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Finance

Risk Insurance Management System

Full-scale eRIMS platform engineered to replace fragmented risk tracking with a unified digital ecosystem

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Overview

To overcome risks spanning financing, legal, strategy, regulatory compliance, and operations, a Risk Management application was developed to monitor and report issues in a timely manner. We developed platform for prioritizing tasks and tracking risk across every business process, the solution ensures critical risks are consistently addressed and recorded on time.

Customer

A global governance, risk, and compliance software company based in the USA serves clients across healthcare and highly regulated industries.

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United States

Challenge

These risks can be anything from financing, legal, strategy, regulatory compliance to operations. The client was challenged to prioritize tasks, track the risks associated with each process and was unable to fetch ways to overcome it. This made the client develop a Risk Management application that would monitor and report risks timely and ensure that critical risks are addressed and recorded on time.

  • To manage the policy efficiently of different users and premium allocations
  • To monitor insurance tasks like claims, coverage, renewal and other management
  • To address all the property management issues from land, car and similar
  • To address healthcare, claim, incident, lease management
  • To track employees who wish to return to work after injuries
  • To manage equipment and purchasing management
  • To track Fleet management, its vehicles, drivers and its management
Risk Insurance Management System Case Study

Solution

Our developers are adept and backed up with technical expertise and financial experience from the projects they have developed for our clients. As a result, .NET and its related technologies along with Azure cloud services were first choice the project. Thus, to holistically address each of these needs, we developed a cutting-edge platform that will prepare the business for the occurrence of any risk that would critically hinder the functioning of the business. The(eRIMS) Risk Management Information System is a web-based application that offers an integrated, modular approach to risk management. From tracking incidents and processing claims to measuring policy erosion, eRIMS can be configured to meet the unique needs of different clients working in different industries.

  • Policy Management

    This module maintains and manages all the policies, premiums, deductibles, layers, quota shares and more. It will also assign properties and claims for policy erosion and premium allocation.

    • More than that it keeps track of all policies applicable to all lines of businesses and cost centers
    • Includes policy type, carrier and broker information
    • Includes policy features like coverage for fire, flood and wind
  • Certificate of Insurance

    In this module, businesses will be able to manage incoming certificates for vendors, tenants or contractors to assure required coverage with automatic notification letters.

    • Generates insurance letters and related documents and email to claimants as well as insurance companies
    • Regenerates insurance letter
    • Keep track of insurance documents
  • Risk Management

    By managing day-to-day operations by risk testing and assessment, a business can easily manage workflows, enhance visible communication with the help of the following functionalities.

    • Manage and maintain risk profiles to claim insurance policies
    • Helps to monitor and control the cost of risk.
    • Customized reporting and data analysis
  • Exposure Management

    This Exposure management module deals with managing and defining details of all the aspects from auto, property, vehicle, buildings, boilers etc. within the organization which is exposed to some risk and insured by any policy.

    • Manage and maintain risk profiles to claim insurance policies
    • Develop an interface for the underwriters to evaluate the risk of insured by accessing the exposure module contents
    • Manage base rates, premiums and associate them with Policy to generate quarterly/monthly/annual bills
  • Property Management

    Cover everything of property management including COPE data, values, property ownership, contacts and similar other information. A simple spreadsheet can import all the values provided and can interface it with RS Means, Marshall & Swift, etc.

  • Incident Management

    Take incidents occurring into account and track meticulously the intake of incidents using this module with facilities such as auto-notification, investigation, OSHA logs and TPA/Carrier reporting. Also, manage and maintain insurance details that are relevant for claims. Keep a track of incident details, claimed equipment and settlement

  • Healthcare Incident Management

    Using this module, businesses can proactively manage patient’s safety with a customizable incident entry tool that provides anonymous reporting, customized workflow management and HR/Patient Record integration. Incidents are maintained for Quality management and also seamlessly integrate with the Claims module.

  • Claim Management

    Enterprises can easily manage claims for all lines of businesses that includes document management, custom letters, financials, diary system, interface with TPA's and Carriers and more. This module will also allow users to

    • Keep track of all the claims applicable to business lines such as worker compensation, auto liability, general liabilities, property liabilities and executive risk
    • Take into account the necessary details of the claim
    • Helps to schedule payment (single & reoccurring)
    • Easily set-up vendor and payment
  • Reports

    Create and schedule Adhoc reports within a click for any field in the system representing it in graphical charts. All the reports can be scheduled and delivered via email or virtual folder in Excel, Word or PDF formats.

  • Import and Export

    Seamlessly integrate external data into any module from TPA's, Carriers, HR Systems, etc. Businesses can easily export data to other systems including Accident information to TPA.

  • Return to Work

    This module also manages employees with transitive duties. Its simple interface is capable of tracking and maintaining the transitive employee duty who have returned to work from injuries and can be assigned to work. Sleek calendar interfaces allow a simple view of job assignments.

  • Environmental / Pollution Module

    Stay on top of all the environmental needs with automatic notifications about the information of the tanks, permits, audits, SPCC's etc.

  • Fleet Management

    Track vehicles, maintain and build strong associations with drivers and locations

  • Driver Management

    Keep driver safety on priority by scoring your drivers on the basis of training, infractions, claims, complaints and more.

  • Lease Management

    Manage leases for properties owned, leased or sub-leased, including rent projections, lease terms, contact management and security detail.

  • Purchasing Management

    Provides the ability to manage asset purchases, service contracts and lease-rental agreements for multiple locations and divisions. COI interface provides a coverage check before new purchases are bought.

  • Equipment/Supply Management

    Manage the suppliers and their equipment by adding filters as per employee, department, car or division.

Expertise

Tools & Technologies

  • Microsoft .Net Framework
  • ASP.Net(C#)
  • JavaScript
  • jQuery Web Services
  • Windows Service
  • Microsoft Azure
  • Azure DevOps
  • MS SQL Server
  • Fusion Charts
  • Telerik controls
  • SendGrid

Result

A well-structured risk management system offers higher efficiency and operational ability to overcome risks timely. Businesses can bring awareness by systematic monitoring and managing the risks. By using TatvaSoft’s custom software development services business can develop risk management software which provides the following benefits

  • Becoming more structured and organized throughout the risk lifecycle
  • Improving workflow management
  • Creating a custom dashboard that shows risk reports based on specific criteria
  • Easier Analytics using the application will impact the core of the business enormously

Ready to Build Your Custom Application Solution?

Tatvasoft is a reputed CMMI level 3 software and mobile app development company. When it comes to software development companies, Tatvasoft strives to be the best.

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