Insurance Activities

Talk Software has the required modules and functions for an effective and cost efficient front and back office administration including

• Life Insurance and savings including traditional life, capitalization, unit linked, universal life, takaful insurance...)
• General insurance including property, motor, marine, aviation, liability, disability, accident, medical / health care insurance, credit, ...
• Financial products including wealth management, savings, investments, fund management, credit, mortgages, ...
• Insurance Intermediaries (brokers, agents, ...) and commissions

Total solution for front- and back office administration

Talk Software foresees a complete set of functional modules allowing for an effective and efficient execution of the different administration processes in an insurance company. A strong integration of client, production, policy, claims and financial data allow for a total picture of a client and its profile. It is the core for an insurance company for a client oriented approach.

To be able to respond quickly to new market trends, Talk Software is strongly parameterised. As a result, the time to market of new products can be very short without (or with a minimum) of new developments.

A very detailed database structure together with advanced history functions (Talk keeps a history of all versions of a policy and its transactions) is the core for extensive statistics and management reporting. The multi currency and multi language functionalities of Talk make it a future oriented application for an international environment.

Talk Software has advanced functions for the administration of for instance, advanced no-claims discount systems, advanced sales commission systems, activity based costing ...

Comprehensive Product Module

Talk Software has an advanced and comprehensive Insurance Product Module. An Insurance Contract (or Insurance Product) is a combination of different insurance objects (like for instance a car in a motor insurance, an insured in a life insurance policy, a property in a fire insurance, ...), each of them having its insurance covers (like for instance Third Party Liability, Material Damage, Life Cover, Public or Professional Liability, Theft, Burglary, Personal accident, ...).

The application is strongly parameterised, allowing the introduction of new Insurance Products by means of parameterisation without (or with a minimum of) customisation or new developments. As a result, an insurance company can launch new products in a limited time-to-market.

The Product Module includes the definition of items like insurance objects, insurance covers, insurance categories, risk types and risk factors, sums assured, retainers, product pricing, validations, commission systems for sales intermediaries, taxes and costs, premium payment types, general terms and conditions and specific terms and conditions (clauses), ...

As example, the following gives an overview of some insurance covers and financial products that can be configured trough the insurance product module of Talk.

• Capitalisation, Universal Life, Unit Linked
• Individual and Group Insurances / financial for all insurance cover
• Traditional Life including Endowment, Pure Endowment, Anticipated Endowment, Term Life Assurance, Whole Life Assurance, Decreasing Term Assurance, Fixed Term Assurance, Pension Insurances, Annuities, Deferred Annuities, Survivor's Pension, Anticipated Endowment, ...
• Additional Riders / related Covers to life insurances or financial products like Death or Disability by accident, or by traffic accident, other supplementary accidents, disability, medical, ...
• Motor including third party liability, material damage, comprehensive, theft and burglary, ...
• Property including fire, theft and burglary, flood, earthquake, storm, other nature disaster, material damage, all risks, ...
• Engineering, marine, aviation, energy, ...
• Workmen's compensation
  Liability including private life, public liability, professional indemnity, employer's, product liability, ...
• Medical Insurances including health care, inpatient, outpatient, dental, optical, fysiotherapy, psychiatry, nursing, ...
• Financial products including wealth management, savings, investments, fund management, credit, mortgages, ...
• Reinsurance
• ...

All these covers can be configured in individual and group insurances, in commercial, industrial and corporate insurances, as simple risks or combined risks. Whatever insurance product you want to commercialise, the Insurance Product Module of Talk Software allows to configure and combine almost an unlimited number of insurance covers, insured objects (person, car, property, ...), insurance characteristics, sums assured, ...

Client Oriented Approach

A strong integration of client, production, policy, claims and financial data allow for a total picture of a client and its profile. It is the core for an insurance company for a client oriented approach.

A client/prospect is stored only once in Talk (in the Relation Management Module) and can have several insurance contracts. As such, one can view from a client all related insurance contracts of this client, including the relation to that insurance contract. For instance a client could be the policy owner of some insurance contracts, while being the insured person of some others and the beneficiary of even others.

Management Information Reporting

Talk Software Application has advanced and comprehensive report building capabailities. Besides an advanced report builder, Talk Software has a comprehensive set of ready to use reports for Management Information purposes including reports related to Underwriting, Sales, Production, Claims, Portfolio Situation, Intermediaries, Reinsurance, Finance, General Ledger, ...

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