GLOBAL believes that no amount of innovation or disruption can parallel great customer experience. In line with this belief, we have developed a highly customized and well-researched platform to enable "one-stop solution" to all insurance portfolio related requirements of Global's clients.
To simply put - GPS is One-of-a-kind digital platform Insurance Portfolio Management which has been custom-built for Global which handles insurance as well as tailored for Global's business processes. Better efficiency, accountability, and transparency.
A wide array of modules and features were engineered over a period of 2 years including Summary, Policy Management, Claims Management, IndustryRenewal Management, CD Balance Monitoring, Regulations, Service Delivery tracker, Industry updates and client's events, program information, policy administration, MIS Reports, Region support, Multi-Currency Support among others.
GPS helped in vast areas:
Unified source for a complex process of coordination and collaboration across multiple internal teams like Risk, Finance, Procurement, HR, Legal and other divisions of the client's organization, and also with external agencies.
Facilitates informed decision making through Machine Learning - Hosting multitudes of historical data, this makes the tool a powerful hub to process huge data lakes through Artificial Intelligence for decision making on Insurance requirements, scale and price points. This inturn helps achieve cost-effective solutions that are aligned with stakeholder expectations. The huge data allows us to build in a fraud detection system for claims.
Partners throughout the Insurance cycle
The success of any insurance program lies in prompt and efficient settlement of claims, and it truly represents the test of partnership and the quality of insurance arrangement. The GPS platform wards off common but critical irritants, through active, follow up mechanism and helps simplify and better manage the claim process.
For India Yet, Global - Deep insights and analytics were leveraged to understand the behavior and preferences of Indian Insurance buyers, brokers, and insurers. Global best practices are extensively researched and relevant practices are incorporated into the platform.
GPS is one of many tools under Global's wings which make operations effortless inturn exceeding customer expectations with seamless service.
End to end insurance process management involving Policy Management, Endorsement, an insurer with complex co-insurer and co-broker placement structures. Placement also involves risk management and warranty management. The module also manages shares, premium, and brokerage for all co-insurer and co-brokers.
International and domestic reinsurance with contract management, reinsurer management with multiple stakeholders including third party agencies.
Complete renewal process management including policy renewal, share renewals, warranty renewals with auto-notifications for renewals.
CD Balance Monitoring
Policy and insurer wise tracking of Cash Deposit (CD) balance with the insurer. Includes auto-reminders for clients to replenish CD Balance funds. Audit trail maintenance with premium payments/ receipt records.
Role-based MIS reports including exposure summary, cd balance accessible via any device.
Real-time role-based access spanning through department, zone, branch, restricted access for high-value policies, parameter-based individual access on policy, and claims.
A sophisticated module comprising of Policy Interpretation, Claim Presentations, Claims Tracking and Recovery, Claims Audit, Alternate Redressal Forum and Client Training and Development among other related functions.
Track revenue for each department and vertical in a single unified platform.
Notification and Reminder systems
Multi-stakeholder notification system for premium payments, renewals, and claim tracking.
Dashboard and Data Analytics
Role-based branch wise revenues, claim wise revenues, upcoming renewals and forecasting, premium renewal, and forecasting (AI based forecasting) with custom filters and downloadable detailed reports.