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Diasoft Insurance

Our software products are built as sets of independent components that cater for different aspects of the following key business functions:

  • Sales processes and post-sale services (front office)
  • Insurance operations (back office): insurance product management, policy administration,
  • agents management, claims management  
  • Financial operations and reporting

Depending on its individual needs and tasks, an insurance company can select separate components, which will be combined together to form an individual customized insurance solution.

The range of insurance products supported by Diasoft Insurance covers the broadest range of business and personal life and non-life insurance offerings, which include the following:

 

GENERAL INSURANCE

Health & Accident Insurance

Property & Casualty Insurance

Business Insurance

LIFE INSURANCE

Life Insurance

Pension Insurance

Annuity Insurance

RE-INSURANCE & CO-INSURANCE

Facultative Re-insurance

Treaty Re-insurance

Co-insurance

BANCASSURANCE

Mortgage Insurance

Motor Insurance

Life Insurance

 

Management of Sales Processes and Post-Sale Services (Front Office)

To ensure support of sales processes and post-sale services (front office), Diasoft Insurance provides a set of software products covering different aspects of everyday interaction of the front office of the insurance company with its customer (individuals and businesses) and partners.  

Components of the software product ensure advanced technological support of sales and claims initiation processes with the use of a Single Screen technology.

They combine omni channel enablement with advanced CRM capabilities to ensure ubiquitous customer servicing, optimize business operations and to explore new cross-selling opportunities.

Access to the integrated customer information, or a 360-degree view of the customer, allows strengthening the competitive position of the insurance company in the market through proactive communication with its customer and effective promotion of financial services based on the deep customer knowledge. Insurance agents can check what services and products the customer uses and analyze the history of his/her financial operations and previous interactions with the insurance company before coming up with a new offering. This tool also allows avoiding data replication, saves the customer’s time and lets the insurance company:

  • automate cross- and up-selling
  • quickly modify and customize the sales terms
  • rapidly launch new services
  • provide effective information advising
  • streamline the Insurer’s operations


Diasoft Insurance 3SP (Self-Service Support Portal)

The software product represents an online customer self-service portal for delivery of additional services via Internet.

Key Product Functions:

  • Access to information on new insurance products /services and special offers of the insurance company
  • Submission of applications for insurance products and calculation of the cost of insurance policies
  • Purchase of out-of-the-box insurance policies without visiting offices of the insurance company
  • Access to information on valid or terminated insurance contracts and policies
  • Receiving notification on pending insurance payments and approaching renewals of insurance contracts
  • Payment of a policy or making regular insurance payments
  • Notification of the insurance company on changes in personal details
  • Notification of the insurance company on required changes in terms and conditions of insurance contracts and other operations (depending on peculiarities of a specific insurance business) 
  • Claim initiation and monitoring of the loss handling process


Diasoft Insurance P.O.S.

This software product is designed to provide services via remote offices or other points of sale of the insurance company, such as partners, insurance brokers and agents. The product represents a powerful sales tool that ensures effective management of sales networks and online data exchange between sales points and the consolidated corporate database.

Diasoft Insurance P.O.S. provides quality support of all processes related to conclusion and management of direct insurance contracts in all insurance sectors:

  • Motor Insurance (Green Card, Compulsory Insurance, Comprehensive and Collision Insurance)
  • Property & Casualty Insurance
  • Liability Insurance
  • Cargo Insurance
  • Accident Insurance
  • Travel Insurance
  • Health Insurance
  • Life Insurance

Key Product Functions:

  • Selection of terms and preliminary calculation of insurance costs (quoting)
  • Conclusion of insurance contracts, starting from cost calculation to printout of policies
  • Automatic (technical) underwriting
  • Approval of insurance terms and prices (manual underwriting)
  • Acceptance of insurance payments
  • Renewal / making changes to insurance policies
  • Generation of reports on a sales person / branch


Management of Insurance Operations (Back Office)

Diasoft Insurance comprises a set of components for support of key processes of insurance companies: back-office operations (including daily processing of transactions), design and management of products, management of the accounting policy, as well as risk management, fraud monitoring and decision-making on insurance payouts.

Components of this system cover a broad range of functions associated with decision-making processes. Their primary role is to support the business, and not to ensure sale of services or products. Nevertheless, these components are responsible for success and financial stability of the insurance company. 

 


Diasoft Insurance Policy Administration (PA)

The software product manages the whole lifecycle of direct insurance policies and co-insurance policies, starting from conclusion of insurance contracts to their termination. The product design supports specific features of individual and group insurance products, health insurance products, life insurance products and general insurance products. 

