Digital Insurance Distribution & Policy Processing
eBaoTech’s Collaborus Cloud is a full lifecycle insurance distribution and policy processing platform available via cloud. Its core focus is on enabling distribution partners (such as brokers and agents) to quote, issue, service, cancel, renew and reinstate policies. Its machine rating and underwriting functions ensure full policy lifecycle externalisation for all policy transactions. Collaborus Cloud also allows internal operations staff and underwriters to manage transactions and supports a full paperless workflow between internal / external users and underwriters.
Collaborus software solution is a global digital insurance platform, providing multi-lingual (real time language switch) and multi-currency capability that also allows country level product configuration.
Policy dashboard at a glance
Collaborus contains a versatile design studio configuration suite with a web based drag and drop design approach. The Collaborus Studio includes a design module which allows product structure, data element, user interface design, rating, rules, document generation, instalment billing, marketing plan, reporting extract, and policy data (booking) extract configuration modules. A single instance global insurance platform, Collaborus Studio focuses primarily towards allowing majority of configuration related to product implementation to be done by business analysts. In summary – a truly cloud enabled insurance design and runtime system.
Delivering Rapid Implementation & Automation
A Powerful Distribution Platform for Accelerated Growth and Profitability
With Collaborus Cloud platform, agents and brokers can quote and bind in less than 3 minutes and perform endorsements and renewals even faster. Documents can be automatically generated in seconds. Insurers have rich data for sales and actuarial underwriting analysis, enabling higher profitability and the development of products to specific customer segments.
Benefits to insurer profitability:
- Scalable profitable growth – increase market share with access to multiple eBusiness channels
- Lower operational costs – drive operational efficiency with automated underwriting and rating
- Better loss ratio – through consistent underwriting and actuarial data analysis
- Rapid time to market – decrease implementation time of products with easy to configure platform
To sum up – Empowers an Insurer to run a successful Insurance business with better managed business processes.
Clean Design for Rapid Time-to-Market
Collaborus Cloud is channel agnostic, so it promotes Digital Business across a number of electronic distribution points. It provides an efficient way to deploy an insurer’s existing products, driving consistency and portability into new markets. With its highly configuration-driven rating, rules, user interface and documentation design, Collaborus Cloud allows implementation to production within weeks.
Efficient Operations for Insurers and Agents
With the Collaborus platform, insurers can empower agents and brokers to handle fulfilment processes, resulting in faster, more efficient service for customers. The platform generates online documents in seconds, automatically books policies to insurer backend in real time, reconciles payments, and allows underwriters to focus on underwriting instead of paperwork processing. In addition, Collaborus based digital insurance platform makes full use of faster and less costly communications such as Email, SMS and Instant Messaging. It stores all online records – streamlining audit, underwriting, and claims interaction.
Faster Growth and Lower Loss Ratios
Collaborus Cloud distribution platform enables insurance companies to grow consumer and commercial product lines rapidly and profitably. This is achieved through a fully automated sales process and real-time policy management. Collaborus Cloud insurance platform can be used as a departmental or enterprise wide solution, providing insurance staff with a single sign on via a intuitive streamlined user interface. Acceptance rules can be adjusted in real time, e.g., in anticipation of an upcoming weather event. The access to data enables product and distribution managers to write schemes for particular customer segments with confidence. Full business intelligence can now be achieved via granular risk data.
Powerful Multi-Channel Distribution
Along with being a full policy lifecycle system, Collaborus platform can support multiple channels, which means that insurers can scale distribution across multiple products and regions, extend to new markets and ensure scalable, profitable growth. Insurers can also enter lower distribution cost channels, introduce alternate service models and commission levels or add risk free income via call centre services. Collaborus provides transaction management and automated rating at intermediary fingertips “out of the box”, including:
- New business
- Mid Term Endorsements (add/modify risk data, coverages, limits and deductibles)
- Renewal invitation, amendment, closing
- Policy reinstatement
Collaborus also supports workflow management between broker, underwriter and third party in an automated and auto rated fashion (including underwriter referral triggers, accept and decline responses). Transactions are assigned to appropriate parties depending on the business rules defined by the insurer.
