Chapter 6 (actually 5) Flashcards
IT relates to:
Storage
Production and
Communication
Of information
Digital strategies are used for:
Underwriting, selling and marketing products
Claims systems are designed with reference to:
Companies corporate philosophy
Claims management procedures
What else are claims systems used for:
Recording appropriate info
Compatible with Company’s overall objectives
Insurers use online servicing through:
Electronic portals
Characteristics of insurance claims are:
Volume
Complexity
Volume is:
Claims reserving, estimating
Claims payments
Recoveries
Complexity is:
Processing large amounts of data
Processing it quickly
Processing it accurately
Delivering info in a meaningful manner
IT must be:
Accompanied by a review of present claims procedures
New methods operation
Effective IT strategy:
Balances the efficiency of comprehensive IT solution with the skills and talents of experience members of claims staff
Major components of general insurance claims are:
Structure of the company
Type of business written
Standard claims info:
The name of PH Policy number and claim ref Details of claim Contacts Payments
Additional info at u/w stage:
Description of risk
Description of cover
Supporting risk info
Whether there is more than one insurer
Using IT systems:
reduces the cost of claims admin
Improve the service provided to the insured
Benefits of IT systems:
Single data entry Reduced paper files Quicker claims settlement Electronic with of claims payments Increase in communication channels Ports and extranet services
