Components

SSP Select Policy

The SSP Select Policy component provides the depth & breadth of functionality that you’d expect – delivered through a modern rich user interface, rendered within a browser. Every function & process is also available – a service allowing the SSP Select Policy component to co-exist with your existing enterprise. The Business & users control the process & flow through each of the business processes, streamlining efficiency & the delivery of administration & underwriting to your business.

SSP Select Contact

The SSP Select Contact component provides your business with a Single Customer View over your entire enterprise. Every party associated with your business is stored within the SSP Select Contact component, offering the opportunity to up-sell & cross-sell across the business. Users have a single source of truth for customer interaction & are able to offer efficient, & effective, customer service.

SSP Select Composer

The SSP Select Composer tool, within SSP Select Insurance supports all lines of business (Personal & Commercial.) Consequently, the Insurer is no longer constrained by the system. Quite simply, SSP Select Insurance is able to cater for any product structure you require. Agility is in-built into the SSP Select Composer tool. Microsoft state “getting a new insurance product to market can take some carriers more than 180 days. Industry leaders are aiming for 90-day product development cycles, with the best of the best hoping for cycles of 35 to 40 days.” With SSP, Insurers are witnessing product development times much better than the best hoped for by Microsoft.

SSP Select Finance

The SSP Select Finance component caters for all your insurance related finance needs. From the provision of automated reconciliation of receipts & policy items to flexible payment options. Extensive authorisation & audit controls ensure the security of data & the statement processing guarantees that you’re able to manage & understand how your business is performing.

SSP Select Claims

The SSP Select Claims component supports leading practice claims handling by recording & tracking claim activities through specialised claims Business Process Management & by managing service targets. The claims Business Processes in SSP Select Insurance caters for the notification of potential losses, full claim registration, input & revision of claim estimates, requisition & subsequent authorisation of payments & allocation of recoveries. They also deliver the identification of associated parties, such as third parties & specialists. Fast path processes are also provided for those cases considered to be more straightforward.

SSP Select Reinsurance

This SSP Select Insurance component manages & controls your reinsurance needs, grouping your requirements into Reinsurance Classes, Programmes & Worksheets. It also covers all of the standard treaty arrangements, including XOL, Surplus, Quota Share, Facultative Obligatory, Compulsory & Stop Loss.

SSP Select Contact

The SSP Select Contact business component provides a single source of management for any person or company (party) that has a business relationship of any sort with the insurance company.

The component allows the insurer to cater for the intelligent name & address capture, multiple points of contact, relationship management (including hierarchies), banking information, tax information for different countries & specialised information for individual & corporate contacts. This allows the insurer to gain real knowledge of the customer, increase revenue through marketing opportunities & reduce the turnaround time for service requests.

Features

Contact Capture

SSP Select Contact distinguishes between personal & corporate contacts (parties). Names may be entered… either structured or in free-format. Alias names may also be captured & used in searches. Corporate parties provide additional name & search capability for a ‘Trading As’ name & the ability to define preferred contacts & additional details.

Contact Roles

Many standard corporate & personal roles are delivered within the system. These can be extended & new roles may be created. For insurance, service providers (assessors, surveyors etc.) are included – complete with ranking, speciality, compliance & area of operation, to assist the assigning of jobs.

Business roles may be automatically assigned to parties by the system, according to the context & nature of the parties’ involvement. For example, a party will be automatically assigned an ‘Insured’ role when added to an insurance policy.

Intermediary Role (Agreement, Accounts)

Within intermediary roles (including for reinsurance brokers), Agreements are created that have associated with them a billing account, along with the account’s terms of trade. Commission arrangements are also defined within these agreements. Multiple agreements may be defined per intermediary allowing, for example, personal & commercial lines to be written with differing business terms &/or commission structures. Intermediary roles also allow for the attachment of a logo/ graphic. This allows customer documentation associated with an intermediary to be branded accordingly.

Contacting a Party

For any party, it is possible to record many contact methods, including business mobile (cell) number, phone, fax & email, & home phone, fax & email. Special instructions (‘Not in the office on Fridays’ for example) can be recorded alongside each contact point.

