This module combines all the required elements for managing life insurance damages efficiently and correctly in one solution. It brings comprehensive, active damages management to every stage of the damage life-cycle, allowing you to move from disparate systems that provide pieces of a damages solution to a single system. The part of this module is a robust and complete payment system (domestic or international payments) for the handling of life damages.
This module has pre-configured workflows shipped as standard, to ensure insurance company will always remain compliant with statutory requirements and with expected best practice in relation to the handling of life damages. Module delivers full audit trails and change history visibility to facilitate internal audit and any internal fraud investigations.
Module for damages, regresses and court documents is intended for:
- Notification of damage
- Liquidation and payment of damages up to a certain amount
- Headquarter of company
- Notification, liquidation and payments of damages
- Supervision and control over the processing of damages in network
- Optional – keeping regress receivables
- Optional – keeping court documents based on damages
- Reporting management
The module is highly parameterized. It allows for the customization of the book of damages and processing them: according to all types of insurance, common and specific attributes of damages depending on the type of insurance, register status and allowed the combination of the transition to the new status of damages (reported, rejected, liquidated, paid,…). Every type of damage book has „List prior to liquidation documents“ which every claim must have before crossing to the new status. There is possibility of archiving of electronic documents in various formats (pictures, word documents, …).
Each financial transaction is automatically recorded in sub-analytics and the general ledger, so that there are no subsequent entries in accounting unit. There is a possibility of automatic entries into book of orders for e-banking.
Set of reports are:
- Settled damages by types of insurance, organizational units, customers
- Settled damages by premium tariffs
- The amounts of compensation
- The life cycle of damages
- Other reviews
It is possible to conduct analytics of regress damages and also keeping separate sub-analytics of regress damages.
For the purposes of legal units it’s been enabled keeping records of court documents.