Risk and Policy Manager TM On-Demand Risk and Policy Management Software for Brokers, Captive Insurance Companies, Risk Retention Groups, and Self-Insured Organizations www.solartis.com 570.842.7094 570.815.4556 cmowry@solartis.com
Solartis Risk and Policy Manager TM Solartis offers an attractive alternative to the RMIS and policy administration systems available in the marketplace today by combining insurance domain knowledge, insurance software experience and cloud technology expertise. How does the Solartis Risk and Policy Manager Platform serve the needs of Brokers and Risk Managers? Solartis Risk and Policy Manager is a new and different cloud-based software used to track, manage and report on all insurance policies, risks, coverages, premiums, and processing activities as well its insurance program participants (i.e. members, subsidiaries, profit centers, business units) risks, coverages, premium contributions and insurance activities. What makes Solartis Risk and Policy Manager Unique? The concept of creating the unique functionality supported in the Solartis Risk and Policy Manager was a joint effort between the Arch diocese of Boston Office of Risk Management and Solartis. Solartis and the Arch diocese of Boston partnered together to design a product so desperately needed by brokers, captives, risk pools, risk retention groups, and self-insured organizations. In a nut shell, The Solartis Risk and Policy Manager Platform manages and tracks: commercially acquired insurance policies or self-insured coverages all of the cost allocation, exposure and risk profile data, by line of coverage, for each participating entity or location All the insurance activities of their profit centers, business units or members that are covered under these policies Solartis Risk and Policy Manager is an excellent alternative to RMIS and policy administration systems as it combines the policy functionality of both systems (plus more) into one cost effective Cloud system: Track, manage, and report on all commercial and self-insurance programs and policies, risks, coverages, premiums, processing activities, and changes in risk profiles at the location or operating unit level Track, manage, and report on all participants (i.e. members, subsidiaries, profit centers, business units) risks, coverages, premium contributions, certificates of insurance, and all other related insurance and risk level activities Solartis and the Arch diocese of Boston performed an extensive search of the market space to find a solution that supports the day to day risk and policy management activities of the Risk Management Office. This is what we found: Many Risk Managers today continue to use Excel spreadsheets or homegrown database systems to support the day to day functionality we provide in a far more robust system. RMIS system supports the overall Risk Management activities but does not support the daily activities associated with insurance policy management and their covered participant s activities. Insurance Policy administration systems are designed for insurance carrier and MGA policy life cycle activities, not the activities specific to a risk manager and self-insured programs. For example, most policy admin system do not: o support the ability to associate multiple participants to multiple insurance policies (i.e. primary and excess insurance policies) 2
o o allow the user to individually underwrite, invoice, track and receive premium contributions from each insurance policy participant associate premium contributions received from the participants to its Insurance policy(s). Solartis and the Arch diocese of Boston agreed the best approach to solving this problem is to configure a new cost effective Cloud platform that provides the unique functionality needed in this growing market space. How do we address the Risk Manager s core concerns and processing challenges? By providing Regulatory Compliance and Complete Transparency of Insurance policy info, exposures, coverages, premiums, participant contributions, taxes, fees and claims and transactions. The Risk Manager can feel confident he is providing accurate and up to date information to insurance auditors, carriers, policy participants and board members. In one easy to use system the Risk manager can allocate and justify Insurance Costs across multiple business units / participants. They can fully document and justify each participant s insurance policy contributions and have all participant information at their fingertips (i.e. exposures, underwriting info, loss history, etc) Easily manage and find all policy and participant documents. Solartis provides one central location for all Insurance Policy and Participant documents (i.e. Proposals, policies, endorsements, certificates, loss runs, audit info, inspections, etc. ). A Cloud Deployment Know the system is always available to you 24/7 from any computer. No software or hardware to purchase, no software applications to manage. Scalable to meet your needs. Self Service Tools Reduces Risk Manager workload and empowers covered participants by letting them perform self-service tasks (i.e. pay their contribution on line, request a certificate of insurance, submit renewal or audit information, electronically sign documents, view and download insurance documents etc). Enables and facilitates enhanced development and utilization of loss mitigation strategies that require individual participant and location level tracking and loss performance monitoring or experience driven contribution adjustments. How do we solve the inherent problems in the Risk Management Process? Having all insurance policy and participant exposure detail and activity administered and managed in one system provides the Risk manager with the tools and the information needed to identify, analyze and implement risk reduction procedures and adjustments in a timely and documented fashion. In addition to our on screen administrative activities and tools, Solartis provides the ability to generate reports, graphs and charts on all data stored in the Solartis System. For example: Insurance Policy and Coverage reports Increased sophistication and uniformity in enterprise wide risk and insurance cost allocations Participating member specific reports Comparison reports (participant versus participant) Risk Management Reports (i.e. Services utilized, Benchmark report) One stop capture, maintenance and reporting of COPE and risk profile data 3
