JWebClaims is a a leading end-to-end claims management system, built from the ground up to meet the specific needs of today’s property/casualty (general) insurers.
JWebClaims flexible business rules enable claims organizations to define, enforce, and continually refine their preferred claim handling practices in order to optimize and monitor claim processes. Claim Center is in use by insurers of all sizes across all product lines to improve speed and accuracy, reduce loss adjustment expense, and enable proactive management of claims.
JWebClaims processes and transmits data via the Internet, thus allowing users – coded and recognised by the system – to interact and communicate as regards the overall management of one or more claims, each linked to an insurance policy, to continuously update all the information and contractual documents relative to the Parties participating in the individual programme “functions”.
The system starts from the real and proper origin of the Loss (the Damage Notice, generally produced by the Insured and/or a Broker on his/her behalf), continues through the Claim analysis phase (a typical function of the Loss Manager) and concludes with its definition/closure (Settlement/Rejection/No Follow-up/Other). It is therefore a dynamic system with contents that can be written (though subject to critical control) and read by all accredited users, each with a specific function and role. It sets out to contain, inside just one web document, the entire history of a Loss – including communications between the Parties and all the relative documentation – in order to allow shared and updated consultation of developments and, consequently, a more fluid management and finalisation of individual positions.
We could therefore, perhaps a little artificially, define the system as being “multi-source” (it receives contributions from several sources or parties) and “multi-directional” (it dynamically interacts with several parties)
JWebClaims is based on a Database and features a relational structure designed to contain all the information that may be required in order to manage the Loss. It is especially capable of dynamic interaction thanks to the contribution, critically screened by a supervisor (Loss Manager), of all the parties involved.
Therefore, the system users (Players) are able to constantly monitor the development of each single position in real-time by simply accessing the relative “Loss” sheet on the web together with all the communications, managed in chronological order, and all the documents archived in electronic format (mainly PDF).
System functions and accesses are protected by multi-level passwords, thus offering correct operating hierarchy. The system is multi-language and can therefore be used by operators coming from several countries. The language is chosen by the user during login.
Special attention has been paid to developing of the “statistics” module. On each loss sheet, in fact, it is possible to enter reserves at different levels both for damage settlements and expenses (professionals, adjustors, assessors) and for recovery. This information, combined with the settlement data, can be extracted via parametric queries by “underwriting Year”, generating an output in Excel for any further processing. There is an “as if” function which is used to recalculate the policy according to assumptions of changes in the adjustment data (excesses, stop-losses, deductibles).
There is also multi-currency management featuring exchange-rate logging in order to allow statistical reprocessing on the basis of different exchange rates.
The JWebClaims settlement module allows error-free management as the software caters for seven different parameter types (single and aggregate excesses, single and aggregate stop-losses, deductibles, deductibles plus minimum excesses, EPI) for each policy section and/or subsection. This function is vital to the settlement process; it is also possible to manage accounts and the database incorporates a dynamic counter for aggregate management. The settlement process incorporates authorisation management. The company can therefore authorise settlement both promptly for single losses or, in general terms, according to an economic parameter. Receipts can be sent electronically to the broker/insured. As the software interfaces with a Home banking system, it can generate payment order flows to banks.
The various damage notice forms are parametric and therefore the system can cater for multi-branch loss management.