When it comes to managing a client’s insurance portfolio, every detail makes a difference. A comprehensive overview of clients and policies, the possibility of in-depth analysis and categorization of data and the creation of detailed reports are just some of the features of a quality insurance portfolio.
Categorization and the overview of expiring policies
To empower insurance sales teams and encourage productive communication within the company, the CUBIS portfolio module offers an overview of all relevant information about the client and policies.
In addition to general and contact information, some of the most important insurance-specific data that help in the work are premium, amount of debt, number of claims, number of claims, relevant claims and premiums, frequency of claims, technical result, etc.
The first step towards profiling clients and portfolios, in general, is a high-quality categorization of policies through the definition of categorization criteria and associated numerical ranges. The parameters offered in this module are completely flexible and adaptable to the type of insurance and the needs of the company, but most often include the technical result and frequency of damage.
Each company defines the final criteria and categories of renewal policies individually, and must further communicate them to the sales network. Policy categories can be extremely simple and refer clearly to “renewal” or “non-renewal” of the insurance policy but can also include marginal cases that refer to consultation with the risk taker or superiors.
Cooperation and communication of teams within the company
Quality collaboration and real teamwork begin as soon as the portfolio is generated. The underwriters/back office adjust the schedule based on years of data on the partner, which is then distributed to the sales teams within the company. Enriched with key information about its portfolio and clear notes and guidelines, the portfolio is a guide for the sales network to navigate through the policies that the company wants or does not want to renew.
In addition to a detailed review of insurance-specific data and notes, this module for team leaders also offers the option of redistributing selected policies to new associates if there is a turnover of sales team members.
Members of the sales team continue to manage the expiring policy list through this comprehensive solution, communicate with clients from one place, renew policies and even accurately record what happened in the event of a client leaving. These are all realistic situations that companies can further use in shaping their policy and way of doing business.
Custom reports and CRM compatibility
The strategic advantage of this module lies in the unlimited possibilities of creating reports for the back office or the sales network, based on the collected and categorized data. Monitoring both the business results and the success of policy renewal is essential for a more efficient organization of work within teams, as well as the financial progress of the company as a whole.
This expiring policy module in the CUBIS system is fully compatible with additional features that turn it from a “classic” policy list into a powerful CRM solution for the insurance industry. This of course includes management of sales opportunities and clients, integrated servicing of clients with an elaborate graphic dashboard in real–time.
In the increasingly competitive insurance market, flexibility, personalization, and real-time data generation are gaining importance and at the same time indicate the potential direction of development of this and all similar modules. The possibility of comprehensive servicing of the client and constant care about the quality of the assumed risk are the key benefits of this module.