To help the risk manager manage, easily find, understand and perform his daily administrative duties, Solartis presents insurance information in two easy to understand, logical perspectives: Insurance Policy Perspective Manage, track, view and report on all Insurance Policy Information (for all self-insured, captive and commercial insurance policies and coverages) o Manage and track Insurance policy details Insured Name, Carrier, broker, contact info Policy type, Effective dates, etc. Coverage and premium information o Manage and track policy life cycle transactions New Policies Endorsements Renewal Policies Cancellations and Reinstatements o Create and / or Store all Insurance Policy documents Captive or Self-Insured Policies produce policy documents in Solartis Policies issued by Carriers Attach policy documents to the policy record o View and report on claims info (from an Insurance policy perspective) o View, access, and manage participating member information 4
Covered Participant Perspective Manage, track, view and report on each participant s insurance coverages (i.e. your members, subsidiaries, profit centers or business units) o 360 degree view Intelligent, context-sensitive view of all participant information (i.e. risks, coverages, claims, contributions etc.) o Manage and Track participants names, addresses, contacts, locations o Manage and Track participant s risks (i.e. buildings, Contents, WC classes, GL classes, vehicles, Scheduled items. Special Events etc.) o Manage and Track all participant insurance transactions Rate and Quote participant s risks (Buildings, Autos, WC classes, GL classes, Bonds, Events etc.) Associate their premium contributions to your Insurance Policies Track risks, coverages and contributions as they change Re-quote and rebill insurance coverages at Policy renewal Cancel / Reinstate coverages Invoice coverages Track Payments o Obtain Electronic Payments (i.e. ACH, Credit Card) o Obtain and store esignatures o Produce insurance documents (coverage applications, proposals, coverage summary sheets, worksheets, certificates of insurance) o View and report on claims information (from a participant perspective) 5
What benefits can expect when using the Solartis Risk and Policy Manager? Work the way you want to work: View all your insurance policies, risks exposures, premiums, participant contributions and claims activity from an insurance policy or participating member perspective. Improve collaboration inside and outside your organization. Solartis Risk and Policy Manager is a cloud-based solution which means everyone you work with can use it. You can decide what they see and what they can do. No more silos or portal solutions that don t talk to each other. Your insurance policy participants can pay their policy contributions on line or request their certificate of insurance. Your claims administrator can view insurance policy coverages and participant s exposures all on the same platform with instant information sharing. Flexibility Integrate with your existing systems (i.e. claims, general ledger, data warehouse, property evaluation systems etc), Configure the Solartis screens, attributes, calculations, processing rules and documents to meet your individual needs Level and then tilt the playing field Solartis Risk and Policy Manager provides the type of architecture and functionality that has only been available to insurance companies with a large IT staff and budget. Our Cloud based platform is a cost effective solution for Risk Managers that mange Captives, Risk Pools, Risk Retention Groups and Self-insured programs. Your insurance coverages are configured and not coded which allows for shorter implementations and faster, more frequent product release cycles. Reduce your costs and make them variable. Shift your information technology costs from a capital expense to an operating expense. Move away from the traditional license model and pay for only the services you use when you use them. No upfront license fee, no hardware to buy, no ongoing production support costs, nothing extra just pay for what you use and that s it. Scalability Use only what you require without having to worry about availability or response time Solartis provides the best of both a packaged and a custom designed software: Packaged software Leverage our cloud based policy life cycle services (already in production today) Custom designed software Create the business flow and screens on top of our policy life cycle services for all your insurance coverages 6
Rollout the latest proven and tested technology before your competitors. Companies today can t settle for a me-too solution. By doing so they consign themselves to technology limitations and in a few years face the same legacy system issues the organization is facing with traditional models now. Our approach to the insurance industry is unique. We believe that to excel in insurance technology you have to think of the process as a journey and not a destination. Solartis Risk and Policy Manager was built from the ground up for Insurance transactions and was not acquired, modified or repurposed. On-Demand Insurance Services www.solartis.com Carol Mowry 570.842.7094 570.815.4556 cmowry@solartis.com 7