Key Product Functions:

  • Management of reference and master data
  • Customer management
  • Setup and management of the unified register of insurance products
  • Generation of payment schedules, issuing insurance premium bills, control of premium payments and linking received payments to appropriate records
  • Management of insurance documents
  • Support of automatic and manual underwriting processes
  • Conclusion of insurance contracts and download of contracts from external systems policy management
  • Management of accountable forms
  • Operational insurance reporting

Diasoft Insurance Policy Administration supports the following types of insurance business:

  • Motor Insurance (Green Card, Compulsory Insurance, Comprehensive and Collision Insurance)
  • Property & Casualty Insurance
  • Liability Insurance
  • Cargo Insurance
  • Accident Insurance
  • Travel Insurance
  • Health Insurance
  • Life Insurance (Classical, Endowment Insurance, Unit-Linked Insurance, Annuity Life Insurance)
  • Mortgage Insurance
  • Financial Risk Insurance
  • Compulsory Insurance of Hazardous Facilities
  • Compulsory Insurance of Project Service Groups


Diasoft Insurance Agents & Commission (A&C)

The software product is design to manage insurance agents and brokers and payments of agent commissions.

Key Product Functions:

  • Management of the sales hierarchy
  • Management of lists of brokers and agents and their place in the sales hierarchy
  • Making changes in agent agreements (registration, approval of terms and conditions, modification and termination of contracts)
  • Download or automatic generation of agent reports
  • Assignation of claims under the portfolio of insurance contracts (assignment contracts)
  • Setup of commission calculation algorithms
  • Calculation of agent commissions
  • Settlements with insurance agents
  • Generation of reports and print forms (agent agreements, commission reports, etc.)


Diasoft Insurance Claims

The software product is used to support all steps of handling of loss settlement processes, starting from registration of an insured event (first notice of loss) to full insurance payout. The product combines a common loss settlement procedure with effective support of specific requirements of different lines of business and specific types of insurance.

Key Product Functions:

  • Registration of the first notice of loss and management of the register of customer contacts
  • Acceptance of loss settlement applications
  • Loss handling
  • Insurance expertise
  • Calculation of insurance payouts
  • Preliminary payouts
  • Settlements with service companies
  • Insurance payouts
  • Subrogation and recourse actions
  • Legal proceedings
  • Sale of sellable property
  • Internal reporting


Diasoft Insurance Reserves

The software product automates calculation and management of insurance reserves based on national and international regulatory requirements.

Management of reserves related to non-life insurance:

  • Unearned premium reserve
  • Reported but not settled claims (RBNS)
  • Incurred but not reported (IBNR) reserve
  • Reserve for loss handling expenses
  • Equalization reserve

Management of reserves related to life insurance:

  • Mathematical reserve
  • Reserve for service expenses associated with insurance liabilities
  • Equalization reserve
  • Reported but not settled claims (RBNS)
  • Incurred but not reported (IBNR) reserve
  • Additional payouts reserve (bonuses)
  • Options and guarantees reserve


Diasoft Insurance RE (Reinsurance)

The software product automates operations of reinsurance and insurance companies associated with management of reinsurance treaties and operations.  

Key Product Functions:

  • Management of inwards facultative reinsurance treaties
  • Management of inwards obligatory treaties reinsurance
  • Management of outwards facultative reinsurance treaties
  • Management of outwards obligatory treaties reinsurance
  • Handling of losses under inwards and outwards reinsurance treaties
  • Settlements with reinsurers, reinsured and brokers

Diasoft Insurance RE supports proportional and non-proportional facultative reinsurance and the following types of obligatory reinsurance:

  • Quota Share Reinsurance Treaties
  • Surplus Share Reinsurance Treaties
  • Combined Quota and Surplus Share Treaties
  • Excess-of-Loss Reinsurance Treaties
  • Stop Loss Reinsurance Treaties.


Diasoft Insurance Premiums & Settlements (P&S)

This software product is an infrastructure-related module that caters for all financial aspects of interaction with all counterparties of the insurance company: insuring parties and beneficiaries, agents and brokers, reinsurers and reinsured parties, service companies, assistances and healthcare facilities. Most documents and operations in this product are generated automatically in the result of interface interaction with other products: contract management systems, loss management systems, commission management solutions, reinsurance systems, etc.

Key Product Functions:

  • Registration of inbound insurance payments
  • Automatic or manual allocation (identification) of payments
  • Support of different types of settlements
  • Processing of unidentified payments
  • Management of accounts payable and accounts receivable
  • Initiation of outbound payments


Finance and Reporting

The “Finance and Reporting” suite of components was designed to support accounting by the Unified Chart of Accounts and generate financial, tax and regulatory reporting. The supported accounting technologies and methods as well as reporting forms correspond to national and interaction regulatory requirements. In addition, the solution can be rapidly customized to meet individual customer needs.

The set of components was designed in strict correlation with the most advanced and globally recognized industry standards and technologies. Focusing on SOA principles and JavaEE technologies, Diasoft created a universal component-based system to deliver to our Customers future proof financial solutions capable to easily integrate into their existing infrastructure and meet both the today’s needs and the strategic requirements of their businesses.

