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QuickAssure™
: Problem Solved
We know that cargo insurance
is the most transaction intensive and complex line of insurance
plagued with many manual and inefficient processes. That these
inefficiencies translate directly into high administrative costs and
unnecessary risk exposure. The QuickAssure™ solution eliminates many
of these administrative tasks to significantly reduce these
overheads, and provide intelligent risk management tools that allow
for an unprecedented level of control over costs and risk exposure.
QuickAssure™ solves the
following problems for you and your clients:
For the Underwriter
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High
administrative costs due to labor-intensive paperwork and complex
business process.
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Marine cargo
policies have high transactional frequency and are high
maintenance.
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Premiums are
difficult to calculate since rating schedules are usually long and
complex, yet every shipment needs to be rated to bill applicable
premium.
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Current
premium calculation process is error prone, and causes
underwriters to either over bill or under bill clients. Error
checking processes causes additional overhead.
-
Underwriters
have no way to verify if a particular shipment falls within the
bounds of the insurance policy at the time of shipment, causing
additional unnecessary liability.
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Tardiness of
information causes delays in billing, and may cause additional
losses due to delayed salvage efforts.
-
Multiple
parties (often in different geographic locations and time zones)
must collaborate on any policy for each and every transaction.
Information often gets displaced or lost due to the delays and
time differences.
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Lack of
efficiency in current system counters accountability since it uses
a manual paper-based system.
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Required
information dispersed across multiple incompatible data processing
systems both inter-departments and intra-departments (due to
mergers and acquisitions).
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Inefficient
dissemination of information, policy changes, and rate adjustments
due to limitations inherent in traditional communications methods.
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Current
procedures make bulk reporting the only cost efficient method for
clients to declare large quantities of shipments. This causes a
loss of detail, which inhibits any trend and client-history
analysis.
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Prices,
premiums and conditions are based on estimates due to lack of
detailed information or the difficulty of obtaining it. This
causes inflated claims percentages, which further biases results
of any analysis performed.
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Existing
legacy solutions often are not compatible with each other; many
existing advanced features that require collaboration cannot be
used, rendering their analytics features useless.
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Unnecessary
burdening of clients with administrative tasks and limited
customer servicing (due to inaccurate client information) reduces
overall customer satisfaction.
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Inability to
push rating and underwriting tasks to the field (or to new market
locations) due to difficulty and expense of decentralizing data
and information.
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Difficulty
in building, maintaining and running an IT system internally
(complexity), since this is a non-core business.
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Lack of
budget, due to this being least profitable line of business
For the Assured
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Difficulty
in manually filling out certificates and calculating premiums for
every shipment
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High
administrative costs of collecting and compiling details of
shipments to submit periodic declarations
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Delay in
settlement of claims
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Excessive
amount of paperwork is generated, collected, filed and archived
for each transaction and claim
-
Delay in
receiving shipment information from all internal locations to the
person in charge of declaring the shipments to the insurance
companies.
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Difficulty
of generating risk management reports to perform proper risk
analysis
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Under
utilizing existing IT investments in ERP and accounting systems.
With
QuickAssure™, managing your
cargo insurance couldn't be easier...
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Highlights:
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Collaborate with
your business partners
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Create a powerful
global presence
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Claims settlement
and Recovery
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Control your risk
exposure
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Understand your
business
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Organized Policy
Management
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Anytime global
access
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Stay informed
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Take control of
your business
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Grow your
business
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