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Claims Notification & Management

Functions supporting claims advice, notifications, workflow, and settlement tracking.

Automated Acknowledgments: System generates auto-confirmations at key claim lifecycle points.
Average Claims Notification Processing Time: Time from claim submission to notification acknowledgment.
Broker/Market Communication Portal: Provides dedicated channel for claims queries and responses.
Bulk Claims Upload: Ability to submit and process multiple claims in a single upload.
Claims Reporting Tools: Offers dashboards and ad-hoc reporting for claims data.
Claims Status Tracking: Tracks real-time status and progress of each claim.
Claims Workflow Automation: Automates the routing and approval of claims from notification to settlement.
Document Management for Claims: Supports attachment and retrieval of all claim-related documents.
Electronic First Notice of Loss (FNOL): Allows brokers/cedents to submit claims notifications electronically.
Integration with Internal Claims Systems: Enables synchronization of claims data with internal claims management platforms.

Core Connectivity

Features that enable seamless electronic data exchange and transaction flow between cedents, brokers, and reinsurers.

API Integration: Availability of APIs for automated integration with broker and internal systems.
Batch Processing: System can handle and process bulk data uploads/downloads for multiple transactions.
Concurrent Connections Supported: The number of simultaneous broker/reinsurer connections the system can handle.
Connection Speed: Average end-to-end message transmission time.
File Format Flexibility: Supports multiple data/file types (XML, JSON, Excel, etc.).
Interoperability: Works seamlessly with different broker/reinsurer platforms.
Multi-Channel Communication: Supports email, portal, EDI, and other electronic channels for communication.
Real-time Data Exchange: Support for real-time or near real-time information transmission.
Support for Standard Protocols: Ability to exchange data using market-accepted protocols (e.g., ACORD, Ruschlikon).
Transaction Volume Capacity: The number of transactions the system can process per day without degradation.

Cost & Commercial Model

Options and transparency in pricing, licensing, and commercial terms.

Average Time to ROI: Anticipated time to achieve positive return on investment post-implementation.
Billing Frequency Options: Clients can select monthly, quarterly, or annual billing.
Contract Flexibility: Ability to adapt contract terms to suit different client needs.
Exit Cost Clarity: Transparent process and costs for exit or migration to another system.
Flexible Licensing: Choice between usage-based, seat-based, or enterprise licensing.
Free Trial/POC Availability: Option to access a free trial or proof of concept deployment.
Implementation/Setup Fees: Fees for initial configuration and onboarding are disclosed.
Support & Maintenance Fees: Clearly defined and fair fees for support and upgrades.
Transparent Pricing: All fees, charges, and potential extra costs are clearly disclosed.
Volume Discounts: Discounting for high transaction/user volumes.

Integration & Extensibility

Capabilities to connect with other systems and to flexibly adapt or extend functionalities.

Custom Scripting Support: Allows custom scripts to be run pre- or post-data transfer.
Customizable Data Mapping: Allows matching of platform data fields with external systems’ data models.
Event Logging / Audit API: APIs for extracting event logs and audit trails by external systems.
Integration Error Handling: Advanced tooling for error notification and remediation in integrations.
Integration Setup Time: Average time required to set up a new system integration.
Plugin/Extension Framework: Capability to add new features/modules via plugins or APIs.
Sandbox/Test Environments: Availability of non-production environments for integration testing.
Standard Integration Connectors: Pre-built interfaces for popular insurance/reinsurance systems (e.g., policy admin, claims systems).
Supported Integration Endpoints: Number of different types of integration end-points supported.
Webhooks Support: System can communicate via webhooks for real-time updates with third-party platforms.

Performance & Scalability

Characteristics that allow robust operation with increasing loads and users.

Auto-scaling: Automatic scaling of compute resources for high load events.
Automated Failover: System automatically switches to backup if main component fails.
Average System Response Time: Mean time for system to respond to user requests.
Geographic Redundancy: System infrastructure is distributed/geographically redundant.
High Availability: System is designed for >99.9% uptime.
Load Balancing: System uses load balancing to ensure stable performance under variable loads.
Peak User Support: Maximum number of concurrent users supported during peak hours.
Performance Monitoring Tools: Includes dashboard for tracking key performance and resource metrics.
Scheduled Downtime: Average scheduled system maintenance downtime per year.
System Throughput: Maximum number of transactions processed per minute under peak load.

