What is p1?

p1 is an enterprise software platform specifically designed for insurance companies managing discontinued insurance and reinsurance business.

Developed by experienced professionals with extensive insurance industry knowledge and legacy platform integration expertise. Extensive experience migrating legacy systems ensures a timely and accurate transition from expensive, outdated technology to a solution that meets the needs of the modern runoff operation.

Why you need p1

Insurance companies exist to take care of people during some of the most vulnerable times in their lives. They must turn a profit to do this effectively. The most vulnerable part of an insurance company's life is when a service line is unprofitable, or marginally profitable. When this occurs the insurance company cannot simply cancel their contracts. They made promises and must continue to protect their policyholders. What they can do is put that business line into runoff. While in runoff, the insurance company is no longer issuing policies; instead they simply maintain existing policies until their expiration. 

Runoff is a particularly vulnerable time for an insurance company because the company must be able to service claims using existing reserves and premium dollars, without adding policies to grow as you would with a typical insurance pool. As time goes on, the company begins contracting again as claims reduce. The company sheds insurance adjusters, claims agents, and all manner of infrastructure. However, a funny thing often happens to the IT budget during the same period…it goes up!

Inverse relationship between reserves & IT budgets during runoff period

Why would the IT department continue to run contrary to the entire company and entire business type? Simply put, because IT quietly has built an empire. This does not occur all at once; a company starts with a legacy system from an acquired book of business. Executives ask their well-meaning IT staff to manage that legacy system, and IT gladly accommodates the request on one condition..."All it will take is X number of new staff and XY hardware". Executives then decide they need to be able to better manage data from these various sources. IT grants this request as well..."all it will take is X new staff, XY new hardware, and XYZ new software with X number of dollars added to the monthly budget for licensing". Suddenly and unexpectedly, IT is the largest department in the company and has three times the budget of any other department.


The p1 suite helps protect insurance businesses in runoff by stopping the IT empire building cycle. p1 eliminates the need for:

  • Maintaining legacy systems
  • Maintaining data management related hardware
  • In-house database development
  • Maintaining data security
  • Keeping up with data management related regulatory issues

It's all done by p1!

About the p1 Service Line

p1 is a modern SaaS (Software as a Service) system which is offered on the Cloud, designed to free you to focus on running your business instead of managing your data. The underlying system is written on the Microsoft .NET framework and utilizes the Microsoft SQL Database allowing you to integrate many of your existing platforms.  

The p1 Service Line has been designed by experienced professionals with extensive insurance industry knowledge and expertise. HMR’s extensive experience migrating legacy systems to the p1 system ensures a timely and accurate transition from outdated technology to a solution that fits the requirements of runoff operations.

The system’s strength is its design which has been used to support hundreds of companies.


Key features

  • Automated Data Interface from external sources, thereby reducing data entry errors 
  • Automated issuance of Claim checks, including recurring payments 
  • Ceded Automation of Proportional and Non Proportional Reinsurance loss recoveries 
  • Electronic Document Management for all modules 
  • Seamless interface with external GL software 
  • Flexible reporting and data extraction
  • p1 AIM module (Automated Interface Module) gives users the capability to upload and edit information directly into the system using excel worksheets.  This dramatically reduces data entry keying errors
  • Pre-written reports meet the needs of a wide range of users from Accounting and Claims to Actuarial 
  • Interfaces with StoneRiver GL & AP insurance accounting systems
 
 
p1 life for life insurance runoff

p1 life for life insurance runoff

p1Life for Term Life Insurance Runoff

We set out to develop one of the most robust life insurance data management systems available and to provide it at a fraction of our competitors' cost. We offer our clients a complete integrated solution including advanced features such as electronic funds transfer (EFT) and credit card premium processing and collection as well as customizable insured letter correspondence creation.  Letters are generated and daily printing.  They are then written to our imaging storage & retrieval system (DocuRead) which provides customer service with easy access to all correspondence via our Policy Administration module.

What makes p1Life the solution for your insurance data management needs?

