In a market where insurance companies face neck-to-neck competition, unwavering government regulations and changing customer needs, agents and employees need accurate and instant access to information. Insurance companies must be able to seamlessly transform the information in their line-of-business applications into customer-focused, knowledge-based systems. Large numbers of branches have to be opened in a short time by keeping investments in infrastructure and skilled manpower low. Cycle time for issuing of policies and claims has to be minimized to attain competitive advantage and attain high customer satisfaction levels.

Monash provides completely integrated applications for claims processing, policy issuance accounts payable, and payment administration. Our Products & Solutions allow easy access to all customer and policy information, and combine workflows with a scaleable collaborative knowledge management environment.

Key issues that our solutions tackle are:
A financial workflow that provides you with the ability to centrally process and route specific document types, such as new business applications, rewrite applications, endorsement applications, notices of cancellations, inspection report forms and more, through the company's business processes. The documents are directed to the appropriate department for further processing or go to a "queue" where system work is performed. Workflow performs varied system work including setting timers, collaborative documentation checks, etc.

Providing concurrent access to documentation by providing a centralized repository of all policy and product related information. All too often, accounting processes are hampered while waiting for the underwriting process to be completed. Insurance personnel continually spent unnecessary time searching for and photocopying documents.

To provide a better overall way to retrieve documents. Retrieving documents from cabinets can be cumbersome. Documents could also get misfiled or misplaced. More than 30% of personnel time is dedicated to the management-filing, locating, copying and recreating of paper-based documents.

To provide a backup for policy documentation. In times of natural calamity or war, original policy information can get totally destroyed. This plays on the reliable reputation the company had worked so hard to earn.

Benefits
Centralize and streamline policy and claims processing procedures

Significantly Reduce Costs

Increase Geographical Reach

Reduce Turn Around Time for claims settlement to as low as 3-4 days Improve Customer Service