Insicon

Policy administration systems (PAS), the digital core of insurance companies, must have the requisite infrastructure and integration capabilities to foster innovation and bring agility. Most existing legacy systems, however, are inflexible and non-customizable, which stunts the launch of insurance products. There is a need for an all-in-one insurance core system that covers every aspect of the insurance process, offering a high level of self-administration through user-friendliness. This is precisely what Insicon provides, allowing businesses to adjust their processes without any IT dependency.

“Insicon offers i2i, which is an all-in-one PAS insurance core system, handling every aspect of the insurance process, right from claims to policy handling, billing, collection, and more,” says Niklas Holmqvist, Head of Sales at Insicon. The system can adapt to any level and type of business as every element is open for external API integration. Built with modular product architecture, the solution enables insurers to manage either a part of the insurance process or end-to-end process. The logical functionalities of the fully automated out-of-the-box system are integrated with Insicon’s business rule engine to automate the end-to-end process.

“Insicon i2i is built around the insurance process. For the claims module, it means that the entire claims process is by default set to be fully automated. However, for each step, the user can decide to handle the process manually or include third party vertical integration e.g. enhanced customer journey or fraud detection,”says Måns Hulterström, CEO at Insicon.

As all the processes are inherently mapped in the system, it is possible to set up individual or a combination of processes to be automated. With the business rule engine, it can be defined whether a process needs to be automated or kept manual. Without IT dependency, insurers can set up new claims processes and draw automated process-maps including FNOL, reserving, payments, customer communication etc.

In addition, as the entire platform is open for intuitive API integration, there is an opportunity to integrate vertically with any insurtech solution in the market that is specialized in a particular process. Vertical integrations can easily be moved into automated end-to-end processes with the help of the built in business rule engine. The business rule engine can set automated or manual decisions wherever needed in the claims process.

Insicon has different user interfaces for claims handling, along with role-based ones. The role based interfaces comprise one for the claims handler to handle claims and another interface for the claims manager who can get an overview and manage the claims departments’ workload. It also offers the possibility to set up outsourced claims handling by allowing the partner in claims to work within one’s own system in a partner interface. A customer “MyPages” interface offer customers to register claims and keep track of and follow the claims status/process in a self-service design.

Making the solution further advantageous is the document handling functionality through which one can create, design, define and customize claim documents ranging from customer communication to invoices. Documents can be downloaded as PDF by users, uploaded to portals or sent through embedded email.

Built on the latest Microsoft technologies, Insicon’s offering is based on a future-proof model. Once implemented, it is easy to make adjustments without IT dependencies. Microsoft Power BI allows the user to create any report from the system’s database. A testimony of Insicon’s impact is how one of the largest retail chains expanded into the insurance business and in just eight years, became the seventh-largest personal line insurance company in Sweden. By making insurer’s life easier, Insicon is changing the Insurtech game by enabling self-administration within every aspect of the insurance process.