Online Quotation Engine

UPM Quotation Engine is an optional web-based solution that allows companies to upload and promote new product information.

It offers major time savings through automatic generation of customer quotes and by minimising future data entry. Once the quote is accepted, data passes to the Insurance Policy Administration module where the new policy is created.
A fulfilment pack including insurance certificate, invoice and other documents is automatically produced and delivered to the insured.

Insurance Application Bulk Import

This module offers special functionality for those occasions when an organisation needs to process large numbers of similar or related policies (such as those associated with bulk equipment purchases). It dramatically reduces data input demands and data duplication, making bulk input simple and fast for any office.

Business Intelligence

Insight to Business Data for Insurers, Agencies and Brokers

Gratex’ Business Intelligence (BI) Solution is a set of Reporting and Analytical tools allowing Insurers and Brokers to create flexible visually compelling dashboards, scorecards, charts, graphs and reports to facilitate decision-making.

Business Benefits

Gratex BI enables confident decision making based on accurate and timely analysis of business data. It links operational metrics with management objectives and business strategies for superior performance management.

Leverage Existing Investment

The solution can be deployed as a standalone system that an Insurer can easily add to their existing systems to leverage investment to technology already made. Alternatively, Gratex UPM customers can add BI as an optional module to UPM to represent data from policies, claims, financial management, CRM or Reinsurance.

Pre-defined KPI Templates for Australian Insurers

Gratex’ Business Intelligence (BI) for Insurers comes with a set of Australian KPI templates for monitoring financial, operational, claim processing and efficiency performance across policy sales, renewal rates, claims settlement time, risk exposure, number of claims per product, claims processing time, commissions and much more.

We Put Reporting into Your Hands

Reporting is typically performed by a small number of trained data experts, developers or an external IT company. Access to agency data or to a new report is many times delayed and compiling of results for management is time consuming.

In Gratex’ BI Solution, each report or a dashboard can be built with intuitive tools using drag-and-drop of various components such as a tables, dimensions, measures, KPIs, graphs or a maps into a Web browser. In addition, a user can add conditional formatting and visualization features such as colourful highlights, stoplights and data bars alongside the values in each report cell for quick and visual analysis. If you are comfortable with MS Excel, using BI tools will be easy.

Sharing Reports and Dashboards

Insurer or Broker data can be shared between your internal staff as well as with external parties. Once a report is ready to share, it can be emailed using built-in messaging or through your standard email system. Alternatively, a user can leverage self-service environment and subscribe to a report that is delivered automatically at a user defined day and time.

Selected Features

• Pre-defined KPI Templates for Australian Insurers and Brokers
  

  A set of KPI templates for monitoring financial, operational, claim processing and efficiency performance across policy sales, renewal rates, claims settlement time, risk exposure, number of claims per product, claims processing time, commissions and much more.

• Dynamic and Interactive Charts
  

  Dozens of different 2D and 3D chart and graph templates allows for information to be visually displayed and analysed in time, shape and motion.

• Drag-and-Drop
  

  Reports and dashboards can be easily built by a non technical user utilising intuitive tools.

• Insurance Business Process Monitoring
  

  UPM BI module comes predefined with most common dimensions and measures used in Underwriting and Claims processing. Each process step can have multiple KPIs that display the actual metric, the metric status and the metric trend.

• Drill Down and Drill Up
  

  Features enable a user to explore data in multiple levels. If there is a particular area of interest as for example a number of claims in a particular product per a quarter and a post code, a user can drill down to see underling data.

• User Defined Calculations, Grouping and Giltering
  

  A user can define calculations in reports and dashboards including ranking, percentage, rolling summaries, growth rates and time series.

• View and Analyse
  

  Advanced sorting, ordering and filtering capabilities, personal or a workgroup bookmarks. Data can be further filtered and grouped like top/bottom performers or 80/20 rule to help to indentify standouts in data.

• Event-Driven Triggers and Subscriptions
  

  Users can subscribe to favourite reports and receive them via email according to a schedule they define. Administrators can also do this on behalf of users, as well as set up event-driven triggers which will cause a report to be emailed to one or more users when a certain business condition occurs.

• Share and Collaborate
  

  Users can share comments and recommend actions through collaboration capabilities such as overlay colour-coded "sticky" notes with their questions, comments, and instructions. Users can also quickly highlight report areas of interest in multiple colours corresponding to one or more of the “sticky” notes which have been annotated to the report.

• User Roles and Security
  

  A user can access to a report can be restricted based on his role in the enterprise.

