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A sophisticated platform that provides comparative quotes, integrated CRM tools for brokers, analytics for performance tracking, and a dedicated support team for continuous improvement.
Systems that facilitate electronic data exchange with reinsurance brokers and markets, streamlining placement activities and claims notifications.
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Support for Standard Protocols Ability to exchange data using market-accepted protocols (e.g., ACORD, Ruschlikon). |
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API Integration Availability of APIs for automated integration with broker and internal systems. |
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Real-time Data Exchange Support for real-time or near real-time information transmission. |
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Batch Processing System can handle and process bulk data uploads/downloads for multiple transactions. |
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Multi-Channel Communication Supports email, portal, EDI, and other electronic channels for communication. |
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Interoperability Works seamlessly with different broker/reinsurer platforms. |
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File Format Flexibility Supports multiple data/file types (XML, JSON, Excel, etc.). |
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Connection Speed Average end-to-end message transmission time. |
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Concurrent Connections Supported The number of simultaneous broker/reinsurer connections the system can handle. |
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Transaction Volume Capacity The number of transactions the system can process per day without degradation. |
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Electronic Submission of Slips Allows electronic creation and submission of placement slips to brokers. |
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Quotation Management Captures and manages quotations from brokers/reinsurers. |
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Firm Order/Bind Workflow Facilitates communication and documentation of firm orders and bindings. |
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Negotiation Tracking Tracks negotiation exchanges between parties. |
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Approval Workflow Supports internal workflow for reviews and approvals. |
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Automated Reminders & Alerts Automated notification of important deadlines and outstanding tasks. |
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Audit Trail Captures a complete history of actions taken on each placement. |
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Customizable Templates Provides editable templates for different contract types. |
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Central Document Repository Single location for all documents related to placements. |
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Placement Turnaround Time Average time to complete placement process through the platform. |
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Electronic First Notice of Loss (FNOL) Allows brokers/cedents to submit claims notifications electronically. |
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Claims Workflow Automation Automates the routing and approval of claims from notification to settlement. |
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Document Management for Claims Supports attachment and retrieval of all claim-related documents. |
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Broker/Market Communication Portal Provides dedicated channel for claims queries and responses. |
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Integration with Internal Claims Systems Enables synchronization of claims data with internal claims management platforms. |
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Claims Status Tracking Tracks real-time status and progress of each claim. |
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Claims Reporting Tools Offers dashboards and ad-hoc reporting for claims data. |
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Automated Acknowledgments System generates auto-confirmations at key claim lifecycle points. |
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Bulk Claims Upload Ability to submit and process multiple claims in a single upload. |
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Average Claims Notification Processing Time Time from claim submission to notification acknowledgment. |
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Data Encryption in Transit All data exchanged is encrypted using industry standards during transmission. |
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Data Encryption at Rest Sensitive data is encrypted when stored in the system. |
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Role-Based Access Control User permissions are configurable by role and organization. |
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Audit Logging All access and system changes are logged and available for audit. |
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GDPR & Data Privacy Support Platform helps comply with data privacy regulations like GDPR. |
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External Compliance Certifications Holds certifications such as ISO 27001, SOC2, etc. |
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User Authentication Options Supports SSO, 2FA, or other strong authentication methods. |
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Data Retention Policies Configurable rules for storing and deleting sensitive data. |
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Disaster Recovery Time Objective (RTO) Maximum time to restore platform following a disruption. |
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Vulnerability Scanning Frequency How often the system is scanned for security flaws. |
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Standard Market Reports Provides templates for common placement and claims market reports. |
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Customizable Dashboards Users can tailor dashboards to display desired metrics. |
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Ad-hoc Report Builder Allows for creation of custom reports on demand. |
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Data Export Tools Options to export data to Excel, CSV, PDF, etc. |
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Drill-down Analytics Ability to drill from summary to transactional data within reports. |
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Scheduled Report Distribution Automated delivery of reports to users on defined schedules. |
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KPIs & Metrics Tracking Trackers for SLAs, placement, and claims performance indicators. |
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Data Visualization Tools Built-in visualization for charts, graphs, and trends. |
