Insurance System

Challenge

Our client is an insurance company based in UAE. Their primary aim was to offer secure and reliable insurance services to all types of cargo, fire, hull, life and medical companies within their region. The client was searching for a web-based solution provider who would efficiently manage their accounts as well as an inward and outward business offerings.

The client wanted to develop a web-based application that complements the existing system developed years ago using conventional technology like VB language. Unlike in insurance, individuals and companies are not insured in reinsurance but the insurance companies themselves are insured. The major reason behind the reinsurance is to limit the total loss which the original insurer has to bear if he does not get the reinsurance. Reinsurance is a complex and risky business which requires various complex calculations that need to be converted along with relevant business logic. The client wanted to build a user-friendly application with inbuilt calculations and distinct features such as multi-tenant features, high security and high performance to manage legacy & future data.

The client expected to implement the system in such a way that it can work with big data, analyze the data, and generate various reports and calculations on premium and claim amounts based on various parameters. It should provide a facility to calculate various amounts at live currency rates by integrating third party currency rates providers.

Some of the main key challenges of the projects

Development of a web-based solution that is adaptive, customizable, innovative, and capable of catering to the needs of hotel basics.

Integration of the payment gateway for easy payment.

Implementation of different filtration and sorting criteria.

Managing and maintaining updates in different functionality like price, rating, certification, etc.

Implementation of the search feature based on quotation number and booking number.

A scalable solution that can maintain and manage the field research details.

Implementation of the cart functionality, to maintain and manage the booking information.

Expertise

Tools & Technologies

Microsoft .NET MVC • C# • JQuery • MySQL • DevExpress/DevExtream UI Controls • DevExpress Reporting and Dashboard

Solution

After deeply studying the client’s requirement, Dobe provided a .NET(C#) based web business solution to the client that benefits them in multiple ways and is intended to offer better management of larger data, various types of insurance, premium calculation, claims, and accounts.
Here are some of the core features of the project management system

Underwriting

Facilitates the user to manage various inward and outward business contracts (Treaty and Facultative contracts) effortlessly which are further classified into proportional and non-proportional business types. Depending upon each program with the insurance company, we set a framework to work within, further divided by branch i.e. treaty for an accident, for fire, for engineering, and so on. This means reinsurers can set the framework well in advance with the insurance company. As a result, they can cede business without referring to the reinsurer case by case. It has an inception date and termination date or expiry date and all the conditions will be agreed in advance so that insurance companies can cede under this treaty all the homogenous risks that are related to this type of treaty.

Keeps track of various insurance companies, clients, brokers offering different types of insurance classes like general, life, and medical. Manage the inward and retro contract with all the covers, securities, and endorsement. It also provides the provision to manage the linking between inward and outward business. Underwriters can manage the quotations or contracts or real-time contracts with their current status and all information and calculations.

Claims

Provision to manage the claims from various contractors and gather information on multiple losses occurred due to it. Also, find the total cumulative charges and extra cost invested in previous contracts and their essential actions. Insurance claims are also inclusive of loss advice, major losses, and respective claim payments and outstanding. Provides automatic calculation of claims based on the contract covers, benefits, and liabilities. The system drives users by calculating various figures based on contracts signed.

Technical Accounts

Access to the interface that manages business operations & processes for the Technical Accounts department, also providing integrations with the other departments to fetch relevant data for processing. The Technical Accounts department holds is extremely important for the business. This package helps to keep track of all the monetary technical transactions happening with all the associated inward and outward contracts while maintaining the technical aspects related to the treaties.

The package also allows users with useful access rights to manage treaty slips in various types like Statement of Accounts, Premium and Loss Portfolio Entry and Outgo, Profit Commissions, Premium Reserves, etc. Users can also generate various types of reports including information containing timely transactions made against each treaty account and statistical reports that help the user to analyze the performance of the several treaties, ultimately assisting business in taking the right decisions.

Current & Financial Account

Facilitates the Current Accounts department to keep track of all the credit and debit transactions settled or received by the financial department and to associate those with the relevant technical accounts slips or accounts entered by the other departments.
Transactions are entered and managed in all the forms of currencies available worldwide – mainly the original currency of cedent’s country and base currency. In addition, the current accounts department is also responsible to manage the currency re-evaluations from time to time in order to make the currency conversions consistent with the current currency exchange rate. The package allows the user with adequate access rights to the current & finance account module to add payment vouchers, add receipt vouchers, manage the ledgers of all the accounts in the system, associate payments with the technical accounts slips to settle them in the RSS system, do currency re-evaluation and doing account reconciliations.

Various Ledgers

Manage various ledgers like current account ledgers and technical account ledger which helps users to view the payments, claims, and outstanding for follow-ups and manage the accounts.

Dynamic Reporting

Provides a powerful dynamic reporting tool which facilitates users to customize and creates the report at runtime along with dynamic filters, output fields, sorting, and grouping. It generates the optimized query at runtime and fetches the data into the report viewer.

Dynamic Dashboards

Provides a powerful dynamic dashboard tool which facilitates users to customize and creates their Dashboard at runtime along with dynamic filters. Also, the business can facilitate users to manage the various report schedulers to receive at regular intervals in the form of reports.

Generic Search

Provides powerful and dynamic configurable search for each entity along with multiple customized filters. Facilitate users to customize the search by output fields, sorting, grouping at runtime. Also, it provides generic features to maintain support entities and masters.

Localization

Provides support of multiple languages for user interface where the end-user can define any number of languages at runtime.

Dynamic System Help

Featured to manage system help for end-users at runtime as per the multiple languages. It also provides features to generate the user manual of the entire system by defined languages at runtime.

Notifications and Alerts

Provides powerful features to send or receive notification and scheduled runtime reports from the application by emails and system notifications with dynamic templates as content. Also, it sends the tasks and reminders for various activities.

Document Management

A powerful document management system that consists of unlimited document storage, Compatible with external links and storage systems, Links to various modules of the system.

Online Client Portal

Provides their Clients and insurers to check their updates, outstanding amount, payments, claims, etc using various reports and Dashboards.

Security & Workflow

Designed to help and streamline routine business processes for optimal efficiency. Workflow management involves creating a form to hold data and automating a sequential path of tasks for the data to follow until it is fully processed. Allows individuals to automate repetitive processes, Follow up automatically on uncompleted tasks in the process, and gives an overall picture of the workflow. Also provides powerful User roles and access rights features at Modules and operations level for various User and departments.

Various Ledgers

Manage various ledgers like current account ledgers and technical account ledger which helps users to view the payments, claims, and outstanding for follow-ups and manage the accounts.

Premium and Pricing Tools

Provides the automatic calculations of premium on policies or contracts based on covers and benefits for individual and at contract levels. It processes the bulk data of bordereaux from cedents and generates the pricing and individual premium for Life and Medical contracts.

Premium Matrix

Facilitate users manage various premium calculation matrix based on the various parameters like Benefits, Covers, Region, Contract types, Age, Gender, etc. which helps to calculate the premium of individuals and groups.

Result

Dobe delivered a customized ‘Reinsurance Solution’ to the UAE Clients which has benefitted them to a huge extent. Our team has helped the client with advantages such as: