The pressures on Insurance & Claims Departments are growing. Multi-million pound programmes are executed in constantly changing markets, insurer credit ratings are changing more rapidly and those that Insure the unexpected events of others are wrestling with some unexpected events of their own.
Despite this, Purchasing Officers are tasked with achieving further cost efficiencies, Financial Controllers seek to balance the benefits of greater outsourcing with the retention of core skills and the Board demand the ability to demonstrate good governance.
Our product, MIMS, was first developed over 25 years ago, but is entirely at home in the present environment. MIMS is designed, and proven, to serve the needs of Companies, Local Authorities and Public Service Agencies that want:-
- to gain the benefit of greater self-insurance,
- to maintain control over their Loss Funding and Claims Management programmes and gain independence from Insurers, Brokers and Third Party Administrators.
- to build risk improvement programmes that are based on a better understanding of both Incidents and claims.
MIMS is built using four principal modules
- Organisation - Captures the company structure to allow incident analysis and claims cost accumulation by department, function and business unit.
- Policy - MIMS is capable of handling the most complex of programmes and records the insurance cover held by each organisational unit and their related properties.
- Property - Details the sites used by the business, holding their risk profiles and matching properties to their organisational owners.
- Claims - Logs both incidents and claims, whilst determining the appropriate policy and thereby matching costs to the associated organisation and property. This module supports end-to-end management of the Claims Process.
It is designed with simplicity of use in mind. The data in each of the modules is interlinked and users can easily move between them. All modules, plus the master data and analysis codes behind them, can be maintained by a System Administrator who can also set-up Users and grant their access permissions at a very granular level.
MIMS System Benefits
Taking out traditional insurance policies is a way of writing-off losses over several years in return for paying the Insurance Company's expenses and profits. For larger companies and Local Authorities these are multi million pound annual expenditures.
A more financially sound approach, enabled by the use of MIMS, is to capture both incidents and claims and to manage as much of the resultant loss as possible 'in-house'.
- The benefits of can include considerable savings arising from Self Insurance (by reducing the cost and profits of Insurers providing these multi million pound insurance programmes.
- As well as avoiding the Insurance company costs and profits, cash is retained for longer and the opportunity also exists to collect investment income.
- Independence of data ownership also avoids any 'lock-in' to Brokers or Insurer who may offer the use of similar systems.
- The increased volume of records (due to the inclusion of incidents that are not recorded by Insurers) allows a far more insightful data analysis enabling the promotion of better focused loss prevention initiatives.
Insurance is still required to cover the larger losses that may be the result of extreme events and MIMS provides the ability for the integration of self-insurance (Locally Paid, Corporate Virtual Captives and Captive Insurers) with these Excess levels.
Whatever MIMS software meets your immediate needs, the benefits will extend far beyond the Loss Funding & Insurance Department. Be sure that you consider all of possible software beneficiaries when building your Return on Investment justification.
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