History

A group of marine and aviation insurance specialists (agents, master broker and underwriters) were trading in traditional way of posting and faxing insurance processing paperwork back and forward. This was not an efficient way to manage data. The same information had been typed over again and again at each participant office. The task was to automate all routine processes and to create a single unified electronic insurance trading place.

Solution

We have created an online Risk Management System (RMS), where all insurance applications are collected from various participating agents in to a single online database, where brokers can login, complete data, obtain electronic quotations from a pool of underwrites and create a signing schedule. As a result all necessary automatic cover documentation can be produced.

Our proposal

The system has been built to suit particular requirements of a marine and aviation insurance group. For all enquiries for building-up up a similar system please enquire within.

More information :

• List of features.
• Workflow diagram

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Sample Screenshots

(workflow before application development)

(insurance application form)

(incoming risks view)

(risk processing screen)

(Slip and risks enclosed)

List of features of the risk management system:

• Single central online database with multiple interfaces for:
  • Client/applicant (in a form of online application/questionnery; information from here will be submitted to the database);
  • Brokers (the interface for browsing risks, completing bordereau’s, submitting bordereau’s and other functions);
  • Underwriters (the interface for browsing/reviewing and approving bordereau’s/risks, additional functions such as printing, data export etc.).
• The risk management system allows:
  • completing data once (the bulk of it will be completed by the applicant using an online form, the broker then will add relevant data, and finally the underwriter will add come corrections and remarks);
  • exporting data to external formats (such as CSV / Excel, for transferring data to third-party applications).
  • The further/future stage of development will be a facility to automatically create a full policy cover document (at this stage we only need a “cover note”/short version) in Word or PDF format.

Process workflow (see diagram below):

1. Online form. – There will be many registered brokers/agents, who will be issued with there own unique id. Each broker can place the application form on their own website.
2. Applicant will click on the “Submit” button and the data (including the brokers’ id) will be transferred to the central database.
3. RISK – all parameters that were submitted by the applicant. At this stage it has a status = New, as it has not been reviewed and included into a bordereau
4. Broker will open the risk to review.
5. Broker will edit the risk if necessary, add internal parameters and notes.
6. Broker will include the risk into a bordereau.
7. Bordereau – :
   1. Can be an existing item, which has a status “new” (not yet been submitted to the underwriter)
   2. Broker can create a new bordereau. There can be numerous bordereau’s open in progress, especially if the broker works with different underwriters.
8. The bordereau at this stage has a status = New.
9. Broker will submit bordereau to the underwriter.
10. Bordereau at this stage will receive status = Submitted. Broker can come back and review contents of such bordereau, but not edit it, because it has already been “sent away” to the underwriter.
11. The underwriter will see all newly submitted bordereau’s.
12. The underwriter will open bordereau and the contained risks for reviewing, editing and making comments. The underwriter may reject the selected risk.
13. The underwriter will save changes to each risk and the whole bordereau.
14. The underwriter may “approve” bordereau and all risks within by using the [Approve] button. This will bring up the “stamp” that ha to be filled-in. After completing the stamp (5 parameters) the selected bordereau will have status as “accepted”. Broker will see all accepted bordereau’s and review them, but not make changes.
15. Each risk, among other parameters, will have a field called “Premium paid/not paid”. The system will be tracking status of such field and provide appropriate indicators.