Policy module
Risk financing is a key component of a risk manager’s overall risk management programme. Whatever your strategy, from funding through captives and traditional insurance, RiskConsole’s policy module can help you.
Consolidating your global and local policy information enables you to track, monitor and manage all of your policies/contracts and keep abreast of their performance.
Key benefits
- establish a central repository of all policy, insurance and reinsurance details
- being globally accessible, it is the definitive source of cover information and keeps track of policies from the past, as well as providing a knowledge base for the future
- understand your premium spend and manage aggregate erosions
- monitor your policies, including identification of duplicate cover and gaps in cover
- keep track of the costs and performance of your risk finance programme
- see the local policies being arranged and check that sums insured match changing exposure values or local aggregations
- identify your company’s counter party exposure and ensure appropriate management of your exposure to underwriter solvency issues
- when combined with our exposure and claims modules, the renewal process is facilitated by providing the underwriters with a comprehensive, quality risk profile for your company
Key features
| Policy module |
| Feature |
Details |
| Tracking policies |
Track each policy record with separate versions for each renewal so coverage, financing and financing details can be fully monitored. The module also supports single or multiple year policy periods with sections to cater for single or multiple coverages. |
| Monitoring premiums |
Identify acquisition costs including premiums, brokerage fees and taxes, which can be tracked at a policy, section or an organisational level. They call also be configured to link to budget and invoicing mechanisms. You can also record type and extent of cover to determine which assets and parts of the organisation are covered. |
| Detailing cover |
Changes or variations in cover can be identified, including alternative deductibles, organisation deductibles and sub-limits. Basic calculation of premiums are available, with the possibility to provide sophisticated premium calculation facilities. Identification and tracking of premium payments, covering internal and external cash flows are also detailed. |
| Managing performance |
Specify insurer and co-insurer participation. Linking to the claim module with validation of the policy covering a claim, you can monitor policy performance via loss ratios and tracking of aggregates with the ability to identify performance across a programme. There is also the opportunity to generate and distribute policy digests and cater for global needs with multi-currency and multilingual support. |
CLIENT SUCCESS
The client previously had drawers of policy details going back to the 1950’s and used an actuary to calculate the recoveries from insurers for their multiple exposure period disease claims. Now, after some investment in time to enter the historical information, they have an online policy register that allows them to easily understand the cover in place. In addition, Aon developed a special report that uses the policy information to calculate the respective insurer recoveries for our disease claims, which has saved the client considerable time and money.