Auditing

UPM helps you to and audit changes to your critical business data. A selected set of data as for example Rates, Commissions or Levies can be declared as critical data. Details of each change to critical data is recorded including date of change, details of a user who performed the change and value prior and after the change.

Communication Gateway

UPM makes correspondence with direct customers, brokers, resellers, banks and Service providers fast and simple.  Pre-set and tailored templates take the tedium out of everyday communications, providing automatic prompts for everyday forms such as requests for further information, schedules to insurance companies, repair or replacement authorisations and cancellation notification.  The software can receive and issue communications according to the practices of the business, which may include fax, email, Web or standard post. 

Unattended Communication
Emails and documents are generated when a condition change. For example a reminder email is sent to a service provider if an invoice is not received in claim processing or a fulfilment pack is sent to insured on policy inception.

• E-mail module
  

  • Incoming emails
    Emails received in a new business process or a claim management are received to appropriate work queues. UPM user files emails to a relevant policy or a claim.

  • Outgoing emails
    Dynamic and customised emails are sent by UPM users during a processing of a policy or a claim. Emails with relevant attachments are also sent automatically when a conditions change. For example on a claim approval, an email is sent to a claimant.

• FAX module
  

  Fax module handle incoming and outgoing fax communication. Incoming faxes are delivered to UPM work queues and are attached to a policy or a claim.

• SMS Module

  UPM help communicate with your customer in effective and timely fashion. An SMS is automatically sent to insured if a certain condition changes. For example a claimant can be informed on approval or rejection of his claim.

  
  

Online Payments

UPM allows taking payments online in real time over our Quotation Engine.
Payment system integrates with all major banks and it complies with PCI DSS (Payment Card Industry Data Security Standard).

Reinsurance Module

Administration of Reinsurance procedures can be challenging. There are many manual steps that Insurance agency staff need to perform in order to arrange for Reinsurance of a policy. This process is error-prone and a policy that requires Reinsurance is often missed. Another problem is that a loss from a reinsured policy is not passed to the Reinsurer.

Solution

Gratex’ Reinsurance (RI) module caters for end-to-end management and administration of relationships between insurance agencies and reinsurers. The module can be deployed as a standalone solution that connects to your existing systems or as a part of Gratex’ Underwriting Process Management (UPM).

Benefits of Gratex RI

Gratex’ RI automate the entire Reinsurance process including communication with Reinsurers or Reinsurance Brokers. For instance, RI automatically requires Facultative contracts to be arranged for a policy that falls under the criteria specified in a Reinsurance Group (RIG) or the system flags policies and claims by a relevant CAT codes defined in a Reinsurance Group.

Obligatory Treaties and Facultative Contracts

Insurance Agencies limit their exposure to risk by arranging Facultative Contracts with a Reinsurer or a Reinsurance Broker. Some agencies also handle a subset of functions that are relevant to Obligatory Treaties. Those are usually limited to flagging of policies and claims with CAT codes according to criteria defined by an Insurer.

UPM RI Features

• Facultative Contracts
  Provide administration of contracts that describe how individual facultative reinsurance between an Insurance Agency and a Reinsurer is handled. UPM RI automatically requires Facultative contracts to be arranged for a policy that falls under the criteria specified in a Reinsurance Group (RIG).

• Obligatory Treaties
  Batch processing which flags Policies and Claims by a relevant CAT codes defined in a Reinsurance Group.

• Automated Check for RI Coverage
  In Facultative contracts a user cannot proceed with a policy application until reinsurance is arranged. In Obligatory Treaties a batch process selects and labels policies and claims that are to be involved in a particular Obligatory arrangement.

• Proportional Reinsurance
  Pro rata Reinsurance in which the reinsurer shares a proportional part of the ceded insurance liability, premiums, losses of the ceding company and commissions.

  • Quota Share (QS)
  • Surplus Share

• Non-proportional Reinsurance
  The premium in non-proportional reinsurance is not proportional to limits of coverage. The reinsurer's response to a loss depends on the size of the loss. The reinsurance cover can be defined using Priority, Capacity and Commission.

  • Excess of Loss (XL)
  • Catastrophe (CAT XL)
  • Stop Loss

• Co-insurance
  UPM RI supports multiple reinsurers and reinsurance brokers, where each can independently share a reinsurance contract in a particular layer.

• Reinsurance Group (RIG)
  RIG’s can be created to specify parameters and eligibilities for a policy to be flagged as Reinsurance required.

• Maximum Possible Loss (PML)
  Mathematical operations such as SUM, MIN, MAX, AVG and standard mathematical operations can be used to define calculations of PML for each risk.