SSP Select Insurance

SSP Select Insurance

SSP Select Insurance is an insurance IT solution that puts you in control of building the systems that will future-proof your business.

Whether you take a hands-on approach to creating your IT package, or you’re a part of a large company with particular niche needs, SSP Select Insurance is a flexible and modular full-cycle software package. It has components that are pre-built to cover all aspects of your required functionality. As a web-enabled solution, SSP Select Insurance helps you address your priorities by enhancing or replacing your legacy infrastructure with minimum impact on your business.

“SSP Select Insurance is a modern, componentised system designed with the medium to large size insurer in mind — any insurer with a complex modernisation requirement would do well to consider SSP Select Insurance.” Celent EMEA PAS Report, Jan 2014.

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SSP Select Policy

Benefits

  • Comprehensive policy administration & processing capabilities delivered through the browser to your users
  • Channel neutral capabilities to meet the ever more diverse distribution landscape
  • Flexible business processes that improve operational efficiency
  • 24-7 availability
  • Integration ready to facilitate the modern & often complex environments of today’s Insurers

The SSP Select Policy Administration business component has been designed & built upon the extensive product definition capabilities of the Product Definition Tool. Products & business processes, configurable by the business user, can optimise operations & deliver a consistent high quality of service.

The business component can be delivered as part of the entire SSP Select Insurance component suite or standalone as part of wider Service Oriented Architecture. It is channel neutral & integration ready & supporting these capability & business processes is a comprehensive list of features & functions designed for how insurance is processed in the 21st century.

Features

Policy Lifecycle

The SSP Select Policy business component manages the complete lifecycle of a policy, from Quotation (including quote variations, adjustment & renewal quotes), New Business, Adjustment (including short-term adjustments) to Renewal. Data is only ever entered once & a comprehensive audit train, & historical management, ensure the integrity of the data… both internally & externally.

Out-of-sequence Transactions

The system provides support for retrospective policy adjustments to enable a new policy position. Whenever a policy is changed it is considered to have a new “Policy Position”… to be created before a later one, out of sequence. Automatic premium calculation on the retrospective adjustment is pro-rated for the period between the inserted policy position & the next policy position. This function also caters for a change in cover that is not to be carried forward to a subsequent policy year. (Reverted at renewal).

Flexible Business Processes

SSP Select Insurance Process Definition Tool allows for the classification of insurance products into different groups allowing, for example, Commercial, Personal & Short Term contracts to be subject to differing business processes during their administration. Each business process is presented to the user through

Extensive Commission & Intermediary Functionality

Intermediaries (Agents, Brokers, etc.) can have more than one agreement to allow their business to be split through different accounts (For example, Commercial Lines & for Personal Lines). Each agreement can have its own account for which different terms of trade may be established. Also, one account may service many agreements. SSP Select Insurance supports primary commission, multiple secondary commissions & association commission. (The association commission would be used to pay commission to a distributor.)

Extensive Additional Capabilities

SSP Select Policy business component also delivers comprehensive additional capabilities & functionality – some of which include: long-term policies, survey management, multi-currency/taxation/lingual processing, branding, EDI, premium overrides, gaps in cover, lapsing & cancellation processing, Referral processing, Fee’s (Broker & Insurer) & external user access (Brokers & Consumers).

“We selected SSP after a comprehensive search & assessment process. The SSP solution is very flexible, scalable & cost-effective” (Bao Viet Holdings)

SSP Select Contact

Benefits

  • Single customer view over the entire solution, offering accelerated levels of customer service & customer knowledge
  • Multiple geographical processing to cater for international businesses & processing
  • Enhanced Intermediary management for your business
  • Flexibly designed to manage the multiple mechanisms in which you contact your customers – today & in the future

The SSP Select Contact business component provides a single source of management for any person or company (party) that has a business relationship of any sort with the insurance company.

The component allows the insurer to cater for the intelligent name & address capture, multiple points of contact, relationship management (including hierarchies), banking information, tax information for different countries & specialised information for individual & corporate contacts. This allows the insurer to gain real knowledge of the customer, increase revenue through marketing opportunities & reduce the turnaround time for service requests.

Features

Contact Capture

SSP Select Contact distinguishes between personal & corporate contacts (parties). Names may be entered… either structured or in free-format. Alias names may also be captured & used in searches. Corporate parties provide additional name & search capability for a ‘Trading As’ name & the ability to define preferred contacts & additional details.

Contact Roles

Many standard corporate & personal roles are delivered within the system. These can be extended & new roles may be created. For insurance, service providers (assessors, surveyors etc.) are included – complete with ranking, speciality, compliance & area of operation, to assist the assigning of jobs.

