Innovations Team RealXS
Section : Innovations
Only when everything works to your satisfaction does it make sense to work on innovations. Team RealXS has been able to spend time on numerous innovations. Via the Purple tiles, we mention some of them.
A "Front office" and a "Back office"
The Backoffice is the actual software developed by RealXS. This is the system that your employees get to work with. The Frontoffice is the presentation of the products offered from the Backoffice. This is a website.
API generator for optimal data communication
What about digital communication between the software (back office) and the internet (your website)
Setting up an Algorithm for robot acceptance can now be done by yourself. A matter of forming questions and possible answers.
From now on, you can develop the IT for an insurance product in-house. Boss in your own belly: that's efficient and insightful.
Lower your signature into the pond
How can you be sure that signatures deposited on behalf of your company cannot be misused ?
Application attached to quotation
Real-Access Software is effective from the moment someone decides to submit an application: the entire underwriting process up to the cancellation of the policy.
Complex tariff structures
Many insurance products involve complicated fees. If there is an insurance package with 6 or 12 components, relevant or not, the tangle of calculations can become so complex that a choice has to be made to strip the product down.
Indexing with Team RealXS
Indexing : then you quickly think of indexing a household contents, a home. But why couldn't you index the premium? Or the investment value of a pension... an annuity? How about indexing for the declining daily value of an insured property! Or indexing for the deductible?
Prior to the application and quotation of an insurance product, there is a lot of work involved. The development of the Product, its registration in the Back Office, compilation of a "tailor-made" questionnaire , robot acceptance, composition of the quotation and, finally, the policy and its registration.
Tailor made Proposal form from Backoffice.
From presentation of the product, to enquiry. Without application, no quotation. This can be done with the involvement of advisers. They may then put the link to the enquiry form on their website. And so clients get access to the Back Office Portal.
Bonus Malus wherever possible.
Bonus Malus on a funeral policy or personal accident insurance? Of course not, these are precisely branches where applying a bonus/malus is not possible. So if your package policy contains 4 or 10 coverages, placed with multiple insurers, you obviously want to be able to provide each part of the product with a specific bonus-malus system.
Cumulative risk mapped
Cumulative risks : when a number of interests are insured that cumulatively put the insurer's operating results at risk.
Integrated financial administration
If the underwriting records are separate from the financial records (General Ledger, Sub-Administrations), auditors are likely to have to do a lot of audit work before they can give their approval and signature to the annual accounts.
Rate modules / trade-offs
Calculating a logical premium is not always insightful. Sometimes acceptors are also forced to charge a fixed amount. Something like the State Lottery does. Team RealXS has standardised a number of useful modules in its software.
Turnover-related insurance products.
In many cases the insurer is not sufficiently decisive with regards to collecting premium on declarations for Consequential loss Insurance and other turnover-related forms of insurance. Sometimes it can take years to obtain the required declarations. Premium-income related to a specific year of account should be booked in favour of the insurers who were the risk carriers at the time.
Transparency in tendering
Do you always know where you stand? Transparency must come from both parties! Disappointments and costly conflicts lurk otherwise.
Insurance Product Information Document "Tailor made"
On 23 February 2018, the IDD came into force within the EU. The obligation to offer an IPID thus became legal in the Netherlands as well.
Real-Access and the modern pension system
Traditionally, it has not been clear to business and policyholders what happens to pension assets. What are the returns? How do mortality gains and mortality losses affect pensions.