INSURANCE & REINSURANCE
COREFIN Insurance, Brokerage & Reinsurance are vertical management solutions based on MS Azure and Microsoft Dynamics 365. Our solution empowers insurance companies, brokers, and reinsurers to comprehensively oversee their operations and obtain a holistic view of their customers. By merging adaptability and the platform’s expandability in a user-friendly and intuitive manner, COREFIN aids organizations in the insurance and reinsurance industry to structure their operations systematically and evaluate their performance effectively.
Out-of-the-box or Tailored made?
We offer a wide range of ready modular solutions as well as broad expertise in building tailored solutions. Whatever you need to see your business grow – we have it!
COREFIN Insurance is a robust and comprehensive solution for the insurance industry, leveraging the cutting-edge technology and cloud infrastructure of Microsoft Azure. The platform is designed to enhance and streamline all aspects of your specific business processes. This includes complex product and cover definitions, collaboration with brokers, business line specific end-to-end quote-to-policy lifecycle, claims handling, reinsurance contract management as well as payments management. COREFIN aims to accommodate your business specific requirement into our software to best reflect the uniqueness of your business. Leveraging Microsoft Azure’s cloud infrastructure enhances the platform’s security and scalability. Operating in a cloud-based environment ensures data security, accessibility, and allows for increased flexibility, crucial in the collaborative and dynamic landscape of the insurance industry. COREFIN Insurance offers business intelligence tools and management reports, providing insurers with valuable insights into their operations.
COREFIN Insurance offers a robust solution tailored for brokers and managing general agents (MGAs) that provides automation across various business processes, thus enhancing operational efficiency and reducing manual efforts. Operating in a cloud-based environment allows for flexibility and collaboration across multiple channels for brokers, MGAs, carriers, end-clients, and all stakeholders. COREFIN Insurance provides the right tool to define complex insurance products and covers for various business lines. The quote to policy module solves all the complexity around handling adjustments, renewals, and cancellations, thus streamlining the entire lifecycle of insurance policies. Efficient claims handling is crucial for brokers and MGAs to provide quality service to their clients. COREFIN Insurance supports effective claims management, including processes related to reserves, reporting, settlements, and bordereaux. For more detailed information, please explore the insurance modules.
COREFIN Reinsurance empowers reinsurers to innovate their entire array of business operations and foster collaboration with carriers, brokers, retro reinsurers, and external entities through a unified, multi-channel, cloud-based system. Our solution operates on a unified platform that leverages the cutting edge technology of Microsoft Azure technology stack. This allows reinsurers to access and manage their operations from multiple channels, providing flexibility and accessibility. The system supports the establishment of reinsurance contracts of all types along with their specific terms. The system automates various calculations, such as ceded premiums, commissions, brokerage, taxes, claim limits, excess, claim recoveries, and payments in accordance with active reinsurance contracts. This guarantees no space for human errors as well as increased efficiency and ease in managing your business processes.
For a more detailed overview, please refer to the insurance modules.
• Definition of limits of liability, excess per cover, multiple commissions for different product parameters, country specific taxes and many more
• Mathematical calculations of reserves and insurance premiums based on relevant risk factors (integrated financial calculator)
• All of the above with No need of IT involvement - you can fully utilize COREFIN product configurator
• Definition, calculation and payment of commissions for different periods, covers and schemes
• Definition of users and teams with specific roles across the network of branches & departments
• Broker network relationship management and reporting
• Agreement & application Management
• Manage efficiently all insurer-broker relationships with CoreFin
• Management of territories, teams/brokers, insurance products, discounts and more for cross-sell and up-sell initiatives
• Integrated financial calculator to define risk-adjusted premium payment plans, commissions, taxes, brokers’ target budgets and many more
• Easy quote to policy conversion process with predefined steps
• Easy document uploads and document management
• Comprehensive risk assessment & underwriting functionality
• Automated workflows with reminders to ensure consistency, timely action and optimal customer engagement
• Central repository for sales literature and product documentation
• Track the status of your policies in your personal user account and receive automated notifications
• Flexible discounts and commissions management
• Powerful policy amendment engine: add/remove covers & risks, change insured amount, limits etc.
• Full access to policy history and related documents
• Automated policy documents generation based on predefined templates
• Easy document uploads and association with quote/policy
• Extend, renew or cancel a policy with ease
• Understand the reasons for non-renewal and measure the success of renewal strategies
• Payment management – track upcoming payments, identify late payments
• Ability for online payments integration (Direct Debit, Online etc.) or to import payment data in the system
• Payment reconciliation and allocation
• Track outstanding payments and manage collection campaigns – reminders, charges and more
• Self-claim registration is available via a web portal or over the phone
• Detailed information gathering includes loss details, involved parties and properties, injury information, coverage verification, initial liability determination, and documents available for upload.
Assignment & Scheduling:
• Claim activity management, progress tracking and task assignments
• Claim loss reserve management
• Assign the right resources to a certain claim based on skills, location and capacity
Investigation & Adjustment:
• Detailed item verification process
• Claim appraisal & assessment; preparation of related reports
• Integration with 3rd parties for on-site visits and assessment by insurance investigators, attached related documentation to the claim
• Remote access via mobile/smart devises
Settlement & Indemnification:
• Claim payment management & recovery
• Subrogation
• Catalogue of assets, spare parts and repair/service shops helps cost the repair work on the spot of damages reported
Reducing Claim Costs;
• Reduce claim settlement amounts while decreasing time
• Eliminate claim leakage and minimise attorney involvement
• Streamline processes with automated workflow
• Definition and management of various reinsurance contract types: treaty and facultative
• Proportional and non-proportional: Quota – share, Excess of loss, Surplus
• Record easily and centrally all related information: dates, policy holder/version, policy covers, amendments, renewals, cancellation
• Track all claim-related information and associated transactions: bordereaux for premiums, claims, commissions etc.
• Automated generation of various accounting and bordereaux documents and reports
• Reinsurance payments and collection management
• Modular Based: Scale the platform according to your business needs!
• Extremely useful for multi-company organizations (support for multi reinsurance programs, currencies, languages)
• Excellent built-in performance charts and dashboards
• Issue an instant quote or an insurance policy with just a few clicks
• Broker, Employee and End-user content specific interface - highly personalized interactive self service capabilities (predefined rules for the information and sections a user can access, modify or see)
• Use different product visualization or offer different business lines for different target groups
• Easy access to users' and customers' data, policy/claim history, policy status, new policies and related documents
• Minimizes the time for transaction completion, thus boosting the ability to increase productivity and profit
• Better customer relationship management that increased customer satisfaction
• Tools for Risk & Accounting Management
• Perfect for companies operating in more than one country - multi company & consolation of financial data
• International scope – MS D365 supports multiple languages & currencies out-of-the-box
• Management of cash flow and intuitive forecasting for future payables/receivables
• Supervision of all monetary transactions
• Reserve Management
• Accounting & Billing Management
• Simple and intuitive interface
• On-demand dashboards and reports with drill-down functionality on product, cover, region, broker, policy holder or policy level - track KPIs of your whole business in a single place
• Take informed decision based on real-time performance indicators
• Ability to modify existing dashboards or create new ones: easy with just a few clicks!
• Ability to export reports and charts in various formats: Excel, PDF, WORD
• Ability to schedule and send reports automatically to the responsible department/person/client with predefined workflows
• Ability to define and create regulatory reports in predefined templates and format
• Reports for paid and expected premiums, unresolved and paid claims
• History reports and analysis by business lines and segments
• Define sales/agents targets & budgets, track productivity and analyze trends
• Ad hoc or customized analysis
• Easy to use on any smart device