The Solution
Interactive introduced iCOVER as the all-in-one solution to address these challenges and more.
iCOVER was able to eliminate manual and hard copy filing and administration and digitise all the processes involved in insurance issuance. Apart from being able to file and organise all related documentation online in the system, iCOVER also enabled the company to handle the entire range of insurance types in a single platform. The automation of certificate issuance, business transactions and invoicing and the ability to include multiple parties by providing a management platform to handle premiums, insurance documentation and data management was well-received as it saved time and enabled brokers to focus on core functions rather than routine/administrative tasks.
Another key function that made a significant positive impact was iCOVER's predefined-rating engine. This engine calculates premium automatically, reducing the margin for human error. It allows users to record client's payments against transactions using the accounting or Bordereau process – thereafter, transactions can be grouped together for billing and revenue recognition purposes.
The system also greatly improved the company's ability to promote compliance. The in-built workflow management solution allowed them to properly sequence actions, while the rules in the system controlled the approval and issuance of insurance contracts. This had the outcome of reducing inconsistencies and improving adherence to their insurance contract. One useful feature was the audit trail which improved accountability and transparency.