Insurance Company

The insurance industry is approaching a breakpoint where the market changes will accelerate further, and the ability to adapt to the new situation will become the decisive factor for the well-being of many of today’s insurance companies.

Business are moving away from tied agents to independent brokers, MGA’s, internet channels and affinities, and especially for the consumer products we see increasing commoditization and de-bundling – and certainly a wealth of new products, channels and business models will continue to surface over the coming years.

Need faster innovation to stay ahead of competition?
Innovation is about bringing great ideas to life, so you should ask yourself “How well suited is my company for that?”

Unfortunately, many established insurance companies have a gap in their IT-portfolio in order to respond to the changing business environment. For decades the objective of the IT-department has been to optimize and support policy administration and claims handling in high volumes for a relatively static product portfolio most often sold in a direct sales model. This has left many insurance companies with a monolithic, and complex, IT infrastructure with a much too high cost of ownership; to implement a new insurance product takes months or even years, and are associated with a cost that makes it a challenge to achieve an acceptable return-on-investment unless for the very obvious investments.

It is not about decommissioning the existing IT
With IBSuite you can add the needed multi-channel sales capabilities to your existing environment, leveraging the investments already made in your current Policy Administration Systems (PAS). Or, you can very quickly start up new product lines without having to define and execute a large IT-project; implementation is often up to 10 times quicker than what you’ve been accustomed to, and because IBSuite is deployed as Software-as-a-Service all operations are left to IBA. All data can of course be fully integrated in your corporate datasets, either online or using file based data exchange. When the volume becomes higher you then have the choice to move the portfolio to your legacy PAS system.

Key benefits of using IBSuite as your browser-based insurance solution

  • All consumer or commercial non-life product lines supported
  • Multi-channel sales (direct, affinities, web, mobile, white labels or sub-agencies)
  • Supports all processes; Marketing, Quote-to-Bind, Claims, Financial
  • Quick implementation and configuration of new products
  • Easy integration to other systems using modern IT standards
  • Attractive pricing model based on share of GWP managed
  • Compliant with local and EU data privacy and financial regulation
  • Enterprise level security
  • Supports multiple currencies and languages
  • Supports multiple organizations with total segregation between organizational units if and where needed

 

Insurance Broker Company

In today’s rapidly changing business environment, speed and agility must have top priority in order to strengthen your competitive power

IBSuite is a full-fledged insurance broker software that covers all processes from quote to bind, claims notification, payments, reconciliation and reporting – including online bordereaux generation. IBSuite – created with SME units of large corporations in mind

With IBSuite for Brokers new insurance products are created within hours or days, and can immediately be put to sale directly or through the business-to-business internet frontend.
Significantly smaller implementation projects, easy configuration of new products and channels, cloud-based delivery and a transparent revenue-sharing model satisfies the need for both agility, hold-back on IT resources and a transparent cost model.
Key benefits of using IBSuite as insurance broker software:
  • Supports all consumer or commercial non-life product lines
  • Supports all processes; Marketing, Quote-to-Bind, Claims, Financial, Bordereau Report
  • Binding authority insurance management
  • Electronic claims files
  • Quick implementation and configuration of new products
  • Easy integration to other systems using the last IT- and financial standards
  • Online generation of Bordereaux reports
  • Attractive pricing model based on share of GWP managed
  • Compliant with local and EU data privacy and financial regulation
  • Enterprise level security
  • Supports multiple currencies and languages
  • No IT-operations skills needed

IBSuite: Set up new insurance products with IBSuite Product Lab

productlabfront220 Easily launch new insurance products in hours or days through existing and new channels. The direct way to new business. Having the ability to adapt and reconfigure the insurance products in your portfolio on a regular basis has become increasingly important.

about IBA’s insurance product configuratorBroader access – narrower segmentation Educational fact sheet
Many companies and agents are successful in expanding their market reach by adding more insurance sales channels, withthe result that their ability to segment customers and prospects more narrowly increases in a linear way. By adding new affinities, you gain access to well defined and homogeneous customer segments, and by adding new insurance communication channels such as web shops, social media, or mobile apps, you gain access to valuable customer segmentation data.

