General Insurance Systems for a mature UK Market
General Insurance Systems for a mature UK Market
The UK general insurance market is a very mature general insurance market with well known insurance companies competing and sometimes operating in tandem. The market has been well established for hundreds of years and there is an enormous range of insurance offerings that are available. Therefore, in order to appeal to the general insurance market in the UK,general insurance systems need to support all personal and commercial lines of businessincluding fleets as well as a variety of health, medical and term-life insurance products. They also need to be easy to administer. A modern general insurance system will need some form of parameter driven product and cover manager built into the system.
In order to be attractive to the UK insurance market, General Insurance Systems for the UK need to be able to support a range of insurance products. These insurance products may be offered and packaged to target various target market segments and these can include mono-line as well as multi-line offerings.
General Insurance Systems Main features
All general insurance systems need to be able to support differing lines of business and coverages and be able to mix a variety of umbrella and package combinations, such as:
personal (private) & commercial lines
property and homeowners
motor
fleets
travel
accident
health & medical care
professional liability
term life
and more
For most general insurance companies, these insurance products can be complex to define, administer and manage. Therefore,general insurance systems need a powerful Product Manager module or wizard that can manage and support the packaging of personal and commercial lines insurance products to define flexible insurance offerings. This will make the system more attractive to a broad range of insurance organisations such as traditional carriers working with agents, direct writers and brokers.
The use of such Product Management modules and wizards can facilitate the definition of new products. Educated and trained users can then define and input the parameters for new insurance products via flexible processes. In this way, these product managers or wizards help define the insurance covers, eligibility rules, options and conditions available, premium rates, terms of trade (ToT), etc. It enables the implementation of differential underwriting, personalised rates and tariffs and underwriting acceptance criteria.
JMR Consulting UK Ltd andIDIT IDI Technologies are working together to bring theIDIT general insurance software solution to the UK Market. To find out more about the IDIT solution, please get in touch by sending an email toinfo@jmruk.com or callingus on 0845 052 0900
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