BRICS
Claims Management is focused on leveraging instant access to
complete risk information and performing validations which ensure
that only valid claims are entertained thus reducing processing
times and enhanced customer service.
New claims can be entered into the system directly by the
Claim Adjusters, or Third Party Adjusters, who can be given
specific authority to manage specific claims. The system allow
claims to be linked to the related policies and risks affected
by the loss. The system validates that the risk is covered on
the date of loss and determines the correct version of the policy
to be attached to the Claim. The reserves and payments can be
entered and tracked separately for each section within the constituent
lines of business on the policy on which the claim is filed.
User Levels
The Claim Adjusters or Third Party contacts can be assigned specific reserve and payment limits. The automated workflow enables the Claim to be referred to the pool of next higher-level users in case a user exceeds his/her authority level.
Reserves and payments
These are entered against a specific claim section and can be one of four main movement types. Each type is monitored separately. The currency of the claim defaults to the currency of the policy, but there are options to process the claims in any number of original and settlement currencies. Reserves need be entered as the claim is set up.
When a payment is made it can either reduce the reserve by the amount of the payment, or the user can enter a new reserve. The system keeps a full history of all movements on the claim, reserve and payment and outstanding dues.
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Globally
