Policy Assessment

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TIM will manage all forms of policies from single risks and single location risks to the most complex multirisk and multi-location packages. Once the underwriting rules and rating factors are built in to the product definitions, policies can be bound and documentation issued without reference to the Underwriter. Only policies that fall outside the set guidelines will be placed on hold until an automated referral is considered by the Underwriter. This results in the majority of business (over 95%) being accepted and processed seamlessly and accurately without administration delays. The rates update process and underwriting criteria adjustments are a simple matter of adjusting the appropriate tables.
Quoting TIM automatically generates precise quotations based on algorithms to endless levels of complexity. Quotations encompass any number and combination of ancillary disbursements, including for example; commissions, FSL, stamp duty and GST. Situational adjustments (discounts for example) are able to be applied to the quote. These alterations filter though a request and approval process to the digression of the Underwriting Agency.

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Policy Maintenance

Existing policies are easily retrieved for modification. TIM maintains agility of data through it’s core
framework. This allows for straightforward policy alteration, for example; endorsements, renewals,
cancellations, lapses and portfolio transfers. These changes will feed through the system and recalculate all associated functions automatically. In order to reduce any workplace confusion, explanations for any policy changes are able to be logged into the system.
 

Reporting

TIM provides a flexible, complex reporting capability including, for example: premium to budget, accrual
reporting, earned premium, aged debtors, insurer bordereaux, accumulation, triangulation reports and
many more. Additional reports can be easily created and tailored to the user’s needs. Other standard
reports include: client records, quoting & policy documents, finance reports, underwriting (budget, analysis, exception, retention), claims detail, credit control reporting, duties & taxes, trust account reconciliation & audit reports.

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Trust Account Maintenance

The trust account is reconciled in real time as transactions occur. Every cent received or paid out of the
trust account is updated in the relevant accounts without delay. This ensures that trust account distribution for individual Underwriters, commissions payable, statutory and industry body charges are reconciled in a timely manner. Some of the functions included are: premium receipting, commission payments, insurer payments, statutory payments, debt collection, end of period balancing functions, detailed reconciliation, investment and ancillary disbursements.