User-Friendly Cloud Policy Management System
Key Benefits and Features
Digital Distribution of insurance via Collaborus Cloud – Detailed Feature Inclusions Out of the Box
- Distribution and administration of all policies in real-time
- Agents and Underwriter Dashboards
- Multiple user interface layouts; including role based controls
- On field, on page, on policy level rules including validation, referral, decline and clause attachments
- Automated premium calculations for endorsement, cancellation and renewal for agents and underwriters
- Referral management
- Policy comparison / history / controls
- Conditional clause – policy extension and exclusions (including rateable clauses)
- Premium adjustments / agents and underwriter
- Claims data look up for automated rating and underwriting
- Dynamic doc gen with real time e-mail, and distribution via mail house
- Configure a renewal strategy for policies
- Support out of sequence endorsement / mid-term agent transfer
- Calculation of periodic payment schedule
- Attach comments and files, build conversation and audit history between agent and underwriters
- Support for Scheme and Program management via Marketing Product
- Service level agreement reports on underwriter response times
Collaborus Product Studio
The product studio allows definition, design and publishing of a product by a business user. Configuration tools are available to quickly create a product and view in real time. Features within Studio include:
- Out of the box country definition, language, currencies and taxes
- Sample products available for consumers and commercial lines
- Design product using multiple product structure support
- Creation of data dictionary of elements for use within product design and user run time
- User interface design – Easily create, clone and import products using drag and drop studio interface–lines of business.
- Business rules configuration within Studio including pre-launch, on field declines, referrals and page level validation referral, system validations., post rating and other business rule trigger events
- Define rating algorithm using a combination of intuitive expression builders, steps and domain table management rate tables.
- Document template printing – upload document templates and map system data into template.Generate documents in either word or pdf format
- Select periodic payment (instalment billing) calculation
- Define reporting extracts for including financial and regulatory purposes, including big data feed into data warehouse tools
- Product design, approval & publishing workflow in order to complete an IT governance process
- Select data fields for extract and use by external system integration
eBaoTech announces the release of Collaborus Cloud V4.5, cloud based insurance distribution platform for Insurers and Underwriting Agencies – now made even better! Since our last update of Collaborus v4.4 in June 2016, we’ve worked especially hard to introduce new features and improvements, as well as enhance customer experiences with Collaborus. Read below to learn more, or follow us on Linkedin / Twitter for more detailed and regular information regarding releases.
Insurers and Underwriting Agencies can now replace website pdf proposal forms with a smart form. The iForm supports multiple devices such as tablet or phone, and allows insurance products to be distributed electronically to various digital channels. This significantly increases the digital reach of insurance offerings and externalises policy processing for all machine based underwriting and pricing products. This compelling new feature is enabling Insurers and Underwriting Agencies to maximise their conversion success rates and dramatically lower their operating cost.
Collaborus Cloud now offers a feature for Insurers & Underwriting Agencies to manage rules around multiple brokers / agents selling new policies to the same insured (customer). The uniqueness of an insured can now be easily configured distinctly based on different Product Lines. For example, uniqueness can now be defined as an ABN of a company or an insured’s “Name + Postcode” for an individual. This feature will help Insurers to maintain rules based on factors such as initial contact, higher premium.
Collaborus Cloud now supports multiple fee elements within an insurance product. Multiple fees such as administration fees, broker fees and processing fees can be quickly added to products. Fees can be applied based on certain conditions, for example – apply processing fees if premiums are below a certain limit, apply a flat cancellation fee or even apply a combination of fees if multiple coverages are taken within the policy. Fees can be defined as either percentage based or a flat fee, and either inclusive or exclusive of regulatory taxes.
