Delivering business efficiency and exceptional customer service through advanced technology has been and remains a key focus of Tropics Software Technologies in creating its Policy Administration system.
The Policy Administration system uses a framework of workflow, email and document automation, and centralized contact management to provide the utmost productivity to an organization.
Based on modern technologies, this system includes all business cycle phases; from application processing to policy issuance, audits, cancellations, reinstatements, commissions, renewals, management reports, statutory reports, and all other aspects of policy management.
The Tropics policy system uniquely employs a robust rules engine to process client-specific underwriting rules for new business and renewals. Many aspects of the risk, including class codes, industry, loss ratio, location, years-in-business, etc., can be evaluated and scored by the rules engine.
Core modules offer solutions for the fundamental business processes while additional modules further expand business efficiency. A solution is prepared for a client by incorporating selected modules and setting hundreds of configuration values to tailor the system to the client’s needs.
SUMMARY OF TROPICS® POLICY SYSTEM MODULES
Multi-State Rating Engine
Tropics® Rating Module provides one central rating engine which can be defined, configured, modified, and edited by both clients and Tropics staff. The system facilitates rating policies across different states, rate tiers, and rating algorithms.
Application Processing and Quoting
This system provides for entering an application or receiving it through the agency self-service web portal. The application system supports multi-state and multi-location entries and can produce multiple quotes per application based on different workers’ compensation plans (guaranteed cost, deductible, retro plans, etc.). Enrolling and issuing policies based on a valid quote can be accomplished by a single click of a button or scheduled for after-hours production.
In order to achieve ultimate usability, the Tropics Insured Management tiered hierarchy architecture allows various divisions, segregations, and associations for billing, multi-state policies, and financial purposes. The insured can be divided into multiple “exposure units” for gathering specific exposure and to generate rating. Each exposure unit can further be broken down into physical locations or workplaces.
Policy Issuance/Endorsement Processing
Tropics automation speeds up the policy issuance process with built-in logic assignments to pre-populate policy and endorsement forms, auto-generate, and print forms in batch or individually. The system provides options to install forms for multiple states and to automate multi-state policy issuance. Through full integration with other modules, with each endorsement transaction, premium is adjusted (where applicable), appropriate forms are created, and billing records are adjusted automatically. The full history of policy forms and endorsements is kept in the system for review and reprinting.
The Tropics Policy Management Module provides the necessary flexibility for rating, billing, and payments to be issued and tracked from the master policy level or the subsidiary levels. Policy Management is rules-based, meaning rating plans and rating schemas are initially defined and used to govern the creation of each policy. This allows multi-state, multi-location policies to be administered with credits/debits and other factors allocated appropriately for each unit. The policy system also supports accompanying coverages such as USL&H, Maritime, Waiver of Subrogation, and aircraft seats. Taxes and other state surcharges are also supported by this system.
The policy system stores and keeps track of estimated, reported, and audited payroll. System functionality allows clients to configure payroll rating options, inflation factors, and renewal methods.
Cancellation / Reinstatement Management
This module identifies and processes policies that are delinquent in payment or have failed to fulfill other obligations such as sending in periodically reported payroll. All policies, which require cancellation for any reason, are selected as “cancellation candidates”.
A robust user interface provides management, inquiry/review, and processing tools to the users to perform several different related functions and finalize the process of cancellation or reinstatement. All necessary notices are generated based on the state rules.
For a full demonstration of Tropics® Policy System,
Agency Commission, 1099 Processing, Check Reconciliation
The Agency Commission Module enables processing of unlimited commission types including flat or tiered commissions, split commissions, and payment exceptions such as bonuses, incentives, or overrides. Payments can be issued at the branch or agent level. For convenience, the system can also execute ACH/EFT payments (requires customization with client’s bank). To complete the commission cycle, the system is capable of processing and printing 1099′s through integration with “1099 Convey Desktop Edition”.
Positive Pay Processing is an optional feature of payment processing. It facilitates creating an electronic file of issued checks for the bank to prevent fraud and ensure the accuracy of cleared checks.
