Effective Control Features
The IIMS solution includes the following features:
- Blacklisted Control
An alert is generated when a vehicle number or engine number or chassis number is found within the blacklist table and the transaction will be blocked.
- Risk Accumulation Alert
An alert will be triggered if the company exposure (sum insured) is exceeding the pre-setup risk limit set in the system such as by the risk location or by the project basis.
- Treaty Placement Arrangement
The reinsurer participates with a fixed share in all the risks accepted in the class of business by the treaty. The quota share profile can be setup in the IIMS module. The cedant's and reinsurer's participations are fixed share based on certain percentage of each risk written by the cedant. The percentage is agreed as from inception of the treaty and used as a basis for the apportionment of premiums and claims whilst the treaty is in force.
- Excess Of Loss Handling
The total amount of excess of loss reinsurance protection which a company needs to protect a given set of exposures is usually not written in one contract. Instead, the total amount is split into layers (IIMS can set the treaty limit and support upto 5 layers) and separate contracts are written which fit on top of each other and have similar or identical terms but separate limits which sum to the total amount required.
- Efficient management of claim data and files
With the document imaging capability of storing digitized images of files, which allows for faster recall of information and less downtime due to lost or misplaced physical files.
- Elimination of delays and errors of manually entering new and duplicate information
IIMS is the client centric module which the details of insured captured during policy processing need not be keyed in again in the claims module in the event of a claim which also accelerates processing time. The client information will be pulled over from underwriting to claim and the information can't be edited
- Claim Payment Approval
IIMS is designed with build in workflow functionality, the claim payment required 2 stages of approval based on the limit set in the profile
IIMS enable to print receipts for the premiums received from policyholders or claim recovery received using the receipting functionality. It allowed to offset the policy or endorsement transaction. No amendment is allowed once the receipt is printed