Technology Powering Renters.com
The Insurance Activity Manager™ (IAM) technology platform is a web-based, software-to-software solution designed for insurers, coverholders, wholesalers and retail brokers that digitally-automates all facets of the sales and service of insurance. The platform’s web-based tools and real-time computer system integrations between the “buyers” and “sellers” of insurance fills a mission-critical service gap in the tools and systems used to insure health, assets and liability exposures. IAM™ facilitates a vastly more efficient, fast and responsive, fully-automated approach that encompasses order processing, document delivery, and full-range payment, program and claims administration.
IAM™’s embedded automated offerings delivers higher purchase conversion (“take-up”) rates across multiple product offerings, expedited adoption rates, and very-high customer retention rates.
Versatile and Flexible
IAM™ can facilitate access to multiple insurance products from multiple insurance companies, across multiple classes and rating schemes. The products are system-curated by a smart algorithm to offer the most appropriate and value-added product for each insured and risk exposure based on a range of variables such as geographic scope, limits, and coverage parameters. This automated and transparent capability is one of several key differentiators: it enables insurers to participate in the IAM™ marketplace by designing targeted and highly specialized products while avoiding race-to-the-bottom price discounting.
Features and Capabilities
IAM™ serves as the comprehensive insurance technology platform that integrates special risk insurance programs on a state-of-the-industry order processing, document management, payment-processing and claims administration system. The IAM insurance technology platform:
- Provides relevant protections and mitigates certain risks for clients, its owners, and global insureds;
- Generates additional per transaction referral revenues;
- Automates data, process and funds-flow between covered parties and coverage providers;
- Automates claims administration and service management;
- Outsources process and reporting compliance for multiple insurance and coverage providers;
- Provides long-term stability in protection product availability via use of multiple providers.
The IAM™ platform provides clients with online tools and additional resources to increase sales conversion rates and efficiently administer its entire insurance program:
- Web-based platform-integrated insurance distribution solution to administer and grow product array;
- Six-way API integration serves-up full product offering and enables real-time point-of-booking transactions; and real-time on-line claims filing and tracking;
- Decision Engine algorithms optimize transactions and increase conversion, matching underwriting data inputs with coverage solution;
- Automated Coverage Verification web-automates compliant document fulfillment;
- Conversion Rate Tools enable upselling and increases revenue per trip.
- Online Management Tools automate policy management, sales management, and claims administration.
- Revenue Share Management, analytics and reporting provides robust multi-tier, multi-channel sales tracking and revenue distribution management.
- Provider Activity Management automates multi-underwriter compliant reporting and taxes/premium/coverage remittance.
Data Analytics & Reporting
The insurance solutions enabled by the IAM™ insurance technology platform have immediate cost-efficiency and revenue-enhancement benefits, and long-term strategic value for users and adopters.
The IAM™ insurance technology is built on a platform used for over twenty-five years, at over five-hundred financial institutions, to manage product referrals, sales, service, performance and compensation.
IAM™ has the capability to provide sales, service and claims analytics for all elements of the insurance transaction, resulting in optimized revenue and sustained insurance program viability. Regions, markets, channels, locations, properties, partners, workforce members, beneficiaries, time-periods, and other variables can be analyzed for all elements of sales, service and claims performance. Related metrics and key performance indicators are ranked and trended across all data dimensions.
With IAM™, broker, administrator and portfolio performance can be recognized and rewarded, while products can be evaluated and fine-tuned to improve performance and value.
A Genuine Specialty Insurance Solution
Typical insuretech offerings are coded and configured to respond to retail, commoditized core market product requirements addressing competing quotes and carriers, and with a finite number of traditional supply chain stakeholders. Processing speciality program business through such systems requires exhaustive and invasive procedures to bypassing critical system functions that can result in untimely implementation delays, unexpected adverse outcomes and broken delivery promises. Meanwhile hierarchical user profiles are limited and frustrate the recognition and allocation of fees and commissions to interested parties.
IAM™ technology was by design developed to deliver specialty insurance programs, without the risk of collateral system damage during the integration process. The platform was designed to accommodate as many upstream and downstream intermediaries, products and user profiles as required.
A Cross Disciplinary Solution
Marketplace divisions are such that insuretech software is typically designed to sell specifically property and casualty insurance, but not health and benefits insurance and vice versa. IAM™’s flexible data architecture and fluid interface stands apart from the competition. The dynamic nature of the software adapts and responds to a wide range of unique products bridging the gap between disciplines and overcoming the restrictions imposed by other providers.
A Harmonized Financial Solution
Often, insuretech solutions ambitiously aspire to constitute complete Agency Management Systems and fall short when it comes to replacing or harmonizing with incumbent financial reporting systems, data mapping or accounting standards, while requiring different vendors and supplier management solutions to handle payments administration and credit card transactions.
IAM™’s strength is in processing transactions (premium, claims, splits and allocations) while maintaining the flexibility and data integrity to interface with various off the shelf and/or proprietary financial reporting systems.
A Bespoke Administration Solution
Client administrative microsites are an increasingly important aspect of global solutions delivery. Few providers can deliver microsites and those that do have done so as an afterthought, require significant lead time, additional development work and sometimes necessarily reproduce entire iterations of a platform to deliver a tailored client site.
IAM™ contemplated client administration from the outset and has a versatile and easy to deploy microsite module that can be deployed as a standard part of the software for every client.
A Specialty Insurance Life Cycle Solution
Many systems in the marketplace offer either standalone quote-issue-bind-platforms that require integration with an outside claims system, or isolated claims systems that require integration with an outside binding mechanism. IAM™ software has since its inception been designed to marry claims with the policy transaction side of business, while maintaining the ability to deliver modular standalone solutions where required.