Business roles may be automatically assigned to parties by the system, according to the context & nature of the parties’ involvement. For example, a party will be automatically assigned an ‘Insured’ role when added to an insurance policy.

Intermediary Role (Agreement, Accounts)

Within intermediary roles (including for reinsurance brokers), Agreements are created that have associated with them a billing account, along with the account’s terms of trade. Commission arrangements are also defined within these agreements. Multiple agreements may be defined per intermediary allowing, for example, personal & commercial lines to be written with differing business terms &/or commission structures. Intermediary roles also allow for the attachment of a logo/ graphic. This allows customer documentation associated with an intermediary to be branded accordingly.

Contacting a Party

For any party, it is possible to record many contact methods, including business mobile (cell) number, phone, fax & email, & home phone, fax & email. Special instructions (‘Not in the office on Fridays’ for example) can be recorded alongside each contact point.

Single Customer View

The SSP Select Insurance Contact component also presents the user with a single view of the customer, all the insurances, claims, payment, relationships, contact details, contact history are presented in a single interface. This interface also allows the insurer to add mapping software to overlay the information displayed for the postal addresses given for the insured & any insured location. This functionality could also be linked to databases that provide flood & risk information, or extended to include other insurances within the immediate location.

SSP Select Composer

Benefits

  • Genuine Speed to market throughout the lifecycle of the product
  • Product definition delivered through configuration without the need for traditional development
  • Business tools delivered to the Business to manage & build their own products
  • Flexibility & agility in product design & configuration

SSP Select Composer is delivering business agility & speed to market to the customers of SSP. Product designers are able to configure products from reusable building blocks. All rules, calculations & logic are defined as atomic components & then assembled into a fully usable insurance product allowing product variants or pricing revisions to be made available almost instantly.

The SSP Select Composer with SSP Select Insurance represents the next generation of business tools. It’s intuitive to use, business-friendly with no development skills required & is delivering real cost savings to the insurer, over traditional product development approaches.

Features

Simple to use

The SSP Select Composer delivers product definition in a series of simple to use & easy to follow wizards, that encompass everything from rating, rules, product components & graphical user interfaces.

Unconstrained Product Design

The product representation within SSP Select Composer is not limited by constraints inherent within the solution but allows a product to be represented in any way the Insurance Company envisages (any depth & breadth in cover). Each product is defined as a collection of re-usable “artifacts” that together build a re-usable library of product elements, accelerating product definition & delivering speed to market.

Agility built in

Extensive Scheme functionality enables the business user to flex a product to meet market conditions & opportunities whilst maintaining the integrity of the core product & solution. With schemes, Insurers are empowered to rapidly deploy specific versions of a product within hours & without IT intervention.

Full Product Lifecycle

The SSP Select Composer contains extensive product lifecycle management capabilities, allowing a product to be deployed & modified throughout its life using extensive versioning capabilities & then finally decommission. The versioning capabilities extend beyond the product to include all product artefacts including rules, rates, question sets & services.

SOA enabled product definition

The SSP Select Composer, although it contains an extensive functionality & capability, has been designed to consume external Rating & Rules engines from the start. When defining a product module within the business, users can simply define the use of an external engine. Configuration then facilitates the data mapping & integration through exposed services with the external engine, for example Polaris ProductWriter© in the UK.

“We have constructed all our commercial products using the SSP Product Definition Tool without any coding” (ABSA)

SSP Select Finance

Benefits

  • Lower cost of ownership, improved service to customers, automated billing & rejection
  • Multi-currency
  • Configurable charges & fees to Policyholders & distribution channels, at transaction level
  • Configurable multi-layered commission structures
  • Intuitive & modern User Interface
  • FSA reporting framework

The SSP Select Insurance multi-currency finance component provides a solid financial infrastructure, either stand-alone or integrated, to other SSP Select Insurance components, with the flexibility to design bespoke payment & rejection plans to meet the needs of customers on a product-by-product basis. Receivables can be actioned & reconciled either on a policy by policy basis or by the agent / distribution channel.

The SSP Select Finance rules provide for write off tolerance to aid automated reconciliation. SSP Select Insurance also maintains full history of the financial journey of payments in & payments out, together with query handling.

Features

Billing

Payment plans can be configured at product/scheme level, allowing anything from monthly, quarterly or bi-annual billing, with chosen payment methods i.e. BACS, credit cards etc, including any additional charges/fees. At a glance view of all policy premiums & receipts for a customer is also readily available.

Receivables

Premium, claims & Reinsurance receivables are all managed from within the finance component. SSP Select Insurance also provides across component journaling.

