Inforica’s Insurance Claim & Risk Management Application (ICRM) is a Microsoft Power Platform application that helps manage the Insurance and Risk Management processes in an organization. The application provides a framework comprising of best practices, processes, reporting and analytics to help organizations efficiently manage Insurance and Risk. This solution is a software-as-a-service solution that can be quickly tailored to an organization’s specific requirements.
Inforica's ICRM provides the following functions
Manage information related to all Insurance policies (Property & Casualty, Commercial / General Liability, Errors & Omissions, Group Health, etc.) that are required to be in place for the organization. Keep all Insurance policy related information such as Policy numbers, coverage details, assets / individuals / business units insured, certificates of insurance, insurer & broker information, insurance effective dates, expiry dates, policy premium amounts, etc. Keep a log of all policy information and history.
Risk & Insurance Advice Management
Manage processes related to the organizations Risk and Insurance Management team providing risk management advice and recommendations, such as review of insurance requirements in customer agreements, procurement, new business etc. Manage the process and documentation such as quotes, comparisons, notes, feedback etc., related to procurement of new or additional insurance coverage required by the organization – either short term or long term
Insurance cost management
ICRM provides organizations with the ability to manage allocation and charge back of Insurance costs to business units, departments, projects etc. Insurance costs can be reviewed over time and managed to meet the needs of the organization as they change over time.
Incident & Claim Management
Manage information and processes related to recording of incidents and claims made against the insurance policies. Manage status, costs, documentation, forms, communication, litigation information, regulatory compliance issues etc. related to incidents and claims.
The key features of ICRM are
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