Innovation in Growing Your Insurance Business with CloudCover

In today's fast-paced and competitive insurance industry, innovation is crucial for success. To stay ahead of the curve and maximise growth opportunities, insurance companies need agile and scalable technology solutions. JMR Software with over 35 years of experience in delivering technology-led change has developed CloudCover, an innovative Insurance Administration System that empowers insurers to grow their business while reducing operational complexity, cost, and risk.

CloudCover is our flagship product, offering unparalleled flexibility, scalability, and security. Unlike traditional systems, CloudCover can be swiftly tailored and configured in weeks, enabling insurers to rapidly launch new insurance products to market. This agility allows you to adapt quickly to changes required to remain innovative in a dynamic industry.

CloudCover caters to a wide range of insurance lines of business, including group and individual life products as well as short-term both commercial and personal lines. It provides a comprehensive solution that administers various lines of business, multiple products, and multiple channels on one system. By consolidating these processes, CloudCover streamlines operations and reduces the need for multiple systems, saving both time and resources.

As a cloud-based solution, CloudCover effortlessly scales with your business needs, keeping costs down. It leverages automation to handle repetitive tasks like policy generation and claims processing, freeing up your team to focus on higher-value activities such as customer service and relationship building. This increased efficiency leads to faster turnaround times and greater customer satisfaction, ultimately giving your business a competitive edge.

CloudCover manages the entire policy lifecycle, from initial inception to, and including claims and cancellations, incorporating administrative, regulatory, financial, and reporting aspects. Its rich functionality includes a full document management module and integrated communication module, eliminating the need for separate systems. Additionally, CloudCover functionality includes document management and communication modules, as well as anti-money laundering capability, and powerful APIs within a single solution, providing a robust and secure platform for your insurance operations.

One of the key advantages of CloudCover is its configurability. With low code demand, you can launch new products and implement changes quickly, enabling complete personalisation to support your unique business needs. CloudCover provides all stakeholders, including MGAs, MGUs, UMAs, insurers, brokers, clients, call centres, third-party service providers, and digital channels, with a user-friendly digital experience. Through a single interface, stakeholders can access and manage quotations, policy applications, policy details, client communications, complaints, and queries, claims management, and progress tracking.

CloudCover's features are designed to optimise productivity and reduce costs. It offers real-time operation with full validation on all inputs and powerful search and filter functionality on all screens. The system automates various processes, including initial quotes, policy inception and acceptance, billing, claims, and reporting. Integrated communications and document management enable automatic emails and SMS notifications to keep policyholders informed about policy schedules, payments, changes, lapses or cancellations, and claims progression. CloudCover's automated rules-based claims handling ensures everyone stays up-to-date while identifying potential fraudulent claims.

The system also facilitates automated collections and payments, available through a host-to-host integration with the banks or digital payment gateways. Additionally, CloudCover streamlines commission runs, automating commissions and other fee postings. Its management, operational, and regulatory reporting capabilities can be easily tailored to your requirements. With easy administrator access, you have control to make changes speedily, while the system maintains full auditability. CloudCover also boasts its own product pricing rating engine and reinsurance module.

Integration is seamless with CloudCover, as it can be easily connected to client websites or other systems through APIs, Web Services, or bulk-loaded flat files. This interoperability ensures a smooth and efficient flow of data across your insurance ecosystem.

Implementing CloudCover into a live environment is a breeze, significantly reducing the time frame and costs typically associated with system deployments. At JMR Software, we understand that time is money, and by saving you time, we enable you to save money.

In conclusion, CloudCover by JMR Software revolutionises insurance administration by offering insurers an innovative and scalable solution that enhances their business capabilities. With its flexibility, automation, and comprehensive features, CloudCover empowers insurers to rapidly adapt to changes, personalise their offerings, and provide an exceptional digital experience to all stakeholders.

Embrace innovation and grow your insurance business with CloudCover today.

To find out more about JMR or book a demo, visit their website by clicking here.