Commissions

Multi-layered configurable commission structures can be created product-by-product & channel-by-channel, either bespoke or shared.

SSP Select Claims

Benefits

  • Minimise cost by proactive handling of claim cases
  • Deliver consistent high quality service to claimants
  • Effectively manage third party service providers
  • Ability to use a wide choice of interfaces i.e. self-service, to reduce administration costs

SSP Select Insurance offers full claims handling from First Notice of Loss (FNOL), claim maintenance to claim settlement/closure configurable claim estimate/recovery codes specific to a product. Ability to report & close a claim as ‘notified’, with minimal information & no financial implications. Full integration with Underwriting, to ensure validation against in-force cover, at time of loss.

Claims are surrounded by a comprehensive security suite which restricts users/external users, to amount of estimate & payments (per product & per type of payee), all configurable. Claims made are also fed back to the underwriting system for renewal processing. Photos, reports, sound files & notes may be attached to individual claims, along with fully audited conversations.

Features

Manage Parties

The ‘Manage Parties’ activity allows a user to identify, attach & work with parties (contacts) that are associated with the claim process. For example, service providers & loss adjusters. Specialists can also be allocated or selected by type, speciality, region & whether they are a ‘preferred’ specialist.

Estimates/Recoveries

The reserving activity provides for the input & revision of claims estimates/recoveries, including automatic Reinsurance recovery reserving, if appropriate. All are configurable, per product.

Payments/Recoveries

SSP Select Insurance supports payments out.

Manage Incidents & Events

A manage incidents’ process is available to allow the capture & tracking of event & catastrophe incidents, along with the actual & potential financial corporate exposure.

Service Targets

Specific performance targets may be defined for individual products, e.g. a loss adjuster must be appointed within 1 day of the claim notification. By linking this to both workflow & diary, it is possible to enhance the adherence to service level targets.

Summary Financials

SSP Select Insurance provides ‘at a glance’ financial summary & movement history, thus facilitating a speedy & efficient response to query. Drill down, to the lowest level, is available from these views.

SSP Select Reinsurance

Benefits

  • Extensive functionality to cater for all your Reinsurance needs
  • Business processes designed around the way that you work
  • Business control & management of the Reinsurance configuration & process

The SSP Select Reinsurance component supports the administration of all types of proportional & non-proportional facultative & treaty arrangements. With this deep & wide support for outward reinsurance, system changes are minimised during installation & in the future.

The treaties allow for comprehensive contract details, participants & specific treaty financials to be entered. Reinsurers &/or Reinsurance Brokers can be added as participants to the Treaty, with accounting to both party & individual exchange commission supported. The overheads related to managing individual treaty reinsurer’s participant accounting can be eliminated.

To enable the automatic calculation of premium & claims cessions for the treaties, SSP Select Reinsurance allows retentions to be created for every policy coverage & the defaults can be overridden at policy level.

One or many policy coverages can be linked to a Reinsurance Class. A treaty is then setup to protect one or more Reinsurance classes. Finally, treaties are organised into a reinsurance program. Cessions can be generated retrospectively where treaties are not in place prior to commencement of an underwriting year. Premium cessions & claim recoveries are automatic – nothing is missed. This delivers great savings in administration effort. It also gives peace of mind that effective risk management programmes are in place.

Features

Reinsurance Classes & Retentions

SSP Select Reinsurance supports the configuration & management of ‘Reinsurance Classes’ – these being a group of one or more coverages that are protected by a reinsurance treaty. Retentions are then configured for each of the coverages linked to a reinsurance class. Different retentions can be configured for a coverage based on the reinsurance category (e.g. poor, standard, superior).

Accumulation

SSP Select Reinsurance supports the accumulation of two or more coverages on the same policy for the purposes of establishing the overall reinsurance sum insured to be passed into the reinsurance calculation engine in order that the correct premium & recovery sessions are generated.

Program Management

The Program Management function supports the consolidation of Treaties that have been set up to protect one or more of the reinsurance Classes into a reinsurance program.

Pended Reinsurance Processing & Retrospective Cession/Recovery Calculation

Where policies are entered & the reinsurance protections are not fully in place (e.g. the reinsurance programme has not been concluded prior to the commencement of a new underwriting year), or a coverage retention has been breached, the reinsurance worksheet for the policy will be ‘Pended’ & a work item will be placed in the ‘Pended Reinsurance – Trading’ workbasket. These work items can then be ‘resumed’ by reinsurance personnel at a later date once the reinsurance treaties are in place, or the decision to purchase a facultative policy has been made.

We selected SSP after a comprehensive search and assessment process. The SSP solution is very flexible, scalable and cost-effective. Bao Viet Holdings

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