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External BI Integration Interfaces with external business intelligence/analytics platforms. |
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Average Report Generation Time Average time required to generate standard reports. |
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Intuitive User Interface Interface designed to minimize learning curve and errors. |
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Multi-Language Support System available in multiple major languages. |
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Accessibility Features Supports accessibility standards (e.g., WCAG) for users with disabilities. |
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Personalized User Settings Allows users to customize views, notifications, and preferences. |
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Responsive Design Optimized for desktops, tablets, and smartphones. |
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Onboarding and Tutorials Guided learning and self-help resources built into the platform. |
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Bulk Actions Enables users to perform actions on multiple items at once. |
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Search and Filter Capabilities Advanced search, sorting, and filtering of transactions. |
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Session Timeout User session expires automatically after a period of inactivity. |
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User Load Capacity Maximum number of active users supported. |
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Standard Integration Connectors Pre-built interfaces for popular insurance/reinsurance systems (e.g., policy admin, claims systems). |
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Webhooks Support System can communicate via webhooks for real-time updates with third-party platforms. |
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Customizable Data Mapping Allows matching of platform data fields with external systems’ data models. |
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Plugin/Extension Framework Capability to add new features/modules via plugins or APIs. |
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Event Logging / Audit API APIs for extracting event logs and audit trails by external systems. |
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Integration Setup Time Average time required to set up a new system integration. |
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Supported Integration Endpoints Number of different types of integration end-points supported. |
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Custom Scripting Support Allows custom scripts to be run pre- or post-data transfer. |
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Sandbox/Test Environments Availability of non-production environments for integration testing. |
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Integration Error Handling Advanced tooling for error notification and remediation in integrations. |
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High Availability System is designed for >99.9% uptime. |
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Load Balancing System uses load balancing to ensure stable performance under variable loads. |
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Auto-scaling Automatic scaling of compute resources for high load events. |
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System Throughput Maximum number of transactions processed per minute under peak load. |
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Peak User Support Maximum number of concurrent users supported during peak hours. |
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Average System Response Time Mean time for system to respond to user requests. |
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Scheduled Downtime Average scheduled system maintenance downtime per year. |
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Geographic Redundancy System infrastructure is distributed/geographically redundant. |
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Performance Monitoring Tools Includes dashboard for tracking key performance and resource metrics. |
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Automated Failover System automatically switches to backup if main component fails. |
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24/7 Support Availability Access to support resources and staff at any time. |
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Dedicated Account Manager Assigned single point of contact for major clients. |
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Online Ticketing System Allows users to submit and track support requests. |
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Response Time SLA Average first response time for critical issues. |
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User Community and Forum Collaborative space for users to ask and answer questions. |
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Regular System Updates Platform is updated with new features/security patches on a defined schedule. |
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Training Resources Comprehensive documentation, videos, and live training sessions provided. |
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Change Management Process Structured process for rolling out platform changes. |
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Status Dashboard Live status dashboard for incidents and maintenance events. |
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Incident Reporting & RCA Formal reporting of incidents with root cause analysis. |
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Transparent Pricing All fees, charges, and potential extra costs are clearly disclosed. |
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Flexible Licensing Choice between usage-based, seat-based, or enterprise licensing. |
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Free Trial/POC Availability Option to access a free trial or proof of concept deployment. |
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Volume Discounts Discounting for high transaction/user volumes. |
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Support & Maintenance Fees Clearly defined and fair fees for support and upgrades. |
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Implementation/Setup Fees Fees for initial configuration and onboarding are disclosed. |
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Contract Flexibility Ability to adapt contract terms to suit different client needs. |
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Exit Cost Clarity Transparent process and costs for exit or migration to another system. |
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Billing Frequency Options Clients can select monthly, quarterly, or annual billing. |
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Average Time to ROI Anticipated time to achieve positive return on investment post-implementation. |
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