UNIVERSAL Insurance - Contract Administration

Contract Administration

«UNIVERSAL Insurance» provides efficient and comprehensive support over the whole life-cycle of a policy, ranging from policy creation, midterm adjustments, renewals, amendments, suspensions, termination, storage, to archiving.

All transactions comply with regulations, this means that internal rules and directives as well as national and international regulations are followed.

Changes to policies are traceable and can be traced at any time. The integrated user administration allows the fine tuning of functions for user groups. If necessary it communicates with the main company-wide user administration.

All business events and their documents are put under version control and are archived. An integrated control system provides verifications, consistency check, check of access rights and logs all inputs and changes on request.

«UNIVERSAL Insurance» monitors the portfolio of offers and policies and takes care of adjustments of prices and insurance sums.

Rules, which are easy to implement in the system, not only allow for a better degree of quality but also for following internal directives, without minimizing the freedom for customer orientation.

«UNIVERSAL Insurance» is object oriented. Data are stored in relational database, so that a variety of reports are possible even in connection with other applications. On the one hand ad hoc reports can be produced with the eDossier, on the other hand all kinds of reports can be generated from the Datamart.

Highlights

  • Managing all types of policy types (e.g. renewable/non-renewable policies, fixed length policies, re-initiated policies, etc.)
  • Managing all types of business events (e.g. midterm adjustments, renewals, amendments, suspensions, terminations, etc.)
  • Robust and flexible process definition, execution, and monitoring capabilities
  • Automatically generating technical bookings, borderau’s and other information to be delivered to other systems
  • Flexible, rapid, and standardized interface capabilities with external systems (bi-directional)
  • Supporting deeper breakdown of contracts at the individual covered object level (e.g. property locations)
  • Providing information to other applications for analysis purposes such as risk analysis, loss analysis, location analysis, etc.