The open architecture and hardware-, OS- and DBMS-independence of Diasoft’s software products ensure unrestricted customization and integration of implemented solutions.


Diasoft Insurance Accounting Engine (AE)

Diasoft Insurance Accounting Engine is a universal flexible accounting system designed to support consolidated financial accounting and effectively manage corporate financial information. It includes a consolidated analytical warehouse of primary documents and objects of actuarial accounting, internal accounting and investment operations. This information is used to generate postings in the General Ledger of the Financial Core and to prepare accounting reports.

The product supports national and international accounting standards and allows using several basic currencies and flexibly setting up charts of accounts and rules for generation of postings and opening of personal account.

The module consists of the following functional blocks:

  • Business Events Processor:
    • Event receiver and event queue
    • Register of events and transformation rules
    • Business event processing procedures
  • Analytical Warehouse:
    • General reference data
    • Insurance
  • Machine of Postings:
    • Chart of accounts and personal account numbering rules
    • Posting generation rules
    • Posting generation procedures
  • General Ledger:
    • Register of postings
    • Register of personal accounts
    • Operational and reporting periods
    • Regulatory procedures
    • Correction of errors and EARDs
    • Operational and financial accounting
    • Stored fund movements and balances
  • Tax Accounting:
    • Tax accounting registers
    • Tax operations
    • Calculation of the deferred tax asset and deferred tax liabilities for a specific period


Diasoft Insurance Accountancy

The module supports centralized accounting for internal operations of insurance companies.

The module consists of the following functional blocks:

  • Asset Accounting – The block is used to manage the company’s fixed and intangible assets, investment property, long-lived assets for sale, materials, stocks, accountable forms, work equipment.
  • Settlements with Buyers and Suppliers – The block is used to manage settlements with the company’s counterparties (buyers and providers of goods and services).
  • Settlements with Accountable Persons – The block is used to manage settlements with the company’s employees who receive cash advances.
  • Management of Deferred Income and Differed Liabilities – The block is used to manage deferred income and differed liabilities under contracts with third-party buyers and providers of goods and services.
  • Management of Leasing Agreements – The block is used to manage operations with property in companies that act as a lessor or a lessee (under operational and financial leasing agreements).
  • Internal Expenses – The block is used to manage internal payments between the company’s head office and the branches.


Diasoft Insurance Cash Management (CM)

The module is used to control cash receipts and expenses of the insurance company. The module consists of the following functional blocks:

  • Cash Orders and Transactions – The block is used to manage the company’s cash documents (cash funds) related to all types of operations (internal, insurance, investment).
  • Treasury and Budget Management – The block is used to support payment processes (creation and approval of payment orders), control the company’s budget and make changes in the budget for all types of operations (internal, insurance, investment).
  • Bank Orders and Transactions – The block is used to manage the company’s bank documents (non-cash funds) related to all types of operations (internal, insurance, investment).
  • Financial Monitoring – The block is used to support regulatory requirements to non-financial institutions that are related to financial monitoring.


Diasoft Insurance Investment & Assets (I&A)

The module supports financial accounting of companies that operate in different segments of the financial market but are not registered as professional participants of this market.

The module consists of the following functional blocks:

  • Investment Management – The block is used to keep record of transactions/contracts for purchase of securities (equities, bonds, bills, deposit certificates, mutual fund shares, etc.), precious metals and derivative financial instruments, to manage operations for sale/redemption of such assets and keep record of accrual and receipt of the interest income, as well as expenses associated with such operations.
  • Management of Borrowed Funds – The block is used to keep record of the company’s borrowings under loan and credit contracts, register assets provided as collaterals under such contracts and control loan repayments and interest payments.
  • Management of Deposits and Disbursed Loans – The block is used to keep record of the company’s funds disbursed under loan contracts with individual or business customers or invested under deposit contracts with banks. The component controls return of such funds and receipt of interest income on such funds.
  • Management of Issued Securities – The block is used to keep record of operations for issuing and redemption of the company’s proprietary bonds and bills and register accrued and paid interest (in the form of coupons or discounts) on financial liabilities.
  • Equity Management – The block is used to keep record of operations with the company’s registered capital and to manage the company’s proprietary securities and special-purpose receipts from members (shareholders) of not-for-profit organizations.
  • Management of Assets Under Asset Management Contracts – The block is used to keep record of the company’s assets that are managed under asset management contracts, to support revaluation and depreciation of such assets, and manage receipts and expenses associated with operations with such assets.


Diasoft Insurance Reporting

Diasoft Insurance Reporting is designed to support financial and tax reporting of insurance companies based on national regulatory requirements.

The module consists of the following functional blocks:

  • Financial Accounting of the Insurance Company
  • Regulatory and Statistical Reporting of the Insurance Company
  • Tax Reporting

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