Alan Greenspan on Information Technology:
 

Features and Capabilities

PolicySystems streamlines all the business processes of the Underwriting Manager or MGA, from application to reinsurance reporting.

Communicate Across the Internet, by Fax or by Surface Mail

PolicySystems lets you use the Internet to send quotes, declinations, binders, bills, policies and bordereaus directly to agents and brokers in seconds. When you click on “Send”, the agent/broker receives the document in seconds. Integrated faxing is also available. A couple more clicks and you are on to underwriting your next account.

Submissions

With PolicySystems, application information is entered once and then used throughout the entire business process. For example, the insured name entered with the submission appears automatically on the quote, binder, bill, policy and bordereau.

Quotes

Underwriters focus on reviewing risks, not process and busy work. PolicySystems helps by pre-selecting appropriate endorsements and “Subject To” information. PolicySystems performs Increased Limit Factors calculations based on your specifications. Two clicks and a customized quote, with multiple limits, retentions and coverage options, is on its way to the agent/broker.

Declinations

The underwriter clicks one of your declination reasons and customizes the wording if necessary. Two clicks and the declination is on its way to the agent/broker.

Binders

A few items of information are captured from the order, and then the binder, customized to your format, is on its way back to the agent/broker in seconds. If the agent/broker wishes, the binder can be transmitted directly to the insured.

Bills

Your customized due-date and commission criteria are applied automatically. Click “Send” and the bill is on its way.

Policy Issuance

By the time you get to policy issuance, PolicySystems has all the information needed to issue the policy. All you need to do is click on “Generate”. A fully-assembled PDF policy is generated automatically. After an on-screen quality check, you can print it or forward it the agent/broker for distribution.

Reinsurance Reporting

Bordereau preparation is simple and quick. One click prepares a bordereau tailored to your specifications. Two more clicks sends it electronically to carriers/reinsurers.


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