Claims Master® is an integrated claims management and claims accounting system. Claims Master® integrates with MGA Master® for policy information and Agency Master® for accounting information.
Claims Master® allows the user to create a claim folder which is associated with a named insured. During this process the user also ties the policy which covers the claim to the claim folder. Claim Master® uses the coverage limits on the policy to verify that coverage limits are not exceeded.
Once the claim folder has been created, the user can then associate an unlimited number of events (i.e. claimants). Each claimant is assigned to a coverage line and the initial reserve is established. Each claimant can also have their attorney and litigation information assigned. The company's attorney is also assigned to the claim folder.
The user can also assign the inside and outside adjusters to the claim folder. Also the user can maintain a note log with the claim folder as well as follow-up system to inside and outside personnel.
Claims Master® also contains an integrated imaging system for storing documents, picture, e-mail, faxes, and word processing documents. The user can store and retrieve these document for viewing on their video display, printing, faxing, or e-mailing.
Claims Master® is integrated with Microsoft Word to provide word processing. The system will automatically archive documents created for a claim. Also the system provides for a boiler plate library of documents. The user can simply select the document, modify it, and the system store the document with the claim. Claims Master® is also integrated with Microsoft's Exchange for local and internet e-mail.
The user can continue to update and maintain a claim folder until it is closed. During the claim process the user can revise the reserve for a claimant and line. The system makes the change in the reserve as a net change. This allows the user to review the history of reserving on a claim. Any changes in the reserves automatically update the general ledger.
During the claim process, the user can enter invoices for expenses which are charged against a claim folder. Claims Master® updates the accounts payable system with the invoices to be paid. This allows the claims department the control over invoice entry and payment without giving them cash disbursement authority.
Claims Master® also supports salvage and subrogation. The system records the receivable and reduces the claim expense.
On-line reporting is available through Claims Master®. The system provides a claim detail report which displays or prints each of the claimants within a folder. Along with the claimant information, the system prints reserve and expense information. The system also provides a claim summary report for each claim folder.
Claims Master® also provides losses and ratios by carrier, line, adjuster, state, and agent.
Within the system, information is kept by treaty year, policy, carrier, line, risk, and date. Because Claims Master® is build on a relational database, any reporting tool which supports Microsoft's ODBC database interface can be used to extract information from the premium and loss database.
Also, custom programming of reports and functionality for Claims Master® is available.
