General Insurance System
GENISYS is tailored to the business requirements of the general insurance industry. It provides customised business rules, tariffs and procedures. The product was first field implemented in late 1998, and has evolved over time. It has matured following some of the most drastic changes in business rules and functionalities that the Indian general insurance industry has undergone since liberalization. It has an extremely easy-to-use and intuitive graphic user interface (GUI).
GENISYS comprises the following key components, which are seamlessly integrated:
- Underwriting
- Claims
- Accounts
- Policy administration / renewals
- MIS / reports
- System administration and security
GENISYS
- Underwriting (supports 250 + policies / products)
- Policy administration / renewals (extension, cancellation, duplicate policy, increase / decrease SI)
- Accounts (trial balance, final accounts, profit and loss statement, balance sheet)
- MIS (Over 1100 reports and registers)
- Claims (fully integrated with underwriting, endorsement and accounts)
- System administration and security (system-level, application level, user-level security)
The underwriting module provides support for more than 250 products.
The underwriting process determines and computes the premium payable by the insured, depending on the quantum of risk and the sum assured. GENISYS computes this premium amount automatically, by using inbuilt logic and tariff charts.
GENISYS has comprehensive coverage vis-à-vis the endorsement of all its underwriting products, and is fully integrated with accounts, claims and management information service (MIS) modules. The entire claims management trail is covered for all lines of business.
Key features in claims management:
- Claims intimation
- Surveyor appointments
- Surveyor report receipts
- Settlements
- Settlements approval
- Surveyor payments
- Checklist generation
- On account / interim payments
- Claim notes
- Claimant, surveyor correspondence
- Reinstatement
- Online outstanding claims provisioning and accounting
- Claim history
- Incurred claims / claims ratio
- Flexible query and reporting
Reinstatement
When there is a partial loss, the insurer pays the claim, which is meant to repair the partial damage and reinstate the asset / property to its original state. To subsequently continue the same policy, a premium must be paid by the insured, which can be deducted by the insurer from the claim amount itself. The balance is then paid.
The accounts module offers comprehensive coverage of all accounts functionalities relating to underwriting, endorsements and claims management:
- Premium / non-premium collection
- Claim disbursements
- Journal vouchers
- Scroll management
- Miscellaneous / petty cash disbursements
- Agent commission bill generation
- Agent commission disbursement
- Voucher modifications / cancellations
- Cheques dishonour and corresponding accounting
- Development officer's incentive computation
- Bank guarantee, cash deposit maintenance and accounting
- Branch consolidation
- Bank reconciliation
- General / sub-ledgers
- Day books
- Trial balances
- Online accounts posting in ledgers and trial balances
- Final accounts
- Profit and loss statements
- Balance sheets
- Schedules
The system currently provides more than 1100 reports / registers. The reports module is constantly updated with the requirements of the insurance companies and the regulatory authorities.
The application provides a comprehensive security mechanism:
- Application level security
- Database level security
- Operating system level security
- Application level audit trail
- Database level audit trail
GENISYS provides a rich set of application program interfaces (APIs) to give access to its data for third party products. This component is the dividing line between the external systems and the GENISYS database.
Technical architecture, hardware and software platforms
- The application has been written using Oracle Developer
- The database is Oracle
- The product can run on any operating system (both proprietary and open) which supports Oracle.
- Supports both centralised and distributed operations
- The architecture is highly:
- Scalable
- Reliable
- Portable
- Usable
- Scalable
Strengths
- Highly user-friendly GUI interface with menu-driven screens
- Seamless integration between modules
- Strong and comprehensive accounting module
- Online accounting
- Reinsurance reports
- Multi-user support
- High flexibility
- Supports multiple-user levels
- Configurable user profiles
- Database integrity
- High-level security
- Query facility on multiple criteria
- API for interfacing with other systems
- Changes done mostly through parameters
- Rich library of common functions
- High degree of code reusability
- Easy housekeeping activities
- Easy offline jobs
- Designed for rapid deployment
- Backup / recovery utilities
- Extension counters
- User performance
- Session log
- Transaction log
- Installation kit
- Version upgradation kit
Benefits for the insurance customer
- Top-of-the-line customer service
- Minimal waiting period for any transaction
- Quick claims settlement
- Automatic generation of renewal notices
- Efficient redressal of customer grievances
Benefits for the broker / agent
- Calculation of commission on periodic basis (daily / weekly / monthly)
- Prompt disbursement of commission / incentives
- Quick access to information
- Immediate issue of policy
- Quick claims settlement
Benefits for the user
- Easy handling and availability of timely and relevant data
- Entry error minimised
- Ease of operations:
- User friendly interfaces
- Minimised data capture
- Computer generated vouchers, receipts, pay-in slips, etc.
Benefits for the management
- Ready availability of information
- Intermediary-wise business analysis
- Operating results
- Premium income
- Claims paid
- Claims outstanding
- Funds transferred to higher offices
- Efficient management of surplus funds
- Aggressive marketing augmented by availability of a client database
- Reports for external regulatory bodies
- Improved quality of decision-making through a better decision-support mechanism
Experience
CMC has proven expertise of Project Management in fast implementation and rollout of GENISYS across multiple, dispersed locations. CMC has also successfully trained customer personnel for implementation.
The product is supported centrally from CMC's Insurance Competency Centre (ICC) located in Kolkata. Strict version control and elaborate testing mechanisms are followed before releasing any version. GENISYS technical support centres are present across the country to provide technical support to GENISYS users.
Indicative client list
- The New India Assurance Company Ltd
- National Insurance Company Ltd
- United India Insurance Company Ltd
Case study
For further information please contact : info@cmcltd.com or call us on +91-22-6781 1000 / 01 / 02