Check Reconciliation is another optional feature. It allows receiving an electronic transmission of cleared checks from the bank and reconciliation of the cleared checks to the Tropics check register.
The Tropics Audit system is used to automate the audit processing cycle. Audits of any kind (final, cancellation, etc.) are requested and managed through this system. Audits may be assigned to internal or external auditors and tracked through this module.
Audit entry allows the user to easily complete payroll entry and concentrate on finalizing reviews, entering revisions, and completing verifications of payroll, coverage, and classification codes. To simplify audits further, adjustments to billing and audit and refund invoices are generated automatically.
As an option, an XML export facility allows audit orders to be loaded to a third party audit system for completion in the field. The completed audits may be received and imported into Tropics through an XML import file.
Renewal Processing and Renewal Quotes
Tropics® Renewal Module expedites the renewal process by providing a framework under which policies can be flagged for automatic renewal or underwriter review. The Renewal system provides the ability to automatically increase payroll by a default or specific percentage, and can automatically assign or roll over credits based on client-specific logic. Using the rules engine, policies requiring underwriting review can be segregated to determine renewal eligibility and requirements. To facilitate the analysis, an Underwriting Analysis Screen (UAS) displaying a premium and loss history summary is created and notes (produced during analysis) are maintained. Any quotes or changes made to the policy are stored for reference in determining future actions on the policy.
The Tropics Loss Control module assists in effectively managing safety and loss control activities. The system provides a vehicle to schedule, plan, and track loss control related tasks. Loss Control Events, as well as the accompanying document templates, can be defined by clients based on their business needs. Safety visits and seminars are among the most widely used types of events.
Once events are assigned to a loss control representative, he/she can view and manage the events remotely. The representative can schedule appointments, make visits, and finalize the event by completing the necessary forms and letters.
Email Notification System
The Email Notification System is and optional mass background emailing system that creates and send emails based on pre-defined email templates. Emails may be issued to external and internal recipients, based on defined rules, without user intervention.
This system is used in automating many of the required notifications such as “Bill is Ready to Pay” “Payment Reminder”, “Past Due Notice, “Self Audit Reminder”, “Termination Notification”, and many other types of notifications.
Agency Information Management
Tropics® Agency Information Management System maintains all data and actions associated with an agency, branch, agents (brokers), and CSRs. The three-tiered hierarchy supports streamlined data entry and gives complete flexibility when structuring commission payments.
Reports, Custom Reports, Ad-hoc Information
With robust online inquiry, availability of information on-demand, and the capability of copying certain data grids into MS Excel for further manipulations, Tropics has drastically reduced the need for reports which are used for processing purposes in most other systems. However, Tropics provides a number of financial, management, and exception reports which can be printed or viewed online.
As an option, Tropics adds a significant level of capabilities in reporting, analysis and trending, and access to ad-hoc information through OLAP cubes, delivered with the Tropics Business Intelligence module.
Using Crystal Reports and Tropics integration tools, Tropics affords users access to any data element stored in the system to create additional reports and to integrate them back into the Tropics menu.
Tropics® Claims Inquiry Module helps users quickly access summary claims information for a policy. This enables users to retrieve pertinent claims data for evaluating a policyholder’s loss history. The claim summary information, which is usually created nightly, is also used for several reports including loss runs. The information is also used in processing deductible and paid loss retro billing.
Notes through Centralized Notebook System
Tropics provides a robust centralized notebook across all systems which allows definition of note types by entities (claim, policy, insured, etc.). Additionally, notes may be associated with documents and work items, enabling the client to manage communication related to an entity from a single interface.
Other Options and Features
- Policy & Unit Statistical Reporting (WCPOLS, WCSTAT)
- Small Deductible Processing & Billing (Requires the Billing System)
- Large Deductible Processing & Billing (Requires the Billing System)
- Dividend Plan Processing
- Incurred & Paid Loss Retro Plan Processing
- Experience Mod Promulgation
- Consent to Rate Support