 

Options and features typically missing on Life Insurance Data Management Platforms come standarD on p1 Including:

  • Over thirty customer service policy administration online functions
  • Annual, semi-annual, quarterly, and monthly billing modes
  • Electronic payments for both checking accounts and credit cards
  • Automatic letter generation and storage & retrieval system at the insured policy level  
  • Ability to convert Term to Whole Life policies
  • Yearly renewal term capability
  • Decreasing term insurance options
  • Reduction of IT personnel expenses
  • Reduction of hardware and software expense
  • The accessibility, flexibility, and security of the cloud on Microsoft’s Azure
  • Turn-key conversion from your legacy system to p1

 

Our system is a total solution which includes the following key features:

p1 Runoff Life Insurance Software Features

p1 Runoff Life Insurance Software Features

ADMINISTRATION AND QUOTING

Policy and Customer Administration, for the United States, the UK, and Spain

Automatic Policy Quoting and Rating in all 50 states

Automated correspondence

Customizable Letters & correspondence

Automatic and Ad/Hoc Generation of letters and correspondence in both English and Spanish

Automatic & Online Policy Expirations, Cancellations, & Reinstatements with related automated correspondence

REPORTING

Report generation & Bureau reporting

DOCUMENT MANAGEMENT

Online retrieval of all correspondence at the touch of a button with DocuRead document management integration

BILLING

Four Billing Modes: Monthly, Quarterly, Annual, Semi-Annual

Automatic Billing via EFT (Electronic Funds Transfer) and Credit Cards

Cash Application which includes cash suspense logic to handle over and under payments

CASH MANAGEMENT

Easily manage cash receipts and distributions from within the p1 Life system.

 

Reinsurance Life Insurance Software Features

Reinsurance Life Insurance Software Features

p1 p&c for property and casualty runoff

p1 p&c for property and casualty runoff

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.

Accounting Module

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.

Claims Module

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.

Reporting Module

Daily, Weekly, Monthly, and Annual reports exist for Accounting, Claims and ARAP/Cash. Specially designed reports are available for Industry Financial Reporting, Management & Actuarial.

Document Management

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.

p1 DocuRead total document solution

p1 DocuRead total document solution

p1 DocuRead the Total Document Solution

Insurance document management has never been easier than with p1DocuRead.

DocuRead allows users to create their own imaging storage and retrieval applications. This is done by an easy to use application setup process.  Applications can be setup in just a few hours. The application setup process allows for up to 10 different searchable indexes.  PDF, TIF, JPG, spreadsheets and word processing documents can easily be imported, indexed, or saved into the system. DocuRead will help your organization become more efficient by storing documents electronically and providing staff member’s simultaneous access.  Just think about the office floor space you will gain by eliminating all those old file cabinets.   

Structure

10 independent indexes for simple searchability.

3 indexed datatypes that can be set to be required for indexing

  1. Alpha numeric- with the option of validation from a list.
  2. Date- with the ability to search to and from a certain date.
  3. Drop-down list- as determined and selected by the user.

Stores the original file name

Distinct log Number for additional file reference.

Security

Requires a terminal service access and active directory login.

Various rights under each client to control application modification and index modification as well as batch import and export.

Administrator controlled access to DocuRead indexes.

Administrator driven user access to individual clients.

Documents are stored on a separate imaging server and are segregated by book of business.

Input

Individual scanning and simultaneous indexing.

Batch scanning and batch indexing.

Import and indexing of individual files.

Batch import and loading of external indexes (Files scanned and indexed externally).

Automatic Batch import and indexing from p1.

Output

Review documents from DocuRead by company.

View documents from p1 that are directly linked to policies or contracts.

Print documents.

Export groups of documents or legal requests for information to folders

 
p1 p&c for property and casualty runoff

p1 p&c for property and casualty runoff

 
 

p1 Pocket: the power of the p1 system in the palm of you hand

 

Insurance executives need actionable information. Unfortunately for most execs this information can be very difficult to get. In fact it typically means redirecting staff away from work that needs to get done to build these reports by accessing the multiple systems that the information is stored.
  
The p1 approach of using the power of one system to liberate all of the data you need has been mobilized. 

 
power-of-one.png
 

 

p1 Pocket Insurance and Reinsurance Features:

THE POWER OF THE ENTIRE P1 PLATFORM in the palm of your hand

Whether you need information from policies, claims, ceded reinsurance, documents, or cash management; it is all available to you on demand. This app changes the game for executives whether looking for the ultimate advantage in commutations or just looking to track traditional reports more easily and/or frequently.

Reports on Demand

Once built to your exact specifications Principal to Principal Reports, Red Flag Reports, Traditional Monthly Reports, and Multi Book Reports can all be accessed on demand wherever you need them. 

Read and read write data Security and Administration Options

You choose the administration level and team access to data.