VISoF - Vehicle Insurance Solution Framework
Automobile Insurance industry is facing increasing number of challenges posed by demanding OEMs, Insurers, Insurance Brokers, Insurance Corporate Agents, confirming to Insurance Regulatory and Development Authority statutory guidelines, and Intermediaries, Channel Partners and Customers along with ever changing user requirements and a highly competitive market. Also, for a successful insurance business, retaining existing customer is paramount. Service Providers are looking forward to robust Vehicle Insurance Management Solution vendors that possess requisite skill and technical competence, in-depth domain expertise and good understanding of prevalent business models.
Binary Semantics offers a Vehicle Insurance Management System for the Automobile Insurance services sector that enables its providers (OEMs, Insurance Brokers, Insurance Companies, Agencies Etc.) to maximize returns on their investments and help them meet their business goals. The Solution name VISoF – Vehicle Insurance Solution Framework encompasses various software components that manages Policy Issuance, administer Policy renewal, Endorsement, Insurance claim, financial and non-financial endorsements, accounting etc. to provide an end-to-end Insurance Management System covering all the aspects related to the Channel Partners, Insurance Agencies, Customer Interface and Core Automobile Insurance Business Processes.
By combining the industry best practices along with the power and flexibility of technology platform the Vehicle Insurance Management System enables high degree of configurability and customization leading to a flexible and long lasting solution.
- A technology platform to build and deploy Web- based Automobile Insurance Management system
- Designed to provide a comprehensive feature-set to support all business needs
- Highly customizable and configurable
- Built to cater to the needs of all key Stake-holders (OEMs, Brokers, Insurers, Distributors and other Intermediaries).
VISoF - Vehicle Insurance Solution Framework gives you an edge by Real Time Integration with Insurance Company IT Systems. The information up gradation is reflected in real time at the backend Insurance Rating Engine.
Our Vehicle Insurance Management Solution Framework supports exhaustive features set to take care of all core business needs. Some of the covered features are:
- Configurable Business Rules and Tariff as per Regulatory Requirements (supports 4 Wheelers, 2 Wheelers Passenger and Commercial Vehicles)
- Policy Administration (Fresh Issuance, Renewals, Remittances, 64 VB etc.)
- Real time validation of vehicle details (VIN number or Engine/ Chassis no.)
- Endorsements (Financial and Non-Financial)
- Vehicle Insurance Claims Management System
- Accounting (Pay-in-slips, Payout computation)
- Extensive Reporting and MIS
- Value Added Services (using SMS and Emails etc.)
VISoF has been successfully integrated with IT Systems of many Insurance Companies of public and private sector both. The solution framework has helped leading Japanese, Korean and Indian Automobile Manufacturers in streamlining the Processes related to Insurance Policy Issuance and claim Management enhancing Customer Satisfaction.