Insurance
Industry Challenges
Insurance companies are subject to a continuous process of change due to the evolution of the insurance market, fierce competition, customer demands for customised products down to the individual level, and the predictability of financial performance.
Insurance organisations have realised over time that IT systems are a support without which they cannot exist, and their performance is reflected in their financial results.
The IT systems in place in insurance companies, for the most part, include multiple applications with different vendors, based on different technologies, interfaced with considerable financial investments, involving human efforts in using and auditing data. As a result, the costs of IT systems in the current context are increasing and are now exceeding the level of some business lines.
To bring new products to market in the shortest time possible, having well-functioning IT systems and well-trained business consultants in place is crucial to increasing the operational and financial performance of the organization.
It is very clear that the performance of insurance companies will suffer unless radical steps are taken to choose and implement integrated IT systems that shorten the time from conception of new products to market launch, substantially reduce human effort along the entire chain between sales and reporting, provide accurate information on the performance of each business structure, and adapt to new national and international structures.
The development of new lines of business in the current system should be extremely easy, going as far as allowing bundled product offerings that include life, non-life and health.
The large number of players (brokers, banks, agents, inspectors, underwriters, actuaries, portfolio managers, etc.) requires tight control over operational processes and financial flows. The IT system must ensure the traceability of transactions in the processes starting from the operational documents, allowing any aggregated amount to be detailed down to its component elements.
The development of communications technology and processing systems has made it possible to outsource IT systems as well as business consultancy to specialised firms, considerably reducing costs and ensuring a higher quality of service.
Proposed Functionality
- Life, general, health insurance
- Product configurator, processes, approval flows
- Bundle Products (Life, General, Health)
- Organizations with national and international activity
- Product/process configuration by sales region
- Distribution channels, simple, complex, multilevel sales structures
- Complex commission configurator, multilevel type, recommendation type, on collection/payment
- Configurator roles, responsibilities, limits of competences
- Process control
- Sales Force Automation
- Questionnaires – Quotes – Underwriting – Offers – Policies
- Persons: clients, brokers, banks, agents, assignees, beneficiaries
- Policy Administration (Insurance Contract Management)
- Management of dynamic insurance plans, health cards
- Investment fund management
- Damage file management
- Service providers, medical procedures, doctors, diagnostics
- Returns, debt recovery
- Commissions, invoices, purchase costs, DAC
- Receipts, authorization of payments, payments
- Reinsurance management
- Calculation of technical reserves, provisions
- Automatic actions, corrective actions
- 100% automatic operational-financial reconciliation
- Finance, Logistics, HR & Payroll
- Operational and technical reporting
- Business Intelligence
- P&L: Risk/Object/Product/Class/Line of Business, Management Units
- Integration with Document Management
- SaaS & Cloud
- Online insurance store
What we help with
Our solution for the insurance industry meets the needs of insurance organizations to support integrated operational, support and management processes, to provide a solution to the problems in current IT systems and to contribute substantially to the economic and financial performance of the insurance organization.
EMSYS provides an easy system to configure in a short time insurance products (life, non-life, health), to be sold in any combination, individually or in bundled products, to configure sales and approval flows, competencies and territories, to configure automatic reflection of operational processes in accounting, integrated with support and management processes, running within an organised framework of budgeting systems, allocation of indirect costs (support and management) to business lines and management structures, based on the principle of “one man one document one time” transactions are available in real time up to management reporting
Our solution covers all operational, support and management areas within an insurance company, ensuring efficient planning and use of financial and human resources, contributing substantially to economic and financial performance, adaptation to market requirements and meeting customer needs.
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