Single Customer View

The SSP Select Insurance Contact component also presents the user with a single view of the customer, all the insurances, claims, payment, relationships, contact details, contact history are presented in a single interface. This interface also allows the insurer to add mapping software to overlay the information displayed for the postal addresses given for the insured & any insured location. This functionality could also be linked to databases that provide flood & risk information, or extended to include other insurances within the immediate location.

SSP Select Policy

The SSP Select Policy Administration business component has been designed & built upon the extensive product definition capabilities of the Product Definition Tool. Products & business processes, configurable by the business user, can optimise operations & deliver a consistent high quality of service.

The business component can be delivered as part of the entire SSP Select Insurance component suite or standalone as part of wider Service Oriented Architecture. It is channel neutral & integration ready & supporting these capability & business processes is a comprehensive list of features & functions designed for how insurance is processed in the 21st century.

Features

Policy Lifecycle

The SSP Select Policy business component manages the complete lifecycle of a policy, from Quotation (including quote variations, adjustment & renewal quotes), New Business, Adjustment (including short-term adjustments) to Renewal. Data is only ever entered once & a comprehensive audit train, & historical management, ensure the integrity of the data… both internally & externally.

Out-of-sequence Transactions

The system provides support for retrospective policy adjustments to enable a new policy position. Whenever a policy is changed it is considered to have a new “Policy Position”… to be created before a later one, out of sequence. Automatic premium calculation on the retrospective adjustment is pro-rated for the period between the inserted policy position & the next policy position. This function also caters for a change in cover that is not to be carried forward to a subsequent policy year. (Reverted at renewal).

Flexible Business Processes

SSP Select Insurance Process Definition Tool allows for the classification of insurance products into different groups allowing, for example, Commercial, Personal & Short Term contracts to be subject to differing business processes during their administration. Each business process is presented to the user through

Extensive Commission & Intermediary Functionality

Intermediaries (Agents, Brokers, etc.) can have more than one agreement to allow their business to be split through different accounts (For example, Commercial Lines & for Personal Lines). Each agreement can have its own account for which different terms of trade may be established. Also, one account may service many agreements. SSP Select Insurance supports primary commission, multiple secondary commissions & association commission. (The association commission would be used to pay commission to a distributor.)

Extensive Additional Capabilities

SSP Select Policy business component also delivers comprehensive additional capabilities & functionality – some of which include: long-term policies, survey management, multi-currency/taxation/lingual processing, branding, EDI, premium overrides, gaps in cover, lapsing & cancellation processing, Referral processing, Fee’s (Broker & Insurer) & external user access (Brokers & Consumers).

“We selected SSP after a comprehensive search & assessment process. The SSP solution is very flexible, scalable & cost-effective” (Bao Viet Holdings)

SSP Select Composer

SSP Select Composer is delivering business agility & speed to market to the customers of SSP. Product designers are able to configure products from reusable building blocks. All rules, calculations & logic are defined as atomic components & then assembled into a fully usable insurance product allowing product variants or pricing revisions to be made available almost instantly.

The SSP Select Composer with SSP Select Insurance represents the next generation of business tools. It’s intuitive to use, business-friendly with no development skills required & is delivering real cost savings to the insurer, over traditional product development approaches.

Features

Simple to use

The SSP Select Composer delivers product definition in a series of simple to use & easy to follow wizards, that encompass everything from rating, rules, product components & graphical user interfaces.

Unconstrained Product Design

The product representation within SSP Select Composer is not limited by constraints inherent within the solution but allows a product to be represented in any way the Insurance Company envisages (any depth & breadth in cover). Each product is defined as a collection of re-usable “artifacts” that together build a re-usable library of product elements, accelerating product definition & delivering speed to market.

Agility built in

Extensive Scheme functionality enables the business user to flex a product to meet market conditions & opportunities whilst maintaining the integrity of the core product & solution. With schemes, Insurers are empowered to rapidly deploy specific versions of a product within hours & without IT intervention.

