Insurance Companies

In the midst of a global economic slowdown and facing severe earning pressures, today's insurance industry is undergoing consolidation and integration. In an effort to become more customer-centric, insurance firms are focusing on distribution channel management and back-office automation as key drivers of growth. To support these growth initiatives and enhance their effectiveness, insurers are seeking IT solutions that are innovative, responsive, flexible, and cost-efficient.

MarpaSoft Web Custom Applications help institutions be competitive today and prepare for tomorrow. Our flexible, component-based modules are designed to be re-used for future business development — whether that's adding additional lines of business, consolidating business silos, or modifying processes to accommodate increasing business volume.

Claims Management

Claims process has historically been handled manually, with large staffs of claims handlers working with paper files and outdated or inflexible systems. With automated claims system, you have the opportunity to not only streamline claims management by automating processes, but improve customer service through a reduction in settlement times, the enforcement of best-practice rules, and the ability to deliver personal service. We offer:

Insurance Workflow Automation

Your work can be processed automatically, supporting auto-adjudication and removing the need for manual intervention and reducing the chance of human error. In cases where work needs to be handled by a specialist, work is routed according to authority and skill level. Furthermore, you will be able to to monitor activity and run thorough reports, addressing operational issues before they become business problems.

Insurance Document Management

It's important to maintain documents so that you can get to them faster, and easily. Document management module can make your job easier to maintain of your policies, endorsements, quotes, binders and the like. The documents can be retrieved at any time and indexed in a database for quick searches. Your customized reports can be automatically generated from the system. You can audit all document uploads, manage the process of document approval, and track viewer profile attributes.

Insurance Accounting and Automation

Insurance accounting is quite a complicated task, given the fact that there are so many issues with regulation, taxes, filing, commissions, brokers/underwriters, endorsements etc. We can build applications of insurance accounting systems and insurance billing systems that automate part of this task for you and help build better and more flexible solutions.

MarpaSoft focus is on the following benefits:

With MarpaSoft Custom Web Applications, you will respond faster to changing market or regulatory conditions, and operate more efficiently and effectively.

Interesting Facts

Global insurance premiums grew by 8.0% in 2006 (or 5% in real terms) to reach $3.7 trillion due to improved profitability and a benign economic environment characterised by solid economic growth, moderate inflation and strong equity markets. Profitability improved in both life and non-life insurance in 2006 compared to the previous year. Life insurance premiums grew by 10.2% in 2006 as demand for annuity and pension products rose. Non-life insurance premiums grew by 5.0% due to growth in premium rates. Over the past decade, global insurance premiums rose by more than a half as annual growth fluctuated between 2% and 11%.

Advanced economies account for the bulk of global insurance. With premium income of $1,485bn, Europe was the most important region, followed by North America ($1,258bn) and Asia ($801bn). The top four countries accounted for nearly two-thirds of premiums in 2006. The U.S. and Japan alone accounted for 43% of world insurance, much higher than their 7% share of the global population. Emerging markets accounted for over 85% of the world’s population but generated only around 10% of premiums.