·         Retains a detailed and easily searchable audit trail of changes to claim data, uploaded files and correspondence.

4.         Rating & Rules Engine

PRISE’s rating and rules engine allows business users to plan, test, and evaluate new rates against the rates suggested by the Underwriter. After testing, you can quickly create, update and modify rate drivers, rating rules and insurance rates.

Highlights of the solution

·         Allows you to choose from varied underwriting and rating rules based on the risk and policy information.

·         Calculates premiums based on coverage using a combination of surcharges, multipliers, rates, discounts, in addition to taxes and other applicable fees.

·         Uses standard or guideline rates to track and validate variance.

·         Enables you to review the insurance rating details for any quote or policy.

5.         Underwriting Management

PRISE’s underwriting management solution provides underwriters and producers with consolidated risk information, third-party data, reports, and tools needed for risk assessment decisions to deliver a competitive advantage for your business.

Highlights of the solution

·         Facilitates Underwriters to stay on top of their tasks through submission queues, diaries, and reminders.

·         Allows Underwriters to communicate with agents and other parties by providing collaboration tools.

·         Retains a historical record of all communications, documents, activities and more, for the purpose of audit trails and reporting.

·         Enables underwriters to effortlessly pull and include data from third-party providers in their underwriting process.

6.         Document & Forms Engine

PRISE’s document and forms engine manages and maintains your policy forms, declarations, documents, and other communication. You can quickly create custom policy forms and leverage the powerful component-driven design to re-use components where necessary.

Highlights of the solution

·         Integrates policy, claims, billing, reinsurance or financial information into documents.

·         Allows you to define triggers as a part of your process, for automatic generation and printing of documents.

·         Provides the option to customize forms and wordings, and create any ad-hoc letters and documents as per your specific business needs.

·         Enables the implementation of digital signatures.

7.         Agent Portal

PRISE’s agent portal equips your agents with an easy-to-use interface that bridges them with your organization. The agents can obtain information related to quotes, validate and confirm coverage & premiums, process endorsements & renewals, process reports, report & track losses, and interface directly with you through the agent portal.

Highlights of the solution

·         Enables management of complete Quote-Bind-Issue workflow for multiple insurance products, including document processing, endorsements processing and referrals to specific underwriters.

·         Provides personalized welcome screens and co-branding for each agent.

·         Allows the processing of renewals with notifications and alerts, and gives instant access to invoices and commission statements.

·         Decentralizes user management and allows role-based access security for each agent.

·         Supports multiple languages and currencies for your global agent network.

8.         Reporting

PRISE’s reporting solution provides real-time access to critical data related to the complete transactional life cycle. The user-friendly interface allows you to drag-and-drop elements to create custom reports and pull data on premiums, claims, billing and policy data.

Highlights of the solution

·         Enables you to set up real-time alerts through dashboards and email notifications.

·         Provides reports that breakdown P&L data by broker, product, coverage and year.

·         Facilitates creation of custom dashboards to access vital metrics and KPI data.

·         Makes it easy to view a detailed and searchable audit trail of changes.

·         Provides the flexibility to run ad-hoc reports and schedule reports for regular updates on critical data across the business.

·         Empowers you to slice, dice and analyze data to gain meaningful insights.