Insurance company

System ICLM – Insurance contract life cycle management

ICLM is an effective solution to integrate various insurance systems into a single environment. The system supports the automation of the insurance company's workflow by automatically launching relevant tasks based on events coming from connected systems or directly from system users. It supports efficient task execution and makes all necessary data available to users in one place. The system is built on the P4P processor from Factory 4Solutions. Process support allows for high system flexibility and optimal deployment according to the needs of the insurance company.
Benefits of deploying the system:
  • Independence from the data base - there is no need to change the database in which they are stored data
  • Effective start-up costs - You can use existing IT infrastructure
  • Independence of the organizational structure of an insurance company - the system contains a module defining a specific organizational structure, together with the relevant competencies and responsibilities for the employees concerned.
  • The system is fully configurable according to the "best practice" of an insurance company - processes, ie the procedures of each activity can be changed without interruption of the system
  • Multi Language support
ICLM

ICLM Schema

The ICLM system is highly modular. It can be delivered as a comprehensive system along with management systems for documents management including WEB portals for clients and external collaborators. It is also possible deploy as a stand-alone system containing the predefined processes to which it connects existing systems of the insurance company. The processor engine of the system can be configured exactly according to requirements, or add to the system new processes according to a specific specification.
System Features

The system streamlines the activities of the insurance company related to clients. From the proposal through the conclusion of a contract with the client to the full management of a contractual relationship. It streamlines work on the settlement of insured events as well as the approval process within the insurance company. It enables the integration of various systems of the insurance company and through the unified interface makes available all customer data and their contractual relationships. Effectively communicates with clients and agents through a secure web interface.

  • Automatically triggers and manages the running of defined processes in an insurance company based on user-generated events and systems of the insurance company.
  • Automatically generates and assigns tasks to employees within defined procedures.
  • Automatically performs defined activities according to the status of the process.
  • Automatically alerts you to escalating tasks that are not executed within a defined time, including automatically sending notifications.
System administration

System administration allows you to change system runtime parameters while it is running without the need for programmer intervention.

Users management
Allows employee and partner permissions to be set for system data and process access. The rights to view and process data are readily configurable through user roles and profiles.
Process management
Individual processes can be modified and created by design models. The process is assembled in the form of a BPMN and XML file . The process implementation then proceeds without modification of the system source code.
Enumeration management
System tables affecting system behavior can be modified directly by the system administrator. This ensures fast updating and trouble-free operation of the system.
Notification management
The system allows you to define the notification for each state of the executed process. An administrator can define the appropriate types of notifications, their content and recipients.
News management
With news, all the important information, such as user guides, process instructions, general notices, and other information defined by the insurance company, are made available to the front screen. Part of the published information can be attachments in any format (texts, pictures, tables).


Organizational structure

The system allows you to keep a complete record of organizational units, including external partners. Evidence of employees, in conjunction with the relevant roles defined in the administration of the system, allows accurate and direct allocation of competences in the ongoing processes.

DMS - Document Management System of the Insurance Company

DMS for insurance company is based on the DMS system developed in Factory4Solutions. It allows processing of paper and electronic documentation, including sent and received correspondence. Direct connection to the ICLM process engine allows direct execution of processes such as insurance contract creation or the process of settlement of claim. Part of DMS is also an archive record solution. This is a stand-alone module for a system that an insurance company can replace with its existing solution with a database link to ICLM.

    Features of DMS - Insurance Company:

  • Access to documents based on access rights by organization, contract type, organizational structure and their combinations.
  • Automatic import of documents sent by post.
  • Import and processing of undeliverable documents.
  • Scan and import all incoming documents.
  • Depending on the type of document, automatic start of the processing process: checking the duplicity of data, automatically completing the meta information, automatically matching the insurance contracts.
  • Automatic assignment of documents (jobs) to current employees according to the defined key.
  • Priority document processing according SLA for different brokers.
  • Archive management.
Processes of the Insurance company
LPU

A simplified scheme for the process of settlement of claim

Model-defined procedures that automatically perform predefined activities or generate tasks for employees. Basic processes include, for example, the processing of insurance contracts creation, the processing of attachments to insurance contracts and the settlement of claims. Individual processes have the ability of an insurance company to modify or supplement, as required, "Best Practices".


System IFA - Internal Fond Administration

The IFA system automates, according setted parameters, purchases and sales of investment instruments for the managed portfolios. The system makes the valuation of investment instruments and the calculation of the net asset value, as well as the calculation of the profit or loss from realized trades. Like all our solutions, we have a high level of security in access to and use of data.
The system provides the following features and tools:
  • Definition of a funds, their investment strategies, and the upper and lower limits for each investment instrument.
  • Automatic creation of orders for purchasing and selling of financial instruments, once their volume in the portfolio of internal fund falls below or exceeds a given limit.
  • Processing of orders that includes consolidation of instructions relating to a specific financial instrument across all internal funds, internal netting of purchase and sales orders in order to achieve that the final instruction submitted for execution covers only the resulting difference minimizing the transaction costs paid to 3rd parties.
  • Pairing of confirmations of executed trades with instructions and generation of transactions on accounts of the internal funds.
  • Valuation of internal funds using market prices and internal calculations to determine the internal fund value and net value of the share unit.
  • Automatic actions triggered by the planned events, such as payment of bond coupons or principals, maturities of deposits etc.
  • Issuance of new share units as the new cash arrives into internal fund or units are redeemed.
  • The calculation of earnings / losses from purchases and sales or trading securities in the portfolio using the First in First off method or average prices.
  • Principle 4 eyes is kept for the required actions executed in the system. Recording of audit logs.
  • Control of access rights at the application level (possible integration with LDAP systems to achieve SSO).
  • Various reports and data exports for sales and accounting purposes.
The following types of financial instruments are currently available:
  • units, shares, stocks;
  • bonds;
  • term deposits;
  • foreign currency;
  • other instruments (options, swaps, forwards and so on) in extension upon request.