Insurance Core Operations

Insurance Core Operations

Click on the interactive hotspots to learn about each core operation.

Billing

Claims

Underwriting

Underwriting & Policy

Underwriting is the process by which an insurer determines whether, and on what basis, an insurance application will be accepted. Underwriting is the method used to calculate the level of risk that is involved and to determine under what rates the contract can be issued.​The function of the underwriter is to protect the company's book of business from risks that they feel will make a loss and issue insurance policies at a premium that is commensurate with the exposure presented by a risk.​​ ​ ​

Application Received

Issue New Business

Quote/Bind/Issue

Policy Lifecycle

Invoice

Receive Payments

Endorse Policy

Billing Lifecycle

Billing management, supports the entire insurance billing and collections lifecycle within an insurer​Remember at the time the policy is issued, the insured selected a payment plan. This may have occurred through a Digital application or through an agent or contacting the insurer directly and working with a Call Center Rep​. Commissions are paid to the Agent/Broker​. If a payment is not received, the policy is then delinquent and if payment is not submitted by the due date, depending on the statutory requirements of the state or province, the policy cancels​ If there was an endorsement, like adding the car to the policy, there is a revised invoice sent​ ​ ​

Commissions paid to Agent/Broker

Delinquency & Cancellation

Payment Processing

Revised Invoice Endorsement

Billing Lifecycle

Invoicing

Payment Plan Selected at new business

Renewal

Claims Lifecycle

The Claims lifecycle takes us through the beginning of an unfortunate situation like an automobile accident which can be initiated through our Digital front-end product or through contact with their agent/broker or a call directly to the insurer​Once the First Notice of Loss is captured. A Claims adjuster is assigned. There are workflows that go on behind the scenes such as reserves automatically being set based on the type of claims, assignment of outside appraisers etc.​ There may be attorneys involved if it was a car accident and there are injuries​. A settlement is reached, and payments made to make the insured whole again​. The claim is closed and unlike the Policy and Billing lifecycles, once closed, we hope that is the end of this particular claims lifecycle​ ​ ​

Assign Claim to Adjuster

First Notice of Loss

Settlememt/ Make Payment

Close Claim

Litigation as needed

Appraise & Investigate as needed

Set reserves

Accident