P1 is a robust life insurance data management systems at a fraction of our competitors' cost. We offer our clients a complete integrated solution including advanced features such as electronic funds transfer (EFT), and credit card premium processing. The application also has bill collection as well as customizable insured letter correspondence creation. Letters are generated and can be printed daily. They are then written to our imaging storage & retrieval system (DocuRead). P1 provides customer service with easy access to all correspondence via our Policy Administration module.
Options and features typically missing on Life Insurance Data Management Platforms come standard on P1 Including:
• Over thirty customer service policy administration online functions
• Annual, semi-annual, quarterly, and monthly billing modes
• Electronic payments for both checking accounts and credit cards
• Automatic letter generation and storage & retrieval system at the insured policy level
• Ability to convert Term to Whole Life policies
• Yearly renewal term capability
• Decreasing term insurance options
• Reduction of IT personnel expenses
• Reduction of hardware and software expense
• The accessibility, flexibility, and security of the cloud on Microsoft’s Azure
• Turn-key conversion from your legacy system to p1
ADMINISTRATION AND QUOTING
• Policy and customer administration, for the United States, the UK, and Spain
• Automatic policy quoting and rating in all 50 states
• Customizable letters & correspondence
• Automatic and Ad/Hoc generation of letters and correspondence in both English and Spanish
• Automatic & online policy expirations, cancellations, & reinstatements with related automated correspondence
• Report generation & bureau reporting
• Online retrieval of all correspondence at the touch of a button with Docu-Read, document management integration
• Four billing modes: monthly, quarterly, annual, semi-annual
• Automatic billing via EFT (Electronic Funds Transfer) and credit cards
• Cash application which includes cash suspense logic to handle over and under payments
• Easily manage cash receipts
From policy administration to claims management, data is gathered and maintained at different hierarchical levels such as policy to multiple claims to multiple claimants. Policies and claims can also be “attached” to ceded reinsurance contracts with the relevant participating reinsurers.
The system also keeps track of open balances both due to and due from ceding companies and reinsurer.
Data is protected through the use of master databases such as Insurance Company Master Listing which is updated frequently from AM Best which prevents the creation of multiple names for the same insurance company.
The folks at HMR are not just IT people. They have a thorough understanding of insurance and reinsurance at all levels and I have always found they go way beyond the contractual provisions in providing service.
The pricing is very fair and inclusive. There are no add ons or extras. This makes it easier to budget. We have never had any issues with speed or system response time.
I'm in the process of creating a new run-off platform with the Chinese conglomerate, Fosun and we are currently migrating data from 3 old legacy systems to P1. Not only has HMR vasts amount of experience in many legacy systems but we are currently running 2 months ahead of schedule on a 6 month project.