E trading platform for insurance

BWS Proposal- Deliverables for eTrading Platform for Insurance

1

End to End offering- eTrading Platform as a complete solution

Key solutions offering from BWS

Web Portal Mobile Solutions Backend control BI Tools

eTrading Insurance Platform

Document Management

Key Proposal from BWS– Overview

Our deliverables for eTrading Platform for Insurance

Front end tool for end users- Slide Number - 3 ?

Data capture mechanism– Slide Number- 4,5,6

Secure Payment gateway– Slide Number – 7

Document Management System– Slide Number -8, 9

Dedicated Customer Portal- Slide Number -10

Admin Control Panel- Slide Number -11

Back office Operations – Slide Number -12

Underwriting Decisions- Slide Number - 13

Business Intelligence (BI) tools – Slide Number -14

Complete Workflow Management – Slide Number -15

Mobility Solutions for Energy ManagementKey solutions offering from BWS2

1. Front end tool– Single Window service for Insurance products

Key solutions offering from BWS3

Attractive and rich front-end for End users to check different insurance products directly from home screen

Ability to view and select suitable insurance product ‘under one roof’

Users can download Policy Wordings & Other Forms-Can be LOB/ Product -wise

Check Current news, important events and announcements, legal announcements

Registration for new users, Login section for existing members

2a. Customer Application-New application- Data capture from end users


Select Service Fill basic details Fill details for specific Practice profile

Register & Apply

Submit detailsData gets stored in Admin Backend Control Tool

Get Instant quote

2b. Customer Application-Policy renewal- Existing clients


•Request for policy renewal to existing users directly from application

•Application will hold list of all existing clients in the database

Request renewal

•Automated renewal reminder by email at specific intervals set by insurer

• Link to directly redirect to web portal for login

Renewal reminders

•Members to select renew option, fill questionnaires based on existing details for a renewal quote

•Members can make any changes and subsequently get new quote for renewal - also sent by e-mail

Renewal process

•Get quote/revised quote for policy details instantly

•Online payment integration- cards, BACS (switch payment types if required)

•Application will generate invoice after successful payment

Backend computation

2c. We can extend eTrading platform to Smartphone & Tablets too..


Data Synchronization

Data captured from Smartphone will be automatically synced with Web application in real-time

Questions & Answers configuration

All questions will be automatically controlled from Admin Backend Control tool

Platform

The Mobile App will be accessible from both iPad, Android tablet or Smartphone (iPhone, Android)

Smartphone/Tablets

Users can apply for insurance products directly from their Smartphone/tablets

3. Highly Encrypted Payment Gateways Ensuring Secure Checkout


Our payment gateways protect credit card details by encrypting sensitive information, such as credit card numbers.

Facilitates secure transfer of information between a payment portal and the Front End Processor or acquiring bank.

Performs variety of back-end tasks to ensure a secure transaction when the customer orders through our payment gateway.

Our e-trading platform supports all the main payment gateways, so in terms of debit or credit cards, Data Cash, Sage Pay, Pay point, World Pay etc.

4a. Document Management- Record user documents centrally


Basic documents (Age proof, Credit checks etc)

End users will be able to attach documents directly from the application

Medical practice Registration documents

Organization will be automatically generating documents, send full policy wordings, Client invoices and store centrally

Customer

ISISIS

Any other documents??

Insurer

4b. E-Submission of Dynamically Generated Customer Documents


E-Submission

• Documents can be electronically submitted to the customer by email or they can also access them through the web portal.

View Documents

• Customers can also view the documents by logging in to the web portal with their unique username and password.

Document Type

• These documents are dynamically generated based on the information collected and the premium quoted, plus any specific endorsements.

Client Login

• Clients can login to the member area which contains a document library specific to them.

My Quotes

• View/ Create all Quotes created BUT not Bound or Referred for

• Populate necessary questionnaires as per Product chosen, both for New Business & Renewal

• Option to select additional benefits or riders, both for New Business & Renewal

• Option to select Limits & Excess, both for New Business & Renewal

• Instant secure online payment for New Applications & Renewal

My Proposals

• View/ Raise a Query for all quotes bound and payment made - but in referral stage

• Customer can see the status of all Proposals that went into referral

• On successful rating, customer would be allowed to bind and make online payment for Policy Issuance

My Policies

• View information of all policies purchased with their Risk Start/ End Dates and Issue Date. Also, view policy wordings and other terms and conditions.

