Claims benefits

Yellowblox allows quicker claims processing and payment.

• Real-time claims reporting:

The whole insurance and reinsurance industry is always looking at ways to improve the time taken to settle claims, and with the Yellowblox system you are getting all the information to everyone at the same time, meaning real-time claims reporting and notification. Yellowblox eliminates the antiquated process of faxing over claims and then making sure it has been seen and signed off by all relevant parties.

• No more waiting games:

Underwriters no longer have to wait for claims to arrive at their door when the broker gets to them, and brokers can check on progress made by the underwriter on behalf of the client. Clients can also check everyone is doing their job quickly and efficiently.

Yellowblox also provides a reminder or diary function which will automatically display a prompt to, for example, check on how a claim is progressing with an underwriter.

• Instant claims processing:

The original client-generated e-mail will be logged for everyone to see, with the fresh and timely information sent to all parties. This also means you are fulfilling your compliance duties because it will reach everyone at the same time with a clear audit trail. Information then gets into the process stream faster. This allows, for example, the lead underwriter to decide whether to pay or not. Yellowblox's user-friendly system helps manage expectations and decreases the potential for adverse claims scenarios because users are learning about them as they happen.

Yellowblox also allows everyone to more easily manage the expense of the claims process, and the client can at all times clearly see what is being done about the claim and how it is being processed.

• Transparency:

Yellowblox provides a bespoke claims handling and policy referral system tailored to specific contract requirements as well as immediate bordereaux or summary presentations to re-insurers. With all information shown on the web all authorised users can see the same information.

• Reserves:

Due to faster handling times, Yellowblox will allow reinsurers to adjust the reserves for individual contracts and start managing their business plan. Yellowblox can even be used as a risk management tool because Yellowblox logs claims and allows for quicker price adjustments.