‘We have a risk control app to reduce incidence of loss in insurance process’
Selling policies to customers is very vital to insurance businesses. However, there are occasions in which certain important details may be left out and the insurer and insured are left with significant loss on the books. Isaac Boateng, Africa Regional Manager, Insurance Systems Incorporated (ISI) told FRANK ELEANYA in a chat that with technologies such as the Risk Control app recently released by ISI insurance companies can reduce the risks they are exposed to.
Tell us about your company
Our company, Insurance Systems Incorporated is mainly into insurance software, we have the main enterprise software that concentrate on the core modules in the insurance business; policy administration, claims, billing, accounting, human resource with payroll, reinsurance, also, workflow, document management, agent/brokers portal, activity central and dashboards. It is a web business application which means that once it is installed, it can be accessed by any of the stakeholders or users from anywhere in all the branches. One central database.
How does the software help the ordinary user?
Our Inspection app has a consolidated view of each account. It provides consultants and other stakeholders a single view of the insured including a complete loss control history and future service plan. No more hunting for data in multiple systems and filing cabinets. Manage Inspection and loss control work assignments and service requests to optimize productivity and pin-point issues before they arise. Our loss control software offers automated assignment to field staff based on configurable rules.
Do you mean all the insurance companies are part of it?
I mean for example, insurance B has its branches across the country. With this software, one central database in its head office, insurers, brokers, agents and customers can all assess and work in the application, weather selling a policy, claims, billing, Financials, HRM and Payroll. All the products the company has can be assessed in any of the branches.
How secure is the main enterprise software?
It is very secure against intrusion and hackers and all other threats.
What is the objective of the risk control application?
The risk control application is from ISI and it is used mainly to control loss and prevent risk. Insurance companies sell policies and someone tells you they have property, now you begin to insure the property without seeing it which is a risk. To have accurate information about what you are insuring, you have to go to the site, see the property itself and do your assessment and feed the underwriters with what you have seen on site. This is a tool that every insurance company need. Before now most of the insurance companies go manually; write on papers and carry the information back to the office to fill it into their system. What this inspection software does is that whether it is your laptop or iPad, you take it to the site while inspecting a property; you can log into the company software or database, then fill the forms and every requirement and also take pictures still within the software.
Can you do this on any phone or there are particular phones one can use to do this?
Already the App is on Google play store, once you download it on your iPad or Smartphone and you are a user, the underwriters, Claims inspector and surveyors now have a tool to work and be effective with their jobs. Manage Inspection and loss control work assignments and service requests to optimize productivity and pin-point issues before they arise. Our loss control software offers automated assignment to field staff based on configurable rules. Online/Offline tablet support allows for the capture of form data, recommendations, photos, diagrams and attachments in the field. Minimize desk time and enable consultants to spend more time in the field with our risk control software. Automatically produce professional and timely reports and letters based on configurable document templates. Improve consistency and reduce errors in communications to insureds and other stakeholders. Business users can create custom management reports, dashboards and data extracts to make the most out of their loss control data. Leverage the power of business intelligence to target loss control efforts based on identified issues.
How does this protect a customer that has a claim?
Interestingly, if you are doing an inspection, Our Inspection App has Out-of-the-box standard APIs to allow seamless integration with your policy administration, claims, imaging and other core systems. Collaborate with insureds online via a secure portal. Schedule visits, publish content, respond to recommendations, and collect customer feedback to improve customer loss control experience. Seamlessly exchange data with your third-party loss control vendors through a standardized API to streamline outsourced loss control activities.
Are there provisions for complaints?
Yes, is configuration, the client has a place to make his or her input in the systems. The insured/client can login and see the assessment put together by the inspector about the said property before it goes through the other processes.
Does this increase the cost the customer have to bear in the process?
No, it is a tool that the insurance company has acquired so it does not have any impact on the cost; it does not reduce or increase the cost. It is a normal tool the company uses to enhance their job in their survey, inspection and claims reporting.
Do you see technology like this trying to deepen insurance penetration?
Yes, technology helps and when you go to the Nigerian Insurance Commission (NAICOM) and the Nigerian Insurance Association website, they all want to have more companies and individuals to be insured and looking at that it means you need to employ technology to be accurate and enhance your work. If you are bringing in more people and you are using the old tools, it would not help you and at the end of the day it would make you slow and inaccurate. You may not be able to disburse your claims on time or dealing with policies might not be on time. Because there are scenarios where someone wants to insure his property and it would take a long time because the broker would do his or her part but for the insurance companies to close the deal, it would take a long time. Some clients would prefer to go to insurance companies who have the tools and are smarter because they want to get their properties insured quickly and go on. With this tool what we seek to do is enhance or give the insurance company a tool to expedite their work and I would encourage all of them to get them. We have demo size to play with and we can give them in-house training to use it and see what I can do for them.
Does it require any expertise or is it simple to use?
Interestingly, it does not require any expertise. Like I told you it is on Google play store and a lot of surveyors, inspectors or underwriters would find it easy to use with one or two hours training.
What more are we expecting from ISI in the coming years in terms of technology?
We seek to improve even this inspection tool and our cargo. The age where insurance companies use typewriters to print insurance certificate for marine and cargo is over, we have that system now and we are improving it more. With it, in less than 5 minutes you have your certificate, you have the true copy, the certified copy, the receipt and that is one way the client or one who has a consignment can login at any time to see his or her certificate. The insurance company can also login. Also, we are working on agents and brokers portal free of charge for the insurance company where the insurance companies would subscribe free of charge and their brokers can login and work online wherever they are and push it to the various underwriters. It makes insurance delivery faster, simple and efficient.
How do you see the insurance landscape going in 2017?
I see the net widening but still I would say, if they don’t embrace some of these technologies, the widening would slow down. Where we are now all companies including insurance companies must embrace modern technology now. It might be expensive initially but it pays especially if you want to open a need company, you do not need to keep dragging to expand. The market is open for expansion only when they embrace technology and a good technology at that. This inspection tools we are talking about we are ready to do a lot with it and it is not meant for only insurance companies, any industry that are into inspection; manufacturing, transport, logistics they need that tool so we want to do more with it and create awareness.
FRANK ELEANYA