Placement Workflow Management

Tools and features to streamline, automate, and document placement processes for reinsurance contracts.

Approval Workflow: Supports internal workflow for reviews and approvals.
Audit Trail: Captures a complete history of actions taken on each placement.
Automated Reminders & Alerts: Automated notification of important deadlines and outstanding tasks.
Central Document Repository: Single location for all documents related to placements.
Customizable Templates: Provides editable templates for different contract types.
Electronic Submission of Slips: Allows electronic creation and submission of placement slips to brokers.
Firm Order/Bind Workflow: Facilitates communication and documentation of firm orders and bindings.
Negotiation Tracking: Tracks negotiation exchanges between parties.
Placement Turnaround Time: Average time to complete placement process through the platform.
Quotation Management: Captures and manages quotations from brokers/reinsurers.

Reporting & Analytics

Capabilities for generating insights, standard and ad-hoc reports, and data analysis.

Ad-hoc Report Builder: Allows for creation of custom reports on demand.
Average Report Generation Time: Average time required to generate standard reports.
Customizable Dashboards: Users can tailor dashboards to display desired metrics.
Data Export Tools: Options to export data to Excel, CSV, PDF, etc.
Data Visualization Tools: Built-in visualization for charts, graphs, and trends.
Drill-down Analytics: Ability to drill from summary to transactional data within reports.
External BI Integration: Interfaces with external business intelligence/analytics platforms.
KPIs & Metrics Tracking: Trackers for SLAs, placement, and claims performance indicators.
Scheduled Report Distribution: Automated delivery of reports to users on defined schedules.
Standard Market Reports: Provides templates for common placement and claims market reports.

Security & Compliance

Features that protect data, ensure privacy, and support regulatory compliance.

Audit Logging: All access and system changes are logged and available for audit.
Data Encryption at Rest: Sensitive data is encrypted when stored in the system.
Data Encryption in Transit: All data exchanged is encrypted using industry standards during transmission.
Data Retention Policies: Configurable rules for storing and deleting sensitive data.
Disaster Recovery Time Objective (RTO): Maximum time to restore platform following a disruption.
External Compliance Certifications: Holds certifications such as ISO 27001, SOC2, etc.
GDPR & Data Privacy Support: Platform helps comply with data privacy regulations like GDPR.
Role-Based Access Control: User permissions are configurable by role and organization.
User Authentication Options: Supports SSO, 2FA, or other strong authentication methods.
Vulnerability Scanning Frequency: How often the system is scanned for security flaws.

Support & Maintenance

Services and features enabling efficient, reliable, and timely platform support.

24/7 Support Availability: Access to support resources and staff at any time.
Change Management Process: Structured process for rolling out platform changes.
Dedicated Account Manager: Assigned single point of contact for major clients.
Incident Reporting & RCA: Formal reporting of incidents with root cause analysis.
Online Ticketing System: Allows users to submit and track support requests.
Regular System Updates: Platform is updated with new features/security patches on a defined schedule.
Response Time SLA: Average first response time for critical issues.
Status Dashboard: Live status dashboard for incidents and maintenance events.
Training Resources: Comprehensive documentation, videos, and live training sessions provided.
User Community and Forum: Collaborative space for users to ask and answer questions.

User Experience & Interface

Features focused on usability, accessibility, and end-user productivity.

Accessibility Features: Supports accessibility standards (e.g., WCAG) for users with disabilities.
Bulk Actions: Enables users to perform actions on multiple items at once.
Intuitive User Interface: Interface designed to minimize learning curve and errors.
Multi-Language Support: System available in multiple major languages.
Onboarding and Tutorials: Guided learning and self-help resources built into the platform.
Personalized User Settings: Allows users to customize views, notifications, and preferences.
Responsive Design: Optimized for desktops, tablets, and smartphones.
Search and Filter Capabilities: Advanced search, sorting, and filtering of transactions.
Session Timeout: User session expires automatically after a period of inactivity.
User Load Capacity: Maximum number of active users supported.

Broker Connectivity Platforms features explained

for Reinsurance