You will experience that one insurance product does not necessarily fit all, even though this product already contains some flexibility, different options, sums, tariffs or clauses. The need for changes, additions and even brand new products or tariffs will appear on a regular basis. With IBSuite’s Agile Product Configuration capabilities, the creation of a new insurance product never becomes an IT project. Setting up new insurance products or creating a product variant is done in hours or few days by configuration and minor scripting only, and can be deployed without any IT downtime at all.

Flexible reusable tariffs

The tariff- and rating engine in IBSuite combines the power of the table based rating engine with the flexibility of the rule-/scripting based rating engine, giving you high performance and full flexibility at any given point in time.

Agile product configuration with IBSuite insurance softwareIn IBSuite tariffs are detached from the products, allowing several products to share the same tariff or sub-tariff if this is so required. This can dramatically decrease the complexity of your total tariff/rating setup, hence leaving less room for errors and less resources to spend on updating and maintaining the tariffs.
Tariffs/rates can be exported and imported in Microsoft Excel, allowing anyone familiar with spreadsheets to maintain and configure the tariffs.
Another key strength is that tariffs can be more than just hierarchical decision trees. You can add mathematical formulas to the tariff, which enables you to include easy configurable calculations without programming E.g.: Calculating a load factor based on a specific algorithm. Through callouts to script functions you can even invoke IBSuite functions to handle advanced calculations or invoke Web Services. For example, fetching risk parameters or even a full premium calculation from external systems or legacy backend systems.

Flexible componentized products
Sharing tariffs between products reduces the complexity considerably. Now you don’t need to maintain the same tariff or sub-tariff with loading factors by Zip-code or by car models in several places.

But not only tariffs can be shared between products in IBSuite; covers or other components of a product – even the more granular level called Premium Parts in IBSuite – can be shared between products too.

We doubt any other insurance software solutions could match IBA product configuratorThis allows for an extremely flexible way of building and configuring your products, where you over time assembles your new insurance products by reusing existing tariffs and premium parts, and likewise maintains most similar parts of the products in only one place. Just like LEGO blocks – but with the added twist, that if you need to change the colour or size of one type of block used in several products, you only haagile_2ve to change it once.

When configuring products, you also define how the product parameters should be made available through different sales- and communication channels (sales through brokers, policy administration back office screens, claim handling screens etc.). You can control access to the product parameters down to the actual field, allowing for a detailed segregation based on roles.

And as the user interfaces are dynamically built by IBSuite (without programming effort) you have the possibility to preview how the graphical user interface will look for any given channel while you are configuring the product.

Read more about IBSuite’s benefits around working with your channels in our Multi-Channel Sales description

IBSuite: Insurance Policy Administration

Naturally, policy administration is one of the core business processes in any insurance company as it both represents a large portion of the administrative costs involved, and even has a significant impact on customer satisfaction.

Process optimization
By using IBSuite for your insurance policy administration, you can significantly reduce time spent on mid-term adjustments, renewals, billing and dunning, updating customer data, cover changes etc. All policies, (along with all IBSuite data), are versionized in the system, allowing several members of staff to carry out changes to the same policy simultaneously and still maintain the full integrity of the data.

All alterations to data are automatically logged, so you can refer to the logs to determine when and why a change was made – and by whom. IBSuite also allows the user to add notes to individual policies so that all staff have important information at hand, and a better customer overview.

Case Management
If you are working with Policy Administration teams, you are probably very focused on the efficiency and accuracy of the work being done. Thus, Key Performance Indicators like number of outstanding cases, average turnaround time per case or number of cases re-opened is probably of great interest to you.

In IBSuite cases are used extensively and can be created manually or through automation either by the system itself or by an external application or service, eg. a customer support system or a website. Cases are tightly connected to the notification system and the built-in chat module. As soon as a case has been assigned, the caseworker is automatically notified by either mail, chat or on the dashboard. All case activities are registered on the case.

See IBSuite solution areas and point solutions (functionalities) to the right – including further description of our insurance software for Policy Administration.

Insurance Solution for MGAs

Many MGA’s are doing multi-channelled business with a complex value chain, involving several risk carriers and with several levels of trade.

