Coverpoint Home — What is Coverpoint? — Features & Functions
What is Coverpoint?
Features & Functions
Document and Contract Certainty
Why Choose Coverpoint?
Coverpoint & You
Coverpoint Logistics
BACS Over Coverpoint
FEATURES & FUNCTIONS
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FEATURES
Document Generation Coverpoint extracts data from the database, processes it and generates a PDF which presents the information in a form that is suitable to be emailed directly to clients This is all automatic, fast and reliable. SQL Server 2000, .Net, XML and COM are used in an innovative combination for this to be possible.
Reminders Quotes, refers and declines. Once a client is on the system Coverpoint actively manages the data to ensure that the opportunity is not forgotten. Coverpoint automatically sends reminders to the channel partner. This is achieved by using the database, system clocks, and dates to manage each quote or policy—the system constantly checks for actions and then sends reminders via email or sends pre-completed renewal applications to the broker. This is possible as a result of the complex integration within the system of standard components and the applications and database developed by the company. All documents are digitally signed leaving Coverpoint given certainty of identity and process.
Underwriter Referral Not all rules can be designed or released for distribution to the broking channel – this is the ability for an underwriter to maintain control over certain aspects of the product whilst providing a first rate service. The system can be designed to refer certain profiles to the underwriter for consideration and the underwriter can then rate the risk online. Reporting is added such that the underwriter can track actions ensuring consistency.
Database Cleaning Coverpoint automatically sets the records to Not Taken Up (NTU) after they have been though the process of reminders.
Renewals and Management Coverpoint takes prior year information and updates a new quote to give a price for confirmation by the channel partner. The system automatically checks if the quote has been taken up and if not sends reminders and prompts to ensure good customer service.
Mid term Adjustment Allow the price and terms to be adjusted as circumstances change during the life of a policy.
Credit Control Invoice and payment reminders are all automated thus ensuring efficiency in the process.
Cancellations For any reason the policy can be cancelled and documents audited for correct controls.
Endorsements
Broker Management Parent/child relationships set for multi office and team management of the systems covering all reporting.
Underwriter Management Policies on risk, key performance indicators, Bordereaux, risk management reports based on classifications of risks.
Security Access Is fully password protected and each account is reviewed regularly. All data and documentation is secure and auditable to meet regulatory standards. The BACS process uses completely secure technology and is non-reputable.
Mass Upload It is possible to take partner client records and load them into Coverpoint so that further time/effort is saved.
Linking Partner systems can be linked directly into Coverpoint via web services to allow customer data to be entered directly by the insured or direct from partner systems for increased productivity.
Bandwidth We decided to build the technology to run on our side—the server side—rather than the client side to avoid slow bandwidth issues. This means that the main bandwidth issues are for us to solve by good management and process with a strong hosted solution.
System Integration The nature of the technology allow for levels of integration between company back end systems such that there is no loss of control of the business and no need for re-keying data for business process.
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FUNCTIONS
Validation Each set of questions has in built validation to ensure that the questions are correctly filled in and not passed. All records and changes are managed within the system and can provide an audit trail.
Rating Rating is achieved upon set of questions being accepted. Alternate Rates are given at the same time based upon different limits and excesses so that the client has a full choice.
Review/Alter/Bind A full set of insurance documentation is generated based upon the answers given to the questions and the rating. These are presented and can be fully edited if required resulting in a new quote for binding. Negotiation between the parties is part of the solution.
Document Production and Distribution All insurance documents are produced online and are ready for issuing direct to clients, printing or storing in a common PDF format. All records and document are linked to the parent record. All documents are stored in a library which is managed.
Reporting (definable reports) There is a set of standard automated reports generated and these can be further defined as required. The reports are screed generated. Any data fields captured in form may be selected to appear in a report either as screen data or downloadable to Excel or similar format.
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