p1 P&C for Property and Casualty Runoff
The 1 in p1 is derived from the number of systems you will need to interact with to accomplish everything required in the administration of your insurance business. Instead of needing separate systems for your assumed, direct, and reinsurance business as well as policy/contract, claim, and cash application systems for each we give you the power (p) of all of those systems in just 1 integrated system. We eliminate the need to scramble from one interface to the next.
P&C Insurance and Reinsurance Features:
Contracts and Policies
Maintain details of all key Policy/Contract terms and conditions for Direct Insurance, Assumed and Ceded Reinsurance. Links Direct and Assumed Contracts to associated Ceded Reinsurance Contracts. Links are used for monitoring potential loss recoveries as well as in the Ceded Automation process under the Ceded Reinsurance Module to calculate Reinsurance recoveries.
Recording of Direct Premium details and Assumed/Ceded Reinsurance Accounting details. Used for recording Reinsurance Premium details on Non Proportional business and all transactions associated with Proportional Treaties. Ceded Reinsurance Accounting is maintained at Contract level and distributed to individual reinsurers in the Ceded Reinsurance Module. Immediate distribution of participant level transactions and balances is an option to allow for expedited billing. Ceded Participant level accounting is an available feature for processing adjustments or activity to a single Reinsurer.
Manages individual losses under Direct Policies or Reinsurance Contracts. Utilizes Industry Standard Coding such as ISO or NAIC for Workers Compensation reporting. Also allows custom codes for internal reporting or accumulation based on client requirements. Automated production of payment checks to policyholders, claimants, or outside adjuster or legal fees. Claim Payment and Reserves can be imported from outside sources, such as Third Party Administrators, using the p1 Automated Interface Module (AIM). Integrated Document Management used for storing and retrieving any correspondence related to a claim. The Diary system alerts the adjuster via email when claims need to be reviewed. Manually administered Claims under Ceded Reinsurance Contracts are maintained at Contract level and distributed to individual reinsurers in the Ceded Reinsurance Module. Immediate distribution of Participant level transactions and balances is an option to allow for expedited billing.
Ceded Reinsurance Module
Manual distribution of Ceded Accounting and Claim transactions from Contract level to Participant level to generate detailed transactions and balances. P1 supports automated calculation of Proportional and Non Proportional Facultative and Treaty arrangements, including application of layered programs and deduction of inuring reinsurance relationships.
ARAP/ Cash Module
Management of receivables/payables generated by the Accounting, Claims, and Ceded Reinsurance Modules.
Daily, Weekly, Monthly, and Annual reports exist for Accounting, Claims and ARAP/Cash. Specially designed reports are available for Industry Financial Reporting, Management & Actuarial.
All p1 Modules are linked to the DocuRead System providing easy access to any type of document related to the Contract, Claim or Accounting under the Contract.