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| BindExpress Suite |
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BindExpress Suite is an end-to-end Policy Administration System built to deliver both personal and commercial lines products to the market quickly, and provide an easy way for agents and insureds to do business. It includes components for Quoting, Policy Issuance, Rating, Automated Underwriting, Business Intelligence, and Billing. The BindExpress Suite also contains tools for workflow design, document and form generation, business rules, and product configuration.
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The BindExpress Suite is an integrated set of components architected to work together as a system, or separately with legacy systems and third party products. Its underlying technologies are both platform independent and database agnostic.
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Major benefits include:
- Many lines of business for both personal and commercial lines are in production today
- Product Configurator module and other toolsets provide rapid time-to-market and low cost of ownership
- Open architecture leaves your future options open as foundational technologies evolve
- Business Intelligence and Bulk Rerate components help determine business strategy and analyze underwriting and pricing changes in a "what-if" environment
- Highly configurable workflows let you personalize business processes as market needs dictate
- Integrated document management handles all aspects of document creation and distribution - even to offsite fulfillment centers.
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| BindExpress Product Configurator |
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BindExpress Product Configurator
enables not only IT, but
also business professionals to quickly build automated rating and
underwriting models right on their PCs. It then takes
completed and tested models and generates computer code that will
run on any platform — everything from PDAs and PCs, to midrange
and mainframe computers.
Powered by the PROMOS Product Modeling System , the
Configurator will help you build powerful components
using a fraction of the time and cost typical of conventional
software development, and saves countless resources for rates and
rules maintenance in the future.
Modeling Instead of Programming
Typically, product managers and
actuaries merely develop the specifications for insurance products.
These specifications are then sent to the IT department, which |
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You can easily bundle
entire products (or parts of them) to form new products or programs
that include multiple  products.
Shortened product development cycles enable your
company to react more quickly to new market trends. With BindExpress, you
can react immediately — with speed, accuracy and full
automation. It will not only improve the way your company
operates, but also your bottom line results.
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implements them using
traditional programming techniques. IT asks questions, refines
the specs, and creates a prototype, which it reviews and changes
with advice from product management. This process goes back and
forth repeatedly until the product is ready for testing.
BindExpress Product Configurator shortcuts this entire process by
empowering product underwriters, actuaries and business analysts to
develop insurance products and to prepare them for IT integration at
the same time.
Users model a product in the BindExpress Product Configurator
Workbench by building the product’s components and relational
logic using an easy "drag and drop" methodology, right on
their PCs. The result is a simple and intuitive product tree. They then add underlying calculations with syntax
similar to MS-Excel's, and use the test panel to verify the model’s accuracy.
What this all means is that product experts
from the actuarial, product management or underwriting departments
can do more than just write specs. |
Modeling with BindExpress will
speed your product building process by:
· Eliminating almost all the knowledge
transfer time between product management and the IT department;
· Freeing up technical resources for
more productive tasks than just making rates and rules changes;
· Reducing errors caused by misunderstandings or
miscommunications between product managers and developers; and
· Enabling your product people to do
more work autonomously before involving IT.
Speed building products with the BindExpress Product Configurator
means:
· Significantly faster and lower-cost
product development;
· Better products, as they can be
developed according to marketing needs only, without concern over
technical limitations; and
· Reduced workload on IT resources.
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| BindExpress Policy |
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BindExpress Policy is a completely web-based policy administration system for all lines of business. Its intuitive, user-friendly screens boast a “no training required” web standard. With BindExpress Policy, not only can you create an unlimited number of user roles (underwriter, agent, etc.) – each with unique functionality, security and workflow – but you can also set up specific rights and controls on an individual user basis – the ultimate in customization!
Integrated with BindExpress Rating and Underwriting, BindExpress Policy enables underwriters to focus their time on exceptions, allowing for straight through processing for the best risks, and automatic rejection for the worst.
Benefits:
- Snapshot view of changes between policy versions enables easy endorsement review and analysis.
- Rich maintenance and administration functions to handle many things normally requiring technical resources to maintain, dramatically lowering cost of ownership.
- Integrated with BindExpress Portal so agents can quote, issue, bind, and endorse policies based on configurable role security
- Integrated document management with configurable destinations by agency
- Powerful notes component to improve communications both internally and with agents, eliminating the need for “forensic email research” when exception situations arise.
- Built-in monitoring of both current and historical system usage
- Document generation and management
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BindExpress Portal |
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From
call-in to cash in less than an hour:
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The BindExpress Portal web platform enables you to create
robust, user-friendly websites for your agents to submit new
business, interact with underwriters, and process endorsements. BindExpress Portal is integrated with all BindExpress Suite components or it can be implemented using
your current
rating, print,
underwriting, and database engines.
Let’s face it – with the current soft market, you must have some
sort of competitive advantage -- or you'll either see business go
elsewhere, find yourself “buying” it, or end up with a very busy
claims department.
The BindExpress Portal record speaks for itself. Some of our clients
tell us their trip to the top of the growth and profit charts could
not have happened without this technology. While it's not right
for everyone, BindExpress Portal is a good fit for companies who feel
competitive pressure to offer their agents the easiest way to do
business -- without enduring the time, cost and risk of a “big-bang”
replacement of their entire IT systems.
Using simple, table-driven parameters, you can design and deploy almost
any workflow process -- a different one for each line of business if
necessary. For example, you may need something like the one
described to the right for commercial lines, and a different,
completely electronic and paperless process for personal lines or
other template products.
What's more, BindExpress Portal is perfect for integrating data
uploaded from agency systems and comparative raters,
enabling agents to easily fill in your company-specific data
using the same web screens used for manual entry.
It can also capture data during the sales process for
reporting what agents are doing once
they come to your website -- helping you to truly understand your
strengths and weaknesses and maximize agent productivity.
