Console Overview

Described by clients as one of the most advanced claims, underwriting and compliance software solutions available, we take pride in the fact that our cloud-based product Console was developed from the ground up in conjunction with London market professionals. Intuitive and fully interactive MI, KPI and compliance reporting allows users to effortlessly monitor performance of the business, staff, insurer, TPA, broker and coverholder networks. Console integrates with existing back-office legacy systems and the usage based pricing plan allows start-up MGAs to economically leverage with minimal investment.

Underwriting Module

Within Console, we have developed an underwriting system which is fully integrated with the claims system as part of our insurance platform.

The underwriting system is much more than just a rating engine. It incorporates a document management system which enables work flow and an email gateway directly to and from a quote/policy file. It allows you to keep a directory of wordings and endorsements in addition to your individual policies which will time track endorsements. With compliance in mind, the underwriting system can generate declarations to satisfy your regulator and is capable of conducting real time sanction screens by using our sanctions screening software, which is endorsed by Lloyd's.

The system is capable of providing an array of MI, including:

Splits between different stamps
Reporting on the real-time Declinature rate
Triangulation reports fed directly from the claims system
Establishing earning patterns
Variation from technical premium
Graphs showing reasons for variation from technical premium
How many times you have re-quoted for same risk
NTU rate with graph showing the underlying causes
Split of firm by turnover
Geographical split
New business bound between two dates
Monitoring of distribution channels and networks, complaints and other conduct risk reports

The system would be fully bespoke to your requirements as we would spend the time with you before the system build to establish what you want the system to report on, your automatic referral points, your rating matrix and any other requirements from your underwriting guide.

Claims Module

Caytons Law as a TPA and numerous Lloyd’s and company insurers, MGAs and brokers are using Console to run an entirely paperless email enabled claims management system. Claims can be accessed remotely so as to enable seamless business continuity at all times, and real-time data availability for our clients. The functionality of the system is flexible enough to accommodate all classes of business and all types of business users, from insurers, to brokers to insureds and captive companies.

By having a fully electronic and workflow driven claims management system, a full audit trail of all correspondence and activity is also remotely accessible and enables automation of KPI statistics. The electronic claim files have been structured to enable comprehensive collation of claims data, tailored to client requirements, so as to produce granular reporting of losses, causes, trends and other business MI.

Pursuant to the underwriting platform and direct policy feeds, the system is also built to produce automated compliance reports such as Solvency II bordereaux, complaints reports, sanction screening and reporting, root cause analysis and monitoring of distribution channels.

Detailed Claims Module Overview

The system is highly sophisticated, enabling fully electronic, paperless claim files that captures analytical loss data and KPIs, with correspondence encrypted and emailed directly to and from the files, removing the time and cost of administration in its entirety, whilst ensuring remote access to all correspondence. The data field criteria within the claims files can be tailored not only to the type of class, but to individual preferences and requirements to ensure that the essential data needed for effective management of the business is captured for analysis. The system has proved to be capable of accommodating claims arising from over 30 classes of business for both insurers and insurance brokers.

From the ability to either feed policy data from the underwriting platform, or import directly into the system from an outside source, it is also an invaluable tool for underwriters to conduct triangulations and monitor distribution channels and income streams, alongside analysis of claims against a vast range of variables at the touch of a button.

The system can provide an immediate real-time download of the MI reports that can be tailored to the individual requirements of our clients.

Email Integration

To increase efficiency and security, and eliminate the time and cost of administration, claims handlers can email directly to and from not only the individual claims e-file, but each subfolder within the e-file carries its own unique email address, where each email is individually encrypted at rest, following the principles of ‘zero knowledge privacy’. The system recognises incoming and outgoing emails and sets automated task alerts to inform the relevant person of incoming mail, whilst automatically monitoring activity levels for KPI and SLA compliance purposes. The direct email function is also enabled within the underwriting platform, with all correspondence relating to a particular placement recorded against that risk record.

Paperless, KPI & Workflow

All documents produced are automatically saved and individually encrypted within the document management system in their native format and are fully word-level or meta-tag searchable at either document or system level. These documents can be automatically emailed out, saved as a PDF document, read online or printed.

The system has a comprehensive workflow functionality that, like most other features on the system, can be configured to specific requirements and most pertinently aligned with specific SLA turnaround times and referral thresholds to ensure compliance with the same and monitor breaches.

