 Yellowblox will set the system up with all the parties who will be users. The first decision is choosing the group of people who will be accessing the account. An example of who could use it includes the reinsurance broker, the reinsurance underwriter, the client (the cedent), lawyers and Third Party Administrators (TPAs). You also decide what level of access the parties will have and their ability to respond.
They can either observe, comment or edit. An observer has read-only capacity. The commenter can add comment at any time, while an editor can read, comment and add. All of these rights can be changed for each individual contract.
If the reinsurance broker is managing the relationship, the main advantage Yellowblox offers is fast communication - the broker can post a note which goes out to all interested parties instantly.
Every time a new policy or claim arrives, or when new information is added to the system in relation to this contract, it is sent to all the users in that group, so everyone gets to know about the information at the same time.
Any time a claim is added, the e-mails are sent out to the relevant people who then have to take action. For example, an underwriter will then have to decide whether or not to approve it or decline a claim or referral. Other options include conditional acceptances.
The e-mails sent to end users both provide new information and improve the workflow by prompting appropriate action when needed. This is the real benefit for most of the end users, particularly brokers. For example, Yellowblox can renew contracts automatically.
In this case, a broker can see all the correspondence on-line and check it but may not have to actually do anything to make sure the transaction is completed, saving an enormous amount of time. Users have access to the secure Yellowblox system 24 hours a day and it generates a full electronic audit trail as well as reports at designated times.
Referral benefits
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The referral system allows rapid and accurate decision-making from interested parties. It is also a means to referral on special acceptances while being a fully auditable and compliant system.
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For underwriters, it will improve communication, people management, workflow and time management.
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Brokers will no longer need to carry large bundles of claims data around to visit underwriters because administrative communication can now be electronic.
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The client will be kept informed at all times, which promotes transparency, openness and fairness. They can check everything that has been done in a certain time frame, and respond accurately and directly to questions and queries rather than going through a broker.
The client will only have to answer most questions once because it will be logged on the system - eliminating the need to answer the same question from different parties. Yellowblox also leaves a full audit trail, which in a post-Spitzer environment and the Financial Services Authority's (FSA) increased interest in compliance, due diligence and transparency, is now a vital part of any company's internal processes.
Claims benefits
Yellowblox allows quicker claims processing and payment.
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.
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.
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.
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.
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.
If your claims management is outsourced to Third Party Advisors (TPA), with Yellowblox you are facilitating your outsourced partner.
Functionality benefits
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Yellowblox promotes transparent information and enhances the development of partnership for long term profitable relationships and it helps cement partnership between the broker, reinsurers and ceding insurance companies.
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Yellowblox is also a repository of contract history and communication with full audit trail and facilitates open communication using any source and all information formats.
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Yellowblox helps to promote a better use of broker time and regulatory compliance is enhanced. There are improved turnaround times of special acceptances and Yellowblox eradicates the need for traditional methods of reporting such as fax and letter.
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Multiple parties can be informed at the click of an icon and there is easy generation of claim and policy bordereaux or reports and better use/focus of monitoring counsel's time which has lead to substantial savings to re-insurers and better feedback to clients
Decision-making benefits
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Rapid transfer of information increases the reinsurer and insurers ability to manage their reserves efficiently making optimum use of available capital. Yellowblox also enables correct underwriting decisions to be made at renewal based upon reliable, timely information.
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The use of Yellowblox increases exponentially the speed of communication meaning better reserving position for reinsurers.
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There will also be a higher level of focus for underwriting at renewal through analysis of claims and their movement over time along with better transparency in an increasingly regulated environment.
Business benefits
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The administration time required from brokers, agents, and defence counsel is dramatically reduced.
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Yellowblox is a fiercely independent company ensuring neutrality and transparency of all information within a secure environment and is independent of any particular insurer, broker or reinsurer. It therefore provides a neutral platform for communication between interested parties to a given contract.
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Yellowblox is designed to have bespoke workflows so that the system can fit in with your existing work processes rather than having to adapt your people to a software programme. This saves time and effort when adopting the system.
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Yellowblox is intuitive and requires very little training
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The system is web-based with global reach so no software required for users or administrators.
Administrative benefits
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Yellowblox is highly cost effective both in terms of price and there is also high level of saving through increased efficiency compared to existing reporting mechanisms.
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Yellowblox also has a workflow element to support the referral and negotiation and/or acceptance of business that falls outside any guidelines set by the insurers.
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Yellowblox also handles the tracking of financial changes in a policy or claim and provides a secure yet transparent audit trail over the lifetime of claims on a given contract year
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There is a diary functionality that enhances time management and relieves administrative burdens to various parties to a contract.
Summary of Benefits
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Promotes transparent information and enhances the development of partnership for long-term profitable relationships by cementing relationships between brokers, reinsurers and ceding insurance companies.
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Yellowblox is a repository of contract history and communication with full audit trail
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Yellowblox facilitates open communication using any source and all information formats
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Yellowblox is better use of broker/underwriter/lawyer/client time
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Regulatory compliance enhanced through the use of Yellowblox services.
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Improved turnaround times of special acceptances
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Yellowblox eradicates the need for traditional methods of reporting: fax & letter
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Multiple parties can be informed at the click of an icon
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Easy generation of claim and policy reports and better use and focus of monitoring counsel's time leads to substantial savings to reinsurers and better feedback to clients
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Yellowblox is a fiercely independent company ensuring neutrality and transparency of all information within a secure environment. It is independent of any particular insurer, broker or reinsurer. It therefore provides a neutral platform for communication between interested parties to a given contract
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Yellowblox is web-based with global reach so no software is required for users or administrators.
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