Clients and Business Challenges
Our client is a prominent name in the financial industry based in the USA. With increasing work demands, there is a consistent need to manage a variety of tasks to overcome risks associated with financial businesses. These risks can be anything from financing, legal, strategy, regulatory compliance to operations. The client was challenged to prioritize tasks, track the risks associated with each process and was unable to fetch ways to overcome it. This made the client develop a Risk Management application that would monitor and report risks timely and ensure that critical risks are addressed and recorded on time.
We developed a web-based application to address some of the essential features needed in the application:
- To manage the policy efficiently of different users and premium allocations
- To monitor insurance tasks like claims, coverage, renewal and other management
- To address all the property management issues from land, car and similar
- To address healthcare, claim, incident, lease management
- To track employees who wish to return to work after injuries
- To manage equipment and purchasing management
- To track Fleet management, its vehicles, drivers and its management
Expertise
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Tools & Technology
Microsoft .Net Framework • ASP.Net (C#) • JavaScript • jQuery Web Services • Windows Service • Microsoft Azure • Azure DevOps • MS SQL Server • Fusion Charts • Telerik controls • SendGrid
Solution
Our developers are adept and backed up with technical expertise and financial experience from the projects they have developed for our clients. As a result, .NET and its related technologies along with Azure cloud services were first choice the project. Thus, to holistically address each of these needs, we developed a cutting-edge platform that will prepare the business for the occurrence of any risk that would critically hinder the functioning of the business. The(eRIMS) Risk Management Information System is a web-based application that offers an integrated, modular approach to risk management. From tracking incidents and processing claims to measuring policy erosion, eRIMS can be configured to meet the unique needs of different clients working in different industries.
Policy Management
This module maintains and manages all the policies, premiums, deductibles, layers, quota shares and more. It will also assign properties and claims for policy erosion and premium allocation.
- More than that it keeps track of all policies applicable to all lines of businesses and cost centers
- Includes policy type, carrier and broker information
- Includes policy features like coverage for fire, flood and wind
Certificate of Insurance
In this module, businesses will be able to manage incoming certificates for vendors, tenants or contractors to assure required coverage with automatic notification letters
- Generates insurance letters and related documents and email to claimants as well as insurance companies
- Regenerates insurance letter
- Keep track of insurance documents
Risk Management
By managing day-to-day operations by risk testing and assessment, a business can easily manage workflows, enhance visible communication with the help of the following functionalities
- Manage and maintain risk profiles to claim insurance policies
- Helps to monitor and control the cost of risk.
- Customized reporting and data analysis
Exposure Management
This Exposure management module deals with managing and defining details of all the aspects from auto, property, vehicle, buildings, boilers etc. within the organization which is exposed to some risk and insured by any policy.
- Manage and maintain risk profiles to claim insurance policies
- Develop an interface for the underwriters to evaluate the risk of insured by accessing the exposure module contents
- Manage base rates, premiums and associate them with Policy to generate quarterly/monthly/annual bills
Property Management
Cover everything of property management including COPE data, values, property ownership, contacts and similar other information. A simple spreadsheet can import all the values provided and can interface it with RS Means, Marshall & Swift, etc.
Incident Management
Take incidents occurring into account and track meticulously the intake of incidents using this module with facilities such as auto-notification, investigation, OSHA logs and TPA/Carrier reporting. Also, manage and maintain insurance details that are relevant for claims. Keep a track of incident details, claimed equipment and settlement
Healthcare Incident Management
Using this module, businesses can proactively manage patient’s safety with a customizable incident entry tool that provides anonymous reporting, customized workflow management and HR/Patient Record integration. Incidents are maintained for Quality management and also seamlessly integrate with the Claims module.
Claim Management
Enterprises can easily manage claims for all lines of businesses that includes document management, custom letters, financials, diary system, interface with TPA's and Carriers and more. This module will also allow users to
- Keep track of all the claims applicable to business lines such as worker compensation, auto liability, general liabilities, property liabilities and executive risk
- Take into account the necessary details of the claim
- Helps to schedule payment (single & reoccurring)
- Easily set-up vendor and payment
Reports
Create and schedule Adhoc reports within a click for any field in the system representing it in graphical charts. All the reports can be scheduled and delivered via email or virtual folder in Excel, Word or PDF formats.
Import and Export
Seamlessly integrate external data into any module from TPA's, Carriers, HR Systems, etc. Businesses can easily export data to other systems including Accident information to TPA.
Return to Work
This module also manages employees with transitive duties. Its simple interface is capable of tracking and maintaining the transitive employee duty who have returned to work from injuries and can be assigned to work. Sleek calendar interfaces allow a simple view of job assignments.
Environmental / Pollution module
Stay on top of all the environmental needs with automatic notifications about the information of the tanks, permits, audits, SPCC's etc.
Fleet Management
Track vehicles, maintain and build strong associations with drivers and locations
Driver Management
Keep driver safety on priority by scoring your drivers on the basis of training, infractions, claims, complaints and more.
Lease Management
Manage leases for properties owned, leased or sub-leased, including rent projections, lease terms, contact management and security detail.
Purchasing Management
Provides the ability to manage asset purchases, service contracts and lease-rental agreements for multiple locations and divisions. COI interface provides a coverage check before new purchases are bought.
Equipment/Supply Management
Manage the suppliers and their equipment by adding filters as per employee, department, car or division.
Result
A well-structured risk management system offers higher efficiency and operational ability to overcome risks timely. Businesses can bring awareness by systematic monitoring and managing the risks. By using TatvaSoft’s custom software development services business can develop risk management software which provides the following benefits
- Becoming more structured and organized throughout the risk lifecycle
- Improving workflow management
- Creating a custom dashboard that shows risk reports based on specific criteria
- Easier Analytics using the application will impact the core of the business enormously