This leads to increased requirements for their insurance sales- and administration solution, which needs to be flexible, agile, and able to maintain full transparency and control throughout the entire value chain.

With IBSuite for MGA’s as your insurance agent portal, you can sell and manage all your consumer- or commercial business lines, either directly or through affinities, white labels or sub-agencies. New insurance products are configured within hours or days – by either yourself, IBA or one of our business partners – and can immediately be put to sales through any channel.

Managing IT projects all the way from requirements specification to deployment on own hardware can be challenging for organizations with scarce IT-resources. Therefore, IBSuite is designed with focus on quick and agile implementation, and is deployed as Software-as-a-Service with a subscription model aligned with the generated revenues.
Key benefits of using IBSuite:
  • All consumer or commercial non-life product lines supported
  • Multi-channel sales (direct, affinities, web, mobile, white labels or sub-agencies)
  • Supports all processes; Marketing, Quote-to-Bind, Claims, Financial
  • Quick implementation and configuration of new products
  • Easy integration to other systems using modern IT standards
  • Online generation of Bordereaux reports
  • Attractive pricing model based on share of GWP managed
  • Compliant with local and EU data privacy and financial regulation
  • Enterprise level security
  • Supports multiple currencies and languages
  • No IT-operations skills needed

IBSuite: Insurance Claims Administration

There are often many parties involved in a claims settlement, which can lead to lengthy delays because of the amount of communication and parties involved. For example, the customer, agent, broker, claims assessor, the claim handling clerks and sometimes a supplier for replacement of the lost or damaged goods, or a repair company.

Claims administration is an integral part of IBSuite thus allowing the claims handler to take full advantage of all data and registrations in the system. Likewise, all important claims data are accessible for other authorized users as a part of the 360⁰ customer centric IBSuite data model.

Automated insurance claim software
All tasks in the claims process – from the First Notification Of Loss (FNOL)-page or manually entered data from the telephone questionnaire, to the release of the claims reserves – can be automated in full or partially, and all actions or alterations made on the claim are logged. Documents or pictures are added to the claims case by simple drag-and-drop functionality or uploaded by the customer to further document the case. See also our product page about Claims Management for more details of the claims process.

By spending less hours processing claims your company will have more time to concentrate on other areas that are vital to the business.

Case handling can be easily outsourced to third parties who only will have access to limited customer- and policy-data to enable them to settle the claim. Because of the intuitive user interface, training can be completed in less than half a day, and there is no need to install any software locally at all.

Subsidiary of an International Insurer

As a subsidiary of an international insurance company you enjoy being a part of a large family with a lot of determination and resources.

Most corporate organizations do a great job in providing IT-services for their local subsidiaries, however many subsidiaries occasionally experience that the timing or a specific requirement make it necessary to look outside of corporate IT for a solution.

IBSuite – created with SME units of large corporations in mind

Managing IT projects all the way from requirements specification to deployment on own hardware can be challenging for organizations with scarce IT-resources. Therefore, IBSuite is designed with focus on quick and agile implementation, and is deployed as Software-as-a-Service where all operations and maintenance are taken care of by IBA or our Business Alliance Partners.
Our current international customers use IBSuite in local subsidiaries to cover a broad spectrum of needs, ranging from full-fledged wall-to-wall sales- and administration systems, to more specialized sales platforms for small-ticket insurance or to claims management. IBSuite are compliant with EU and local legislation and has advanced built-in audit/logging mechanisms making it easy to document compliance with corporate rules as well.
IBSuite are available in three versions targeting Insurance Companies, Insurance Brokers and Insurance Agencies/MGA’s.
Key benefits of using IBSuite:
  • All consumer or commercial non-life product lines supported
  • Multi-channel sales (direct, affinities, web, mobile, white labels or sub-agencies)
  • Supports all processes; Marketing, Quote-to-Bind, Claims, Financial
  • Quick implementation and configuration of new products
  • Easy integration to other systems using modern IT standards
  • Attractive pricing model based on share of GWP managed
  • Compliant with local and EU data privacy and financial regulation
  • Enterprise level security
  • Supports multiple currencies and languages
  • Supports multiple organizations with total segregation between organizational units if and where needed
  • No IT-operations skills needed
  • See also Solution Areas at the right

