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Each insurer determines their own goals, strategy and specific business rules. Which products are offered at which moment, through which channel and under which conditions can be different for each company. This also holds for the degree of automation of operational processes and administrative systems. The modular design of the Quinity Insurance Solution offers insurers a large freedom of choice. For example, companies can choose to use the system partly or fully, and to implement it at once or gradually. The total range of functionalities include a complete policy and claim administration from the front office to the back office.
The picture shows that the Quinity Insurance Solution consists of various modules. Each module is an autonomous operational component that can easily be linked to one ore more of the other modules. The Product Definition System is the only basic unit of the system that comes standard with each implementation.
The various modules:
- Product Definition System: an interactive product configurator that can be used by product designers without IT knowledge to define insurance products. The definitions are subsequently used in all other QIS modules.
- Policy Request & Underwriting: supports the sale of insurance products and self service processes (premium calculation, quotation, request and change) including automatic and manual acceptance.
- Policy Management: a full policy administration, including functionality for policy changes and continuation.
- Claim Registration: supports the reporting of new claims and gives access to the status of the claim.
- Claim Management: responsible for the managing of the claim files and the financial settlement.
- Relation Management: manages the data of customers and other relations that play a role in policy administration and claim handling.
- Broker Management: manages the data of -empowered- intermediaries including hierarchical organisational structures.
- Contract Management: for recording the agreements with specific target groups or -empowered- intermediaries about labels, collectivities, discounts or commission.
- Financial Processing: responsible for the financial settlement of operations in the policy- and claim administration, including billing, journalising and the connection to the ledger and payment systems.
- Workflow Management: manages the settling of quotations, policy requests, policy changes and claim reports.
- Re-Insurance Management: registers proportional and non-proportional re-insurance contracts and the risk distribution of empowered agents among insurance companies or combinations of both.
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