 What is Yellowblox?
Yellowblox.com is a secure and independent web-based communications system for the insurance and reinsurance industry that helps reduce costs with bespoke workflows designed to match existing processes.
It is a simple-to-use solution accessed around the world via the internet allowing better reporting, claims handling and customer service.
Yellowblox can generate automatic policy renewals, help track claims being processed, keep everyone informed about changes to a policy or claim, and it leaves a fully auditable communications trail.
How did Yellowblox get started?
Yellowblox.com was created in 2003 by a group of industry specialists who were keen to find a simpler and more effective way to process information in the reinsurance markets.
Data management expert Richard Garnett, some underwriter friends and an IT guru working in the insurance industry were brainstorming at home one night when Richard had his Eureka moment.
"We were getting nowhere," recalled Richard "when out of the corner of my eye I saw my friend's two-year-old son carefully building a little structure with yellow building blocks. I thought 'that's it!' Our idea was to create a simple, secure, centralised hub to house all the information which should be so easy that a child could use it. I knew we had to call it Yellowblox."
The group set up Yellowblox.com as a privately-owned, web-based communications hub that is wholly independent of any insurance company. Initially, the system was used by a small number of brokers and underwriters, who quickly found it significantly reduced the amount of time taken to process claims and other contract information.
Yellowblox.com is now used by more than 100 blue chip companies and professional organisations in the United States, Canada, Bermuda, the UK and Switzerland.
Who owns Yellowblox?
Yellowblox is a privately-owned company, independent of any particular insurer, broker or reinsurer. This ensures Yellowblox is a neutral platform for interested parties to a contract to exchange communication.
Why should I use Yellowblox?
Yellowblox has been designed by IT and industry professionals to help make life easier for insurance and reinsurance brokers and underwriters.
Yellowblox know the administrative and reporting burden carried by the industry and how systems can improve workflow, accountability and transparency. The system not only dramatically reduces the need for paper documents - which can often be lost - but also generates reports, which makes assimilating information and keeping up to date with claims easy.
All communication is done via the internet, ensuring all interested parties get the information at the same time (via the email alert function), eliminating lengthy waiting times for sign-offs.
It also helps generate automatic reports, keeping all parties informed simultaneously. As a result, claims handling and customer service are improved.
It is also possible to utilise the standard reports available within the system or for you to ask Yellowblox to create custom reports which match your exact reporting needs.
All of these reports can be invaluable in running the contract and save valuable time when all parties can see the report at the same time.
Yellowblox services and systems can be customised and expanded to meet individual customer needs, but essentially it is an electronic information sharing system that is particularly well-suited to:
- Claims reporting
- Special acceptance reporting/agreement
- Statistical claims assimilation and analysis
Can I afford it?
Yes. Yellowblox is cheaper than you think. Because it frees up underwriter and broker time, it will quickly repay your investment and then continue to provide real value.
Yellowblox is web-based with global reach, so no software is required for users or administrators. Yellowblox is easy-to-use, so little training is needed. Price depends on the size of your operation and how bespoke a service you require.
Please call us for more information or a quote on +44 (0)845 094 1650 or via info@yellowblox.com?
How does reporting via Yellowblox interrelate with contractual reporting for the insurance/reinsurance contract?
Yellowblox is a separate information-sharing process. It does not affect or supersede contractual reporting in any way. It is purely a means of transmitting data in a format that will allow practitioners to work more effectively and thereby benefit all parties.
However, use of Yellowblox can ease contractual reporting: data can be extracted and used to produce detailed reports, while the ongoing nature of the information sharing makes it a good tool to keep up to date with claims and policies. These reports can be tailored to contain any information needed and automated if required.
Can I run Yellowblox on my present system?
Yes. Currently Yellowblox offers a web services interface for download only. This is currently being expanded to include an upload facility based on customer feedback and market demand. Yellowblox is currently working towards becoming ACORD compliant.
Does Yellowblox require any user training?
The system is designed to be intuitive and either on-site or telephone training is available upon request. Most users find that it is not necessary but the Yellowblox Support Team is always available to help.
What are the potential benefits to the cedant/agent of reporting via Yellowblox
Typically, a client will benefit by getting rapid responses from their business partners and/or the underwriters. For instance, by using the system, special acceptances and referrals should be turned around within 24 hours with a full history available to all stakeholders. For further information please see our client specific section on this topic here.
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