BindExpress Portal also supports automated
underwriting -- accepting, rejecting or referring applications to
your underwriting department. Final decisions to accept,
reject, or request more information can be done automatically, or by
underwriters with just a few clicks -- improving customer service,
at a fraction of the cost of conventional processing! |
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(Below is just one of many supported workflows)
10:02am
- Your agent receives a prospect call and enters
the basic information needed for a quote directly into your website.
10:07am - BindExpress Portal
automatically invokes the rating engine and displays the quote
results. It immediately creates a quote letter and/or proposal, which the agent emails or faxes to the prospect.
10:27am - The prospect calls the agent and ok's the
quote; the agent completes
the online application and clicks “Submit.”
10:32am - The new submission
immediately appears on your underwriter's BindExpress Portal Work List
screen, and she clicks and opens the application. (As an
alternative, you can use smart underwriting to automatically
approve, reject, or refer the risk; only referred risks appear on
her Work List for review.)
10:37am - After reviewing the
policy, the underwriter makes some changes, adds a credit and some
comments, then clicks “Approve.” BindExpress Portal
automatically sends an email to the agent, attaching the final
quote, approval letter, and completed ACORD application, ready for
signature.
10:41am - The agent telephones
the prospect, who confirms that he wants the policy. The agent
emails the documents.
10:43am - The insured prints the
application, signs it, and faxes it back to the agent.
10:51am - The agent clicks “Bind,”
and BindExpress Portal emails confirmation to the agent -- along with an
attached copy of the insurance policy.
10:57am - To collect the down
payment, the agent calls the new insured, collecting and entering
either his credit card or check
information while on the phone. BindExpress Portal immediately
creates and sends an electronic
payment request for same-day
processing.
Whether your company is concerned about competing in a marketplace
that will soon demand instant Internet access to all insurance products, or you just want to
make it easier for
your agents to do business, give us a call at (803) 227-0225 to learn if BindExpress Portal will work for you!
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BindExpress
Rating |
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Rating is just one of the many uses of BindExpress Rating, and is also a great
application for learning the tool.
The first step in BindExpress Rating modeling is to create a
"catalog" of rating components, answering three questions:
1) What Objects are to be insured?
2) What Events are to be insured against?
3) What are the Benefits paid if the Event
happens?
For example, a
Personal Auto product might include an 
Object to be insured, 
as one of the Events to be covered, and 
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as one of the Benefits to be paid if an Event happens.
Using a simple drag-and-drop procedure, modelers
create a product tree, which logically describes how the components
interrelate.
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BindExpress
Underwriting |
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BindExpress Underwriting is a powerful tool for developing electronic underwriting
rules, not only for traditional accept/refer/reject scenarios, but
also for risk scoring and tiering applications. You can use the
drag-and-drop graphical interface to design complex logic “trees,”
easily embedding your decision rules or scoring calculations as you
go.
And just like for rating, you can deploy the resulting
computer code to any platform – from PDA's to Internet and
mainframe.
For example, as shown in Figure 1, we can start a
Commercial Property underwriting model by asking the type of
construction (A_Construction_Type = Frame, Masonry, etc.).
If it's Frame, we can expand the model
to ask if the building was built before 1992 (see Figure 2).
If “yes,” it could perhaps reject the first, or refer for review
by an underwriter.
Alternatively, we could add further questions, e.g. ask if
the building has been renovated. If "no," we
could decline or refer, and so forth.
There is no limit on the number of decision levels you
can have. And because of the intuitive, visual approach, even
complex rules are easy to build and maintain with BindExpress Underwriting! |
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Figure 1
Figure 2
Figure 3
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| BindExpress Billing |
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BindExpress Billing is a web-based solution which handles your receivable and billing needs. BindExpress Billing supports a wide variety of pay plans and handles all payment receipt exceptions including short pays, overpayments, and endorsements. All bill plans, taxes, fees, surcharges, and pay-plan charges are easily configured through product configuration. BindExpress billing supports EFT, recurring credit card payments, as well as bulk payments.
Features and Benefits:
- Configurable responses for installment adjustment based on short-pay, over-pay, endorsements, etc.
- Supports Electronic insured payments, including recurring credit card and ACH (EFT)
- Provides enhanced controls for capturing batch receipts
- Flexible table-based configuration
- Enhanced Unapplied Cash handling features with direct system refund capabilities
- Supports commission processing on a written, paid, or collected basis
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BindExpress Analytics |
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Finally... Business
Intelligence for
Insurance Made Easy!
BindExpress Analytics combines powerful online analytical
processing into an easy-to-use tool, letting you "slice and dice,"
or create and save an unlimited number of reports.
Completely web-based, it will give you
complete and accurate insights into important performance indicators
such as:
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Individual product, territory and coverage profitability
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Retention rates (for everything from geographic, to demographic, to
agent-specific analysis)
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Underwriting results
- Trend analysis
- Agent
sales performance
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much more!
A Complete BI Solution
Requiring no “add-on” licenses
of any kind, BindExpress Analytics offers a complete and integrated BI
solution that includes an enterprise-grade, insurance-specific data
warehouse, an ETL tool, an on-line data analyzer, and a robust set of
standard reports.
Using “point and click” ease-of-use, your
business users can create and save an unlimited number of ad-hoc reports
from a |
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variety of pre-built data cubes. User-friendly names, along
with intuitive graphic instructions enable even small companies with
little or no IT staff to be productive.
Numerous standard reports
come ready with the system for
regular and automatic distribution to your management team, helping drive profit, growth, and
product innovation throughout your entire enterprise.
And because it is built on open-source, platform
neutral technologies, BindExpress Analytics is not only cost effective, but
easy to implement!
To learn more, give us a call at
(803)227-0225! |
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