My Claims

• View Status of all Claims reported and their status

• Submit any documentation required online (To be stored/ retrieved using a DMS)

My Queries/ Messages

• Allow a customer to interact with the Company for any queries related to his account

• Customer to be able to raise queries across any of the above modules

• Secure communication between insurer and insured

5. Dedicated Customer Portal- Post-login for Customer


• List of all Products always with Launch date and versions

Product Master

• List of mandatory fields required product-wise - versioned and dated

Mandatory Attributes

• Configure policy questionnaires from backend against each policy schemes

• Questionnaires Master – To manage multiple questionnaires

Policy questionnaires

• Automated compliance check- member, GMC database and WWC

• Rating tables and parameters based on which a particular customer will be accepted or rejected or referred

Rating Parameters

• Parameters to define when a particular customer receives Renewal Notice/ Reminders - The templates would be built at the back-end (configurable)

Communication control- Automated renewal Notice/ Reminders

• Policy wordings to be attached when sending Policy Document (Can be picked from DMS)

Policy Wordings

• Policy document templates to be used when sending Policy Document, product-wise and versioned & Dated

Policy Document Templates

• If integrated with an accounting system, user to specify the relevant codes and entries to be passed as per specific transactions

Accounting Details

6. Admin control panel- Product configuration, Questionnaires


• Graphic dashboard showing - Number of policies, GWP, Referrals status Product-wise

Dashboard

• Underwriters can accept/ reject risk through the portal

• They can override online generated premiums and endorse documentation

• Check risks that fall outside the underwriting guide criteria which cannot be bound online without intervention

• Automated email to notify client about referral and the reason for referral

Underwriting (Referrals Only)

• Staffs will be able to process adjustments on behalf of members

• Able to change name and contact information and re-issue documentation reflecting those changes in Customer Portal too

• Able to make adjustments which result in an additional or return premium, including cancellation

Midterm adjustments

• User can be given access to canned reports based on roles defined

• Staff are able to generate the Bordereaux related reports based on date range and other business logic

Reports

• Module to manage all users from the Company-side to perform their roles in the systemUser Management

7. Back office operations


8. Increase Profitability Through Accurate Underwriting Decisions


Accept Risk

•Underwriters can accept risk through the portal.

Underwriting Options

•Override online generated premiums and endorse documentation.

Increase Profitability

•Help insurers to increase profitability through accurate and consistent underwriting decisions.

Cost Reduction

•Decrease in response times, errors and costs associated with claims.

Review Risk Data

•Helps underwriters to review and offer risk data and revised terms.

Add / Remove Component Covers

•Capability to add or remove component covers through our sophisticated platform.


9. Business Intelligence (BI) tools– eTrading Platform

To fully benefit from the power of data, organizations need to make it easy for all users to get access to the right data, at the right time, so they can make more informed decisions. A BI tool is thus inevitable for any enterprise application as it provides information the way stakeholders would like to see it. BWS can provide expertise in implementing excellent BI module as an add-on to eTrading platform for insurance.

Some key BI analysis tools- Our ideas:

1. Premium analytics- Track premium performance by a product or product line, by geography, by distribution channel

2. Financial Analytics- Key ratios like Retention Ratio, Conservation ratio and expenses ratio

3. Product Profitability Analysis- Track profitability of each products4. Underwriting Loss Analysis- Constantly monitor the loss data to

determine the cost of getting new customers and renewing old ones for those products or product lines And many more….

Very Rich, intuitive and simple to understand graphs that will help the user to visualise performance of various business units. Key performance indicators which will output information vital for key decision makers.

Expertise in various powerful BI tools like Tableau, MS SSRS, MS SSAS services to create exceptional graphs as per the user requirement.

10. eTrading Platform for Insurance- Complete Workflow management


Insurance service offerings will cover from Web Portal, Tablets as well as Smartphone also

Front end tool for end users- Offered as variety of solutions

Can be integrated with•Client module•Policy module•Transactional systems•Payment Gateway

ISISIS

Receive information

Data coming from Front end end tool

Sync Engine

Sync routine to fetch data

form core application

Backend control for Admin Control Panel- Check user information and notify clients instantly

Analyze details

Check Underwriting

Send Instant quote/ referral notification

ISISIS



E trading platform for insurance

Business

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