4.New Digital Dashboards
Collaborus Cloud introduces three new digital office dashboards – now available for External Brokers / Agents, Underwriters and Internal processing staff. These dashboards provide a quick view of workload. For example, a Broker dashboard now presents the list of opportunities, policies referred to an Underwriter, and upcoming renewals. For Underwriters, the dashboard displays a list of assigned referrals, renewal invitations and referrals which are yet to be assigned with an Underwriter. Providing External Brokers / Agents, Underwriters and internal processing staff one source of truth and a paperless working environment.
5.New Bordereau Reporting
Collaborus Cloud now offers a standard feature for users to generate and extract bordereau reports for Australian products. This bordereau report provides premium or risk data with respect to identified specific risks and can be periodically generated. The bordereau report includes pre-defined fields (as columns) and extracts data from all bound transactions, including New Business, Endorsement, Cancellation, Reinstatement and Renewal. In addition, this tool allows filters for transaction types. Users can preview the data using Collaborus Workbench and then extract the generated report in Excel format.
Collaborus Clouds’ Workbench now supports the selection of fields for each product and extract for reporting purposes.
In addition to major features, there are many improvements to the Collaborus Cloud platform, including:
- Rules Studio
- Collaborus Expression Builder
- Collaborus Product Launch page
- Document Generation Module
- Comments & Files and Clauses layout overlay
- Product Statistics & Metrics for Product designers
- Several bug fixes, performance optimizations and additional improvements
V4.5 has proven to be our biggest value add yet, by understanding our customers workflow and business challenges, we have enhanced Collaborus Cloud to ensure the entire insurance supply chain is benefiting.
From streamlined processes for internal staff, to digital mobile touch points for consumers, Collaborus Cloud can e-enable the entire ‘lead to cash’ workflow. As we ramp into 2017 with a core focus on ‘rapid customer success’, we see Collaborus Cloud providing a single turnkey solution for Insurers and Underwriting Agencies of all sizes, who are looking to scale their business without concerns of missing functionality or financial uncertainty, and protect their brand as we enter a digital age.
Collaborus Cloud Version 4.4 is now available for general release. Features in this version include:
Collaborus Cloud now supports a dynamic, content-rich dashboard for intermediaries. The dashboard provides a quick view of transactions, including statuses such as assigned, returned referrals, renewal invitations waiting to be actioned and referrals awaiting action. An advanced search capability is also provided, with transaction results grouped for each policy record.
Collaborus now allows configuration of Instalment Billing through its Product Studio. Features such as Payment Frequency, Days to Bill, Maximum number of Instalments per frequency and Minimum Instalment Amounts can be easily configured. The instalment schedule is generated for every policy transaction and can easily be used for policy schedule printing or data extraction to downstream insurance systems
Collaborus Cloud provides a “Marketing Plan” feature, allowing real time product flexibility through product variances (insurance facilities, schemes or program management). These variances range from minor label changes and additional questions to more complex variances such as a special rates table or seasonal discount factors. Marketing Plan can be configured further to also include specific occupations as well as automatically attach endorsement clauses.
Renewal Premium Finalization:
Renewal Premium Finalization allows a product designer to configure certain settings including capping and flooring rates, rules for premium loadings or discounts & adjustments. Such configurations control the calculation of technical premium from the expiring policy period to new renewal period. Product Designers can now rapidly design and validate a renewal premium strategy in real time during the design process.
Intermediary Profile Setup:
Collaborus provides configuration settings to store additional intermediary information within the agent and insurer workbenches. This feature also allows multiple addresses to be configured per intermediary, including use for printing or data extracts.
Enhancements have been introduced to support faster response times within the Product Studio. Collaborus now displays browser-rich content rapidly through improvements in calculated fields, page navigation, visibility rules, business rules and within the rating engine.
- Override and version management of taxes
- Import & Export of expressions
- Configure multiple overlay sizes within the User Interface
- Load a default workflow, saving designers configuration time
- Manuscript Clauses are now configurable for processors
- and many more improvements