MIMS Policy module allows the recording and management of the most complex Loss Funding and Insurance programmes including a wide range of Deductible Types, Virtual Captive and Captive Insurance, all Insurance Classes (e.g. Employer, Public, Product, Motor, Property etc) and multiple apportionment methods, including Claims Experience.
- Capture Underwriting Profiles by department and aggregate Hierarchically
- Record the detail of all Loss Funding and Policy arrangements
- Cross refer to organisational hierarchy, sites and major assets
- Policy Wording and related correspondence can be attached.
- Tools are available to aid management of renewals
- Multi Currency Loss Funding Accounting:-
- Using multiple currencies, multi-level deductibles and Captive Insurance
- Costs Aggregation and automatic email alerts when available funds are threatened.
- Triggered when self-insurance funds are breeched
- Including Cross class aggregations, use of Co-Insurers and, as needed, allocation of costs to Excess Layers.
- Insurance related management of Properties and other major Assets
- Capturing Property risk profiles
- Survey scheduling, recommendation recording and follow-up
- Apportionment of Insurance Costs
- Risk Factors, Claims Experience or Bespoke Algorithms.
- Claims reserves and costs are captured against the appropriate insurance Section.
- Automated alerts are given when aggregate limits are threatened.
- Triangulation, Burn Rate and Exposure Reports are available
- A wide range of standard reports and a bespoke reporting Wizard
- Reports may be exported in arrange of formats including Excel and PDF.
If your organisation also uses MIMS RM (See Risk & Continuity) then you will be able to build a better understanding of the Control of Risks and the Residual Risk. This in turn will lead to the ability to better define the insurance cover required and optimise your purchasing.
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