Core Insurance System
The insurance industry has been undergoing a significant transformation, and companies need to have a robust core insurance system to maintain their competitive edge. A core insurance system is an integrated platform that automates various insurance processes and facilitates efficient communication between different departments, including underwriting, policy administration, and claims management. For our client, we have developed enhancements to a robust Core Insurance System using iSeries (AS/400) and Cobol and RPGLE free, which has significantly improved their operations.
In this review, we will discuss the importance of a Core Insurance System for our client and how our expertise in developing such systems has helped them achieve their business goals.
Importance of a Core Insurance System:
A Core Insurance System plays a critical role in the insurance industry, and it has become a necessity for companies to have an efficient system in place to remain competitive. The system facilitates seamless communication between different departments, improves operational efficiency, reduces costs, and enhances customer experience.
Our client, an insurance company, was facing significant challenges due to their outdated system. The system was manual in some process, and most processes were done using paper-based procedures. This made it difficult to keep track of customer information, process claims, and generate reports. They needed a robust Core Insurance System that could automate their processes and improve efficiency.
How our Core Insurance System helped our client:
We developed enhancements a Core Insurance System for our client using iSeries (AS/400) and Cobol and RPGLE free. The system had several functionalities that addressed their specific needs.
Handling of Competitive and Voluntary Insurance: Our client had different types of insurance policies, including competitive and voluntary insurance policies. Our system allowed for the efficient management of these policies, making it easier for them to process claims, generate reports, and handle premiums.
Integration with Insurance Company: We also integrated their system with insurance company, making it easier for them to exchange information. This integration helped them to validate the integrity of the data and reduce the possibility of errors.
Integration with Insurance Platforms: Our system was also integrated with various insurance platforms that originated new insurance policies. This made it easier for our client to manage these policies, reducing the time and effort needed to process them.
Expansion of Functionalities: Our client wanted to expand their product line, and our system was flexible enough to accommodate new products and forms of payment. We developed new functionalities, including new payment methods and features, to help them handle different types of products.
Regulatory and Business Reports: We also developed regulatory and business reports for our client using programming in AS400. These reports helped them to comply with regulations and gain valuable insights into their business operations.
In conclusion, a Core Insurance System is critical for the success of insurance companies. It provides an integrated platform that streamlines various processes, reduces costs, and enhances customer experience. Our expertise in developing such systems using iSeries (AS/400) and Cobol and RPGLE free has enabled us to help our client achieve their business goals. Our system has improved their efficiency, allowed for the management of different insurance policies, integrated with insurance companies and insurance platforms, expanded their functionalities, and developed regulatory and business reports. We are proud of our work, and we believe that our expertise in developing Core Insurance Systems can benefit other insurance companies as well.