(Integrated Insurance Management System)

About IIMS

The IIMS provides a total customer-centric solution for Insurers which covers all key operational functions, for example, product development, marketing, intermediary management, underwriting, policy management, reinsurance, claims, payment and accounts. Although designed on a modular basis, all the various functions are seamlessly integrated. Requirements for quick and real time information may be obtained with little hassle to make important operational decisions. IIMS also incorporates the e-CMS (or electronic Claims Management System) which can be implemented on a stand-alone basis, if needed.

The e-CMS incorporates a built-in workflow and document management system which helps to avoid the current shortcomings of claims operations. The workflow system allows different setups for the various products by product type, loss amount, loss type, etc to ensure the different processes within the set benchmarks are consistently met. The system is able to monitor the performance of the staff and for work to be reassigned in the event of bottlenecks.

The IIMS system is able to cater for self rating where details of the customer keyed in during assessment are checked against the underwriting guide to determine the acceptance and rates chargeable invariably speeding up the processing time.

The IIMS platform supports multiple languages and currencies.

Both the IIMS and e-CMS were designed with a 3-tier architecture and were developed to the Java J2EE MVC 2 Model which allows for easy integration to other systems conforming to the standard.

How Does The System Work?

IIMS is a complete web-based end-to-end solution enabling the insurer to manage its customers at all phases of their policy life-cycle from front-end and back-end management to module management and submission management.

At the front-end, it manages activities such as quotation or proposal, underwriting, reinsurance, claims, online agency management, accounting, enquiry & analysis and risk accumulation.

At the back-end, daily activities including policy and customer management, cover note control, policy renewals, financial system, updating & reporting and backup & recovery are managed by the back-end management modules.

Its various modules allow for the tracking of agents profit commission, RFUR, treaty accounting, SMCD, IBNR and premium warranty to ensure that adequate statutory reserves are being provided and that the insurance company’s operations conform to regulatory guidelines. Other modules cater cheque outsourcing, risk accumulation on a real-time basis, etc.

The submission management modules provides for various statements and reports, which are required by management, industry and regulatory bodies.

IIMS is designed to suit existing processes of insurers and supports the entire value-chain of the business (agents, brokers, suppliers, internal departments, users, customers and regulators).

The following diagram represents an overview of IIMS:

IIMS is designed to be implemented across all business units and product lines of a general insurance company.

Its flexible architecture allows the system to adapt to changing business conditions and requirements. The system is very agile and has the necessary speed to market to maintain the competitiveness of the company. The scalable architecture allows the solution to be implemented for companies of various sizes, and supporting their subsequent growth.

Key Functionalities

IIMS is a modular yet fully integrated insurance processing system that supports the business and processes of General Insurance companies operating in today’s competitive and dynamic markets. The comprehensive functionalities provided by IIMS are developed exclusively for the industry, to make every step of the processes faster, easier, and accurate. The flexible architecture supports user business and workflow processes, helps improve operational efficiency and reduce costs.

Key functionalities include:
  1. Web based application enables rapid deployment and connectivity for all users anytime anywhere.
  2. Supports all classes of General Insurance and all processes with functionalities such as:-
    • Marketing, intermediary and channel management, whole policy lifecycle – policy administration (new business, renewal, endorsement, cancellation), accounting, agent’s commission and statement, underwriting, risk assessment, risk accumulation, claims handling (registration, loss adjustment, reinsurance, etc.
    • Provides management information reporting and report writer including indices.
    • Financials (AR, AP, GL, recovery)
    • Agents Commission and Statements
    • Statutory reporting and statistics– Central Bank and Industry Group
  3. Customer-centric RDMS (Relational Database Management System) provides a single view of the policyholder in order for the insurer to accurately profile and understand their customers’ needs.
  4. Central electronic repository of data and files enabling common paperless access and real-time sharing of information and data either by staff, agents or systems.
  5. Electronic work-flow(routing, approvals and alerts) ensures systematic and structured claims processing life cycle. It also provides tracking of processing time and productivity.
  6. Automated processes supporting reconciliation, claims recovery, payment, salvage and others.
  7. Modular design allows an Insurer to purchase the modules individually as standalone applications.
  8. Fast time to market due to configurable and parameterised system architecture means that the system is readily adaptable to any business process or requirement in a short time span with minimal customisations.
  9. 3 Tiered architecture (Model View Control) keeps the business logic completely separate from the control and view logic, making it very easy to add new views to the application.
  10. Developed in compliance to J2EE specification standard which allows for easy integration to other systems conforming to the standard Customer Relationship Management module where the data of insured captured may be further analysed and utilised to the insurers' benefit.
  11. The systems supports multiple languages and currencies.

Effective Control Measures

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.
  • Receipting
    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.

Product Modules of IIMS

IIMS supports the various classes of general insurance with the Base Software consisting of the following:-

    Class Modules
  • Underwriting Module For Motor
  • Underwriting Module For Fire
  • Underwriting Module For Bond
  • Underwriting Module For Engineering
  • Underwriting Module For Workmen Compensation
  • Underwriting Module For Miscellaneous Accident
  • Underwriting Module For Liability
  • Underwriting Module For Marine
  • Underwriting Module For Personal Accident
  • Underwriting Module For Health

IIMS is designed to support the processes of General Insurance companies at all phases of its business life-cycle and the following operational modules are in built to fully support all the classes of insurances as provided.

    Operational Modules
  • System Admin/Security/Code Master Module
  • Agency and Marketing Module
  • Quotation Module
  • Cover Note Module
  • Package Policy Module
  • Installment Module
  • Risk Accumulation Module
  • Reinsurance Module
  • Claims Module
  • Renewal Module
  • Insurance Accounting Module
  • Financial Module (General Ledger)
  • Treaty Accounting Module
  • Agent Profit Commission Module
  • Reserve for Unexpired Risk Module
  • Premium Warranty Module
  • Incurred But Not Reported Module
  • Statement of Movement of Claims Module
  • Production Reporting Module (configurable by branch, SBU, client, intermediary, class, etc)
  • Production Enquiry Module (Real-Time)
  • Month-end Processing Module
  • Statutory Reporting Module

Benefits of IIMS

  • Quick time to market as the system is easily configurable to suit the user’s business requirements and is quickly adaptable to the changing market trends.
  • Optimises the utilisation of resources by identifying and streamlining cumbersome business processes.
  • Elimination of delays and errors of manually entering new and duplicative information; for example details of insured captured during policy processing in the marketing module need not be keyed in again in the claims module in the event of a claim which also accelerates processing time.
  • Automated process management enables audit reviews and business process re-engineering for continuous improvement.
  • Efficient management of integrated backend data and files due to 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.
  • Low risks in implementation as IIMS is designed from the ground up for the insurance industry related processes. To adapt the system to existing processes merely some configuration and minimal customization.