SCAD Sure (Insurance Management System)
SCAD’s “Universal Insurance Management System” (SCAD Sure) solution is based on an insurance model adopted by SCAD that has been carefully researched to enable the design and development of a fully-integrated solution that focuses on the constructs needed to meet the business management and operational requirements of an insurance enterprise operating in the financial services industry.
The model takes into account insurance products and policies, coverage types, coverage levels, product features, insurance rates, underwriting, premiums, incidents and claims as well as the provision of services, including those offered by insurance providers (underwriters), insurance agencies, insurance brokers, third party administrators, and any other organisation that provides insurance-based services in support of the enterprise and its core business.
The SCAD Sure model addresses issues such as:
- How to support the insurance coverage needs of clients (individuals or organisations).
- How to best sell products and services to meet those needs while managing competitive advantage (value), profitability, risk and compliance with legislative, statutory and corporate governance requirements.
- How to enhance customer service and maintain customer relationships.
- How to maximise revenues, minimise costs, and still maintain excellent service levels.
The model enables an insurance enterprise to capture and track information such as:
- The people and organisations they are concerned with, namely insured parties, insurance providers, insurance agents, prospects, affiliates, suppliers, employees and internal organisations.
- The product and service offerings that provide insurance coverage at various levels with different features and rules.
- Servicing of and assistance for the client, with the ability to support their ever-changing needs by tracking the specific agreements the company makes with the insured.
- Providing access to those services through the policies issued to the insured, accurately tracking all activity on that policy and quickly handling any queries or claims that arise.
- Managing proper use of the insured party’s information in order to assess risk for the company and assisting the insured in gaining the services required.
- Managing insurance rates and underwriting information.
- Providing the insured with accurate premium and billing information.
- Budgeting, accounting and management information.
Key features of the SCAD Sure solution include:
- The streamlining and automation of business processes in order to deliver an “end-to-end” solution.
- The alignment of IT systems with business needs, including the ability to adapt rapidly to change – market dynamics as well as legislative compliance.
- The provision of a single view of the client – consolidated and fully integrated information related to the insured party.
- The provision of a single view of the business – consolidated and fully integrated management information related to key performance areas across the enterprise.