IBSuite: Insurance Sales Management

As a sales professional, you know how important it is to have the right products and channels available at the right time, and that it is equally important to have a full overview of the customers and segments you would like to approach.
We designed our IBA platform, IBSuite, with this in mind and a special focus on building a customer centric insurance application, where configuration – not development – of new products and channels is quick and easy. We offer IBSuite as a Software-as-a-Service deployment model, which effectively shields you from costly and time-consuming upgrade projects, system maintenance and IT infrastructure costs.
See how the new intuitive and flexible Dashboards in IBSuite make your daily work easier and quicker:

Easy bundling of quotes or products

With IBSuite it is an easy process to add more products to the same quote, either as a part of a bundle that could trigger a bundle discount or as options for the customer to choose from. Furthermore, you have the possibility to define whether the products can be part of one single master policy (with one policy number for all quoted covers) or has to be separate policies – giving you a great flexibility on how you define bundles and how you want the policies to be renewed.

Effective overview of the sales process
As a sales manager, you want access to up-to-date sales performance data of
yo
ur team and business partners. Hence, data from all sales channels under your authority are aggregated in your dashboard, giving you an easy 360⁰ view on how important metrics like Conversion Ratio or Revenue-per-Product are developing.
You can also create your own reports, export to Excel or create your own widgets for your team.

IBSuite: Insurance Marketing & Campaign Management

With the increasing competition and the introduction of new products and channels, it is even more necessary to be able to target your marketing, and to be able to detect changed behaviour of the market as early as possible.

Data is everything
With IBSuite you can have full access to all the customer data that are collected by your Sales-, Claims- and Policy-administration teams; not only factual data like age, gender, family relations or active products, but also more behavioural data like campaign results or not accepted quotes.

The data model is completely centred on Parties (which again can be eg. Customers, Prospects or Partners) making all relevant information
easy to retrieve for anamarketinglytical use or as a selection criteria for a campaign. Additionally, the data model can be extended to hold any information you might need to link to a customer or a party; this could be information retrieved from social media, internet sites or third party data providers.

Moreover, governments are increasingly eager to protect consumers against foul play, so the regulatory requirements for data privacy and documentation of the sales- and marketing process increases over time. The campaigns executed in IBSuite are automatically logged on the customer, leaving an audit trail to be used as documentation if needed.

IBSuite: Insurance Broker Processes

Is it hard for you to bring new insurance products to the market? Either due to inflexible IT systems or too high costs of Sales & Distribution in your current model …

With IBSuite insurance software for brokers you can enable your brokers and customers to use self-service, and at the same time get significantly smaller implementation projects, easy configuration of new products and channels, cloud-based delivery and a transparent revenue-sharing model. We believe all this would satisfy your need for agility, reduce your IT resources and give you a nice and transparent cost model.

Quote-to-bind process

Ideally, a full quote-to-bind process can be handled within minutes rather than days or weeks. You can create quotes as single policy, multi-policy or product bundles. The quoting process is fully supported by automation and can be enriched by integrations, e.g. for register or inventory lookup.

When a customer accepts a quote, convert the quote using either an automated process or manually through the user interface. Only quote entries marked for conversion are converted – allowing sales or policy administrators to omit unacceptable options.

The quoting and underwriting process supports a distributed sales model, where external brokers can create quotes through a dedicated broker portal. Policies/certificates are issued automatically if possible, however, configurable underwriting rules determine whether a quote can be accepted automatically or needs manual under­writing; in the latter case, the Underwriter is notified and assigned a case.

 

Using IBSuite for Brokers

Get a full end-to-end solution for insurance brokers 
• All processes from quote to claims
• Automatic, assisted or manual underwriting
• No IT-hassle. Quick implementation. Easy integration

Get advanced multi-channel sales capabilities
• Direct, web, affinities, sub-agencies, white labels
• Campaign planning & execution
• Swift configuration and implementation of new products and channels