Customer Relationship Management

UPM CRM module accommodates information about companies and individuals of your customers, suppliers, brokers, agents, financiers, resellers, insurance companies, law firms and banks.

• Sales and Marketing Activity

  UPM allows conducting marketing campaigns to all or pre defined customer segments. A customised document can be created using standard tools and emailed to a segment.

  Recording cross-sell and up-sell opportunities in UPM allows building an effective pipe line.

• Tracking Customer Activity

  Every interaction with a customer such as a phone call, email, meeting minutes, marketing mail out but also a policy, invoice or a payment is recorded as an interaction. Access to interactions from a customer card is designed to provide staff with effective interface to information, reducing the time required to respond to customer queries.

• Effective Search

  Access to customer history, searching for a customer or claims information is simple with UPM. The inclusion of relatively small but important details - such as the recording of model numbers for insured items - makes locating related documents or tracking the status of a claim fast and easy.

Customers

UPM allows defining different processing rules for business segments and business sources. For example processing of a policy of a direct customer who applied online may differ from a broker policy. For this purpose a customers can be assigned to a business channels.

Brokers

For accounting, commission calculation and reporting purpose it is important to know which policy has been written by a particular agent of a particular broker. Broker organisations in UPM are grouped in Grand Master/Master/Agent hierarchy. UPM also store details about compliance, trainings and certifications of agents and brokers.

Referrer

An insurance agency often appoints certain intermediaries as referrers. A referrer does not sell insurance products but rather refer business to insurance agency. UPM allows tracking quotes received from referrers and a commission is calculated automatically on the business referred.

Service Provider

A service provider is an organization providing services to an insurance agency typically in claim processing. Service providers in UPM are grouped in Grand Master/Master/Provider model. Eligibility and authorisation of a certain provider to service a particular insurance product or a plan is maintained.

New Business

New Business Modules include quoting, Policy Administration, Endorsements and Renewals.

Quick Quote

Quick quote allows rapid generation of customer quotations. Operator is required to enter only a few information to produce and email the quote to a customer. Premium is automatically re-calculated as operator is walking the customer through eligible products, plans, and excess options.

Insurance Policy Administration

This module steps you through every aspect of lodging and accepting a new policy and eases subsequent policy management. Delivering automation and a streamlined workflow, it speeds endorsements and cancellations. Moreover, multiple products and insured items are supported within a single policy.

It is the crucial starting point to attaining greater efficiencies for your office.

Key functions include:

• Application validation and assessment
• Application Bulk import
• Premium calculation (Australian levies and duties)
• Policy documents production (Insurance Certificate, Tax invoice, Certificate of Currency)
• Policy inception
• Policy endorsements
• Policy cancellation
• Workflow and authorisation levels
• Flexible payment terms and types

Endorsements

A change to an active policy which results to a change of Premium starts with an Endorsement quote. Once a quote is accepted by insured and effective date is entered, the policy is endorsed and insurance certificate and new policy wording is produced and sent.

Renewals

This module will help your office retain existing business by keeping you on top of your renewals. It provides triggers and procedures to ensure timely approaches to customers whose policies are nearing an end.

Policies ready to be renewed in a user defined time prior to renewal are collected in a Renewals work queue. Policies are then grouped to those which can be renewed automatically and those requiring manual re-rating.

For policies matching rules for automatic renewal the Premium is calculated according to current rates. A fulfilment pack including an insurance certificate, policy wording, invoice and other documents are produced and sent.

Claims Processing

Finding ways to improve claims servicing is vitally important for insurance agencies. Claims are often a source of high operational costs for insurers and a point of direct interaction with customers. In fact, insurance companies have learned that a customer's likelihood of remaining with a carrier largely depends on his or her last claims experience.

Insurance agencies often struggle with a no transparent, disconnected claims process. They often have cumbersome systems that make it difficult to keep customers informed of the status of their claims, difficult to notify them of when to expect the adjuster, and difficult to explain the company's reasoning for the payment amount. Customers are not the only people frustrated with the claims process.

Claims Processing in UPM

UPM allows full control and visibility of a claim process since a claim is entered to the system until the payment to the insured. Communication gateway informs claimant automatically as a claim progress in the workflow. For example an SMS is sent to a claimant if his claim is approved or paid.

Expedited Claims

To further speed up turnover of claims, UPM allows expedited processing of claims. If during a validation phase a claim is compliant with criteria for an expedited claim such as an invoice from a pre approved Service provider and total, the system process such claim in a separate workflow ensuring shortest possible claim turnover.  

Financial Management

Sound and responsible financial management is the heart of every business success.
Financial Management is strength of UPM and all modules naturally link to this cornerstone module.

Many Insurance Agencies choose to receive and manage transacted premiums. In doing so, they benefit from getting the commission income earlier and as a result reducing operating capital requirements.  However lack of necessary accounting tools to perform a reliable financial management is making this task difficult.

Insurance Agency Accounting

UPM provides complete and effective premium financial management including methods capable of creating accounting records for all premium and return premium transactions.

UPM Premium Financial Management includes

• separate balance sheet of premium and return premium assets and liabilities
• statement of premium receipts and disbursements
• premium solvency analysis reports
• statement of premium funds beneficiaries
• audit trial for all general ledger accounts

Premium Collection

Insurance agencies undertake the obligation to manage premium funds for the benefit of insurance companies. 

UPM Financial Management allows Premium and return premium assets to be clearly identified and reported on, on a balance sheet dedicated to premium funds only.

• Premium Trust Account
  

  Several different parties may claim ownership to the balance of a premium trust account:

  • Finance companies (Return Premiums)
  • Agents (Net Premiums)
  • Insured (Return Premiums)
  • Insurance companies (Net Premium)
  • Insurance Agency (Earned commissions and fees)

UPM Financial Management allows for funds to be separated in bank accounts and accounting records different from business operating funds.

Outgoing Payments

• Claims
  

  Once a claim progressed in the workflow to Approved for Payment status,
  UPM Financial management create appropriate accounting transitions to handle payments to Service provides. Payment is processed from Claim Trust Account that is replenished by an Insurance company.

• Credit note
  

  A credit note and a credit accounting transactions are created under the following circumstances

  • Cancelation of a policy
  • Return Premium Endorsement

Incoming Payments Module

• Internal payments
  

  UPM payment system allows Call centre staff to process payments for insurance policies in real time while talking to a customer. Staff is notified immediately if the transaction was successful.

• Online payments
  

  Online card payment system is integrated within Quotation Engine. Payment gateway of UPM integrates with majority of Merchant Services systems of all major banks. All transactions are processed safely and easily in real time. Handling of transactions satisfies security standards as outlined by Payment Card Industry (PCI).