All-in-one Insurance Platform
Location – India
Executive Summary :
IRC consults businesses of all sizes in India with finance, recover account receivables through a proprietary process. They measure the risk involved and determine the required coverage the client should receive and the subsequent premium to insure that risk. DatumLine acts as a “suit” for a trade insurance company who wishes to underwrite Trade Credit Insurance as an additional line of business.
Challenges:
The primary hurdles included the following:
- Creating a registration portal/website for the clients associated with the insurance company or for the individual company.
- Building an IRC underwriter Workflow Application to process the lead and share the data for insurance processing.
- Automated calculations to meet the required insurance amount
The primary solution included a web application that reviewed applications for insurance, analyses risks and determines whether the company will offer coverage. Based on the recommendations from the software and risk analysis, the underwriter decides whether to approve or reject an application. They may also choose to consider credit history or additional medical records if an applicant is on the border of being rejected or accepted.
Result:
The outcome of the solution included:
- Real-time support in insurance calculations.
- The system considers all the necessary data from the application form and calculates the premium to be given to the client company.
- Real-time calculations to show the insurance amount, estimated annual turnover, premium rate, loss percentage to help all parties like Insurer, Underwriters, Insurance company and their clients.
- Generation of different term sheets.
- An overview of the Reinsurance Company of business placed through multiple insurance companies through the dashboard.
.
Web Login:
Calculation:
Term Sheet:
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All-in-one Insurance Platform
Location – India
Executive Summary :
IRC consults businesses of all sizes in India with finance, recover account receivables through a proprietary process. They measure the risk involved and determine the required coverage the client should receive and the subsequent premium to insure that risk. DatumLine acts as a “suit” for a trade insurance company who wishes to underwrite Trade Credit Insurance as an additional line of business.
Challenges:
The primary hurdles included the following:
- Creating a registration portal/website for the clients associated with the insurance company or for the individual company.
- Building an IRC underwriter Workflow Application to process the lead and share the data for insurance processing.
- Automated calculations to meet the required insurance amount
The primary solution included a web application that reviewed applications for insurance, analyses risks and determines whether the company will offer coverage. Based on the recommendations from the software and risk analysis, the underwriter decides whether to approve or reject an application. They may also choose to consider credit history or additional medical records if an applicant is on the border of being rejected or accepted.
Result:
The outcome of the solution included:
- Real-time support in insurance calculations.
- The system considers all the necessary data from the application form and calculates the premium to be given to the client company.
- Real-time calculations to show the insurance amount, estimated annual turnover, premium rate, loss percentage to help all parties like Insurer, Underwriters, Insurance company and their clients.
- Generation of different term sheets.
- An overview of the Reinsurance Company of business placed through multiple insurance companies through the dashboard.
.
Web Login:
Calculation:
Term Sheet:
Hire a Java Developer for your project.
Just drop us an email. Our team will talk to you soon!
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