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Msure® - Insurance Expert System |
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Insurance is an industry founded on the concept of many banding together to provide protection for losses suffered by the few.
Thanks to globalization, the insurance industry of today enjoys new business opportunities, new potential markets, increasing efficiencies, decreasing costs of capital - this enables well-managed companies to deliver expanded services and greater shareholder value. Outsourcing and strategic partnerships are proving increasingly popular.
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However, these forces are also prompting financial companies to develop far-flung business operations, which make group management and risk aggregation more challenging. In the light of increasing globalization and competition, the consequent squeezing of margins has compelled insurance companies to look for new ways to sharpen underwriting, cut overheads and reduce claims leakage. They are also striving to improve risk management in the wake of recent financial setbacks, solvency pressures and governance scandals.
To keep pace and overcome their challenges, it is imperative for companies to radically improve their business processes. Because better processes mean better service. Companies need to have in place highly-effective technological systems that ensure a well-designed regulatory regime. One that is effective and proportionate to the risks it addresses - not only in terms of operations, but also enabling effective supervisory collaboration for enhanced transparency, public disclosure and improved communication with all the industry participants.
Msure is a software component of IES (Insurance Expert System) broadly comprising of Insurance or “front-end” component and Operations or “back-end” component.
The Insurance component consists of the core modules that pertain directly to Insurance and they include:
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| Product Management |
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| Risk Management |
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| Quote & Policy Management |
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| Premium Management |
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| Claims Management |
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| Fraud Control |
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| Agent |
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Product Management |
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Product Management module contains all information relevant to a product, something like your product manual. In addition, information can be selected for viewership by specific groups within the organisation like agents, risk clearance, underwriting, and claims as well as by your customers. |
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Risk Management |
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Risk Management module provides tools for pragmatic analysis and allows a calculated proactive stance by you. In addition, we provide for customer verification before clearance, thereby providing relief to your risk clearance department. |
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Quote & Policy Management |
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Quote & Policy Management forms the core underwriting module. MGRM Net undertakes the service of policy issues as per company rules on your behalf. IES, through its Flexi-Policy™ component, allows for modifications in the policy as well as allows the organisation to add benefits to a policy before it is frozen. |
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Premium Management |
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In addition, we also undertake the complete collection and management of premium and other related issues, which are updated in the Premium Management module. |
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Claims Management |
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Both online and offline claims filing is facilitated. Claims can be processed automatically/semi-automatically and all claims-related information is stored and tracked using the Claims Management module. |
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Fraud Control |
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On filing a claim, the system verifies if the recipient of the claim is the actual nominated person through a variety of tools and built in filters combined to form the Fraud Control module. |
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Agent |
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The agent module allows creation of Agent records and allows tracking of all agent related functions. Recruitment, profiling of agents, training both online and offline, Re-Agency™ are some of the provisions offered. |
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The Operations component consists of all back end functions of your organization and include: |
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| Marketing |
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| Sales |
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| Investments |
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| Administration |
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| Accounting |
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| Regulatory Compliance |
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For more information, email us at contact@mgrmnet.com |