Full Product Lifecycle

The SSP Select Composer contains extensive product lifecycle management capabilities, allowing a product to be deployed & modified throughout its life using extensive versioning capabilities & then finally decommission. The versioning capabilities extend beyond the product to include all product artefacts including rules, rates, question sets & services.

SOA enabled product definition

The SSP Select Composer, although it contains an extensive functionality & capability, has been designed to consume external Rating & Rules engines from the start. When defining a product module within the business, users can simply define the use of an external engine. Configuration then facilitates the data mapping & integration through exposed services with the external engine, for example Polaris ProductWriter© in the UK.

“We have constructed all our commercial products using the SSP Product Definition Tool without any coding” (ABSA)

SSP Select Finance

The SSP Select Insurance multi-currency finance component provides a solid financial infrastructure, either stand-alone or integrated, to other SSP Select Insurance components, with the flexibility to design bespoke payment & rejection plans to meet the needs of customers on a product-by-product basis. Receivables can be actioned & reconciled either on a policy by policy basis or by the agent / distribution channel.

The SSP Select Finance rules provide for write off tolerance to aid automated reconciliation. SSP Select Insurance also maintains full history of the financial journey of payments in & payments out, together with query handling.

Features

Billing

Payment plans can be configured at product/scheme level, allowing anything from monthly, quarterly or bi-annual billing, with chosen payment methods i.e. BACS, credit cards etc, including any additional charges/fees. At a glance view of all policy premiums & receipts for a customer is also readily available.

Receivables

Premium, claims & Reinsurance receivables are all managed from within the finance component. SSP Select Insurance also provides across component journaling.

Commissions

Multi-layered configurable commission structures can be created product-by-product & channel-by-channel, either bespoke or shared.

SSP Select Claims

SSP Select Insurance offers full claims handling from First Notice of Loss (FNOL), claim maintenance to claim settlement/closure configurable claim estimate/recovery codes specific to a product. Ability to report & close a claim as ‘notified’, with minimal information & no financial implications. Full integration with Underwriting, to ensure validation against in-force cover, at time of loss.

Claims are surrounded by a comprehensive security suite which restricts users/external users, to amount of estimate & payments (per product & per type of payee), all configurable. Claims made are also fed back to the underwriting system for renewal processing. Photos, reports, sound files & notes may be attached to individual claims, along with fully audited conversations.

Features

Manage Parties

The ‘Manage Parties’ activity allows a user to identify, attach & work with parties (contacts) that are associated with the claim process. For example, service providers & loss adjusters. Specialists can also be allocated or selected by type, speciality, region & whether they are a ‘preferred’ specialist.

Estimates/Recoveries

The reserving activity provides for the input & revision of claims estimates/recoveries, including automatic Reinsurance recovery reserving, if appropriate. All are configurable, per product.

Payments/Recoveries

SSP Select Insurance supports payments out.

Manage Incidents & Events

A manage incidents’ process is available to allow the capture & tracking of event & catastrophe incidents, along with the actual & potential financial corporate exposure.

Service Targets

Specific performance targets may be defined for individual products, e.g. a loss adjuster must be appointed within 1 day of the claim notification. By linking this to both workflow & diary, it is possible to enhance the adherence to service level targets.

Summary Financials

SSP Select Insurance provides ‘at a glance’ financial summary & movement history, thus facilitating a speedy & efficient response to query. Drill down, to the lowest level, is available from these views.

SSP Select Reinsurance

The SSP Select Reinsurance component supports the administration of all types of proportional & non-proportional facultative & treaty arrangements. With this deep & wide support for outward reinsurance, system changes are minimised during installation & in the future.

The treaties allow for comprehensive contract details, participants & specific treaty financials to be entered. Reinsurers &/or Reinsurance Brokers can be added as participants to the Treaty, with accounting to both party & individual exchange commission supported. The overheads related to managing individual treaty reinsurer’s participant accounting can be eliminated.

