A comprehensive Claims Management System for an insurance company provides function to support much of the processing and management of insurance claims. Some functions may be fully automated, some may require manual review and for others the process may be manual but the system provides underlying support for them. Processing includes reporting and opening of claims, coverage verification, adjusting, appraisals, repair, replacement, and/or indemnification, closing, salvage, subrogation, reinsurance, reserving and reporting for management and externally.
As a claim often requires communication among any number of people including the insured and possibly a different person who has suffered the loss, a claim system will handle or support the sharing of information and tracking of communications.
Some claims systems are provided as part of a larger package which includes policy management functions, while others are standalone but designed to integrate with policy and other, such as reporting, systems.
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Tritech Financial Systems Inc.
|Head Office: Toronto
serving: Serving all Canada, United States, Caribbean
GIMS "General Insurance Management Systems"
The claims module seamlessly integrates with the policy management system. All common information is transferred from policies to claims. Coverages are cross-checked to ensure their existence as of the date of loss. Claims are tracked by the Diary system from first notice of loss to final payment.
Reserve adjustments can be made as the new reserve or as the amount by which the reserve is to be changed. System automatically reduces the reserve by the amount of claim payments.
- Loss and fee reserving;
- Single, bulk and re-occurring payments;
- Salvage and subrogation;
- Litigation tracking;
- IBNR claim tracking and development;
- Claims history reporting;
- Catastrophe claim reporting;
- Multiple currency check issuance;
- Claims paid by another insurer can be entered;
- Business process automation with integrated Diary;
- Prior history claims;
- Policy Diary on recently opened claim on a renewed policy;
- Reserving beyond limit of insurance on coverage;
- Claims review dates;
- Claims notes and memos;
- Claims review section;
- Claims statement & appraisal;
- BI worksheet;
- Schedule of loss.
Guidewire Software Inc.
|Head Office in San Mateo, California, USA
Serving all Canada, USA and worldwide
Guidewire ClaimCenter® is a leading end-to-end claims system for property and casualty insurance. ClaimCenter’s flexible business rules enable claims organizations to optimize and monitor the claim process. Claims executives can define, enforce, and continually refine their preferred claim handling practices. In addition, a modern technology architecture, providing 100% Web client, and Web services interface enable lower total cost of ownership in any environment.
Guidewire Software is a leading provider of flexible core systems that enable property/casualty insurers to deliver insurance the way they want to. Guidewire builds high quality software that consistently works as promised. Designed for maximum flexibility and scalability, Guidewire solutions give carriers the capability to deliver excellent service to policyholders and agents and increase market share – while lowering operating costs. The Guidewire Insurance Suite™, consisting of Guidewire PolicyCenter®, Guidewire BillingCenter®, and Guidewire ClaimCenter®, spans the entire insurance lifecycle – underwriting, policy administration, billing, and claims management. Guidewire is headquartered in San Mateo, California, with offices in Hong Kong, London, Munich, Paris, Sydney, Tokyo, and Toronto. For more information, visit www.guidewire.com.