 

MI & Classes of Business

The platform can accommodate all classes of risk data and claims allowing the automatic fielding of claims e-files based upon the risk type. Reporting metrics such as cause codes would be appropriately fielded on the same basis.

Cloud Backup, Availability & DR

The platform is hosted at two separate Tier IV UK- based centres. The ‘B’ site is synced via 15 minute backup cycles as well as real time mirroring and failover controls at the ‘A’ site. This allows for near-time switching to site B in the event of a total loss or severe equipment breakdown. The system is covered under a 24/7/365 support agreement.

Data Security & Intrusion Monitoring

The systems sit behind sophisticated firewall technologies and are monitored continually for denial of service, port scan and access attempts. Along with server health metrics, all alerts are sent immediately via SMS and email to the support personnel on a 24 hour basis. There is also a real-time performance and security monitoring console displayed on the main screen located within the technical support department.

Console file download security policies, anti-virus protection and malware detection is implemented on all servers, with strict technician access regimes in place. Allowable IP restrictions are also in place where appropriate.

All documents uploaded to the servers are encrypted at AES256bit level on an individual file basis, with the private keys hashed in the MS SQL Server database.

From a management reporting perspective, common elements (i.e. financials) can be reported upon at a high and granular level across classes.

Specific reports can be written using our query module and drill downs to complement the extensive suite of standard reports. There are 100s of different styles of graph available, including automatic triangulations, conventional graphs and drill down maps. This is achieved by the direct feed of policy data in order to generate real time calculations. All data can be easily exported into a variety of software suites, such as MS Word, MS Excel and Adobe reader for PDF format.

Data would be available in a data warehouse or a set of reporting tables and could include big data elements.

Conduct Risk

By collating postcode data via the policy feeds and throughout the claims management process, the contacts database captured from policy placement through to claim settlement can be imported to provide a visual demonstration of income streams, distribution channel networks, loss locations, claim volumes/ value analysis by area and therefore assist in underwriting risk analysis and Conduct Risk reporting. In the course of capturing complaints and dispute data, the map enables effective root cause analysis of generic issues being encountered during the customer experience. The automated sanction screening facility can visually demonstrate where sanctioned parties are and could assist in identifying fraud.

Solvency II Reporting

The claims management system is structured so as to enable claims handlers to break-down every payment registered according to the type of payment, the payee party’s role, name and address and date of payment. In doing so transactions can be broken down at such a granular level, Solvency II compliant bordereaux can be generated automatically.

Complaints Reporting

In recognition of the lack of complaints data and general customer feedback being captured throughout the industry, we have built a complaints and dispute reporting function, along with general feedback capture, within the claims files that feed through to automated reports. The MI fields used to capture complaints data are in line with that prescribed by Lloyd’s meaning the reports are ready for onward distribution to regulators and the workflow is configured to prompt the handler to ensure compliance with the relevant complaint referrals and response times. The same complaint reporting function is utilised on the underwriting platform to ensure all feedback through the insurance process is captured and root cause analysis can be readily conducted.

Automated Sanction Screening

In response to the threats associated with the current political climate, it is increasingly essential to ensure robust checks are conducted against the potential beneficiaries of insurer monies. We have worked with Sanctions Search, a Lloyd’s approved sanction screen provider, to link their screening function to our contact base. Their screening service is directly linked to our system so that duplication of contact entry is eliminated.

If required, we can have all policyholders, be they individuals or corporate entities, and their listed principals and directors screened.

All contacts captured throughout the claims process, most pertinently the end payee, are entered onto the system and an immediate sanction check is returned. In the event a contact is returned as potentially subject to a sanction, there will be an automatic red flag against that contact and the associated policy or claims file, and a task generated to alert the claims handler.

Once a contact is entered it will continue to be screened intermittently so should an initially cleared contact later be added to a sanction list, the handler will be immediately alerted.

Console Summary

The Console Insurance Platform is a sophisticated application that can be deployed in a modular format. If your organisation only requires the claims module, we can interface with your existing underwriting platform and the same would apply if only the underwriting module is required; we would integrate with your existing claims system.

We should be delighted to speak to you in absolute confidence, should you require a full demo on the capabilities of our platform.