To enable the automatic calculation of premium & claims cessions for the treaties, SSP Select Reinsurance allows retentions to be created for every policy coverage & the defaults can be overridden at policy level.

One or many policy coverages can be linked to a Reinsurance Class. A treaty is then setup to protect one or more Reinsurance classes. Finally, treaties are organised into a reinsurance program. Cessions can be generated retrospectively where treaties are not in place prior to commencement of an underwriting year. Premium cessions & claim recoveries are automatic – nothing is missed. This delivers great savings in administration effort. It also gives peace of mind that effective risk management programmes are in place.

Features

Reinsurance Classes & Retentions

SSP Select Reinsurance supports the configuration & management of ‘Reinsurance Classes’ – these being a group of one or more coverages that are protected by a reinsurance treaty. Retentions are then configured for each of the coverages linked to a reinsurance class. Different retentions can be configured for a coverage based on the reinsurance category (e.g. poor, standard, superior).

Accumulation

SSP Select Reinsurance supports the accumulation of two or more coverages on the same policy for the purposes of establishing the overall reinsurance sum insured to be passed into the reinsurance calculation engine in order that the correct premium & recovery sessions are generated.

Program Management

The Program Management function supports the consolidation of Treaties that have been set up to protect one or more of the reinsurance Classes into a reinsurance program.

Pended Reinsurance Processing & Retrospective Cession/Recovery Calculation

Where policies are entered & the reinsurance protections are not fully in place (e.g. the reinsurance programme has not been concluded prior to the commencement of a new underwriting year), or a coverage retention has been breached, the reinsurance worksheet for the policy will be ‘Pended’ & a work item will be placed in the ‘Pended Reinsurance – Trading’ workbasket. These work items can then be ‘resumed’ by reinsurance personnel at a later date once the reinsurance treaties are in place, or the decision to purchase a facultative policy has been made.

Technology

SSP Select Insurance represents the next generation in General Insurance solutions & can be deployed as individual business components or as a total solution. Each business component is supported by a standard Infrastructure component that delivers core functions & capabilities. The SSP Select Insurance components have been designed to accelerate the adoption of a Service Oriented Architecture (SOA) with any Insurance enterprise & can be easily integrated to your existing & future environments.

Features

Modern Technology

SSP Select Insurance modern component based General Insurance solution is architected using the open standard Java Enterprise Edition (JEE) technology, delivers business functionality through exposed services & a Rich Internet Application (RIA) browser user interface.

Integration Ready

SSP Select Insurance contains numerous interface mechanisms from Web Services. It provides services as part of a broader SOA environment, XML document based model – used for inter-component communication between solution components, Java Remote Method Invocation & Message Queues. It has been designed to operate within a wider SOA enterprise… with communication between its own components following a standard pattern.

Downstream data management feeds (General Ledger, Data Warehouse, External Print solutions, in house reporting, etc). The SSP solution has a unique facility called the Data Gateway to allow downstream products to have access to the solutions operational data. As part of every insurance business process, a background process exports data from the operational database. The data is then posted to a Store & Forward Repository as an XML document. Subscribers to the Data Exporter can then take the relevant data for downstream processing.

Business Process Management

SSP Select Insurance contains a Business Process Engine that is used to orchestrate the internal SSP Select Insurance business processes. Within SSP Select Insurance, each business event (New Business, Mid Term Adjustment for example) is divided up into a number of "Activities" that are orchestrated together to create a "Process". Through the User Interface of the SSP Select Insurance Business Process Engine, a trained business user is able to construct the business processes & User Interfaces applicable to their organisation & product line.

24/7

SSP Select Insurance does not contain a batch suite. The components are architected to operate 24/7, with traditional “batch” processes running as background processes (these can be run on a dedicated server for additional performance) to the online processes. The architecture allows an individual customer to dictate the priority & frequency of the background processes.

Insurance Application Architecture (IAA) designed

SSP Select Insurance was built upon the IAA standards & frameworks. SSP worked closely with IBM during the designing & development of the solution & SSP Select Insurance has been verified by IBM.