Insurance & Claims

Policy Management

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.

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  • 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
  • Self-insurance
  • Using multiple currencies, multi-level deductibles and captive insurance
  • Costs aggregation and automatic email alerts when available funds are threatened
  • Third party insurance
  • 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
  • What-If? Loss funding scenario reports
  • Re-analyse claim cost histories with alternative loss funding rules
  • Reports may be exported in arrange of formats including Excel, Word and PDF

If your organisation also uses MIMS RM (risk management) 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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