iVOSc Carrier Edition includes three core modules—policy administration, claims management, and billing—to support an insurer’s complete workflow, process, and business needs. Insurers can leverage iVOSc as an integrated “one-system” solution or they can simply select the modules they need.

iVOSc Policy Administration Module
In the past, insurers were forced to rely on IT vendors to make policy and rate changes, which hampered their ability to respond to market and customer needs. The iVOSc Policy Administration module offers a wide array of capabilities to assist insurance companies in processing and administering policies, as well as supporting their unique underwriting and rating strategies to succeed in today’s market:

• A highly flexible rating engine allows insurance carriers to “plug in” their unique rating algorithm or premium calculations to automate underwriting and pricing, as well as robust customization to meet their business needs.
• Comprehensive policy transactions, including new submissions, renewals, amendments, rewrites, cancellations, reinstatements, and out-of-sequence endorsements, as well as complete auditing capabilities.
• A powerful reporting tool to analyze policy, claims, and risk intelligence; users create and modify reports using easy-to-use customization capabilities.
• A sophisticated business rules engine that automates policy workflow, improves underwriting decision-making, and enhances the rate of straight-through processing.
• Compliance with regulatory requirements, as well as adherence to legislative updates.

iVOSc Claims Management Module
The iVOSc Claims Management module is the most comprehensive claims solution, specifically designed to manage an insurance company’s complex claims operation.

This module offers a complete set of sophisticated claims tools, including automated forms and correspondence, rules-based workflow management, diary systems, and event scheduling. This fully integrated approach supports the entire claims process from first notice of loss, coverage verification, assignment of claims, workflow management, bill review, subrogation, litigation management, medical case management, and final adjudication.

Using iVOSc, insurers streamline workflow to support auto-adjudication and straight-through processing. The module is highly customizable and configurable to capture an insurer’s unique claims-handling process, so adjusters apply consistent expertise, best practices, and quality across the claims enterprise.

By leveraging document imaging, iVOSc enables insurers to benefit from a paperless, data-driven approach. Information is input once and made available to all stakeholders via the system’s secure end-to-end electronic infrastructure. The module increases operational efficiency, reduces claims costs, and improves customer service capabilities.

iVOSc Billing Module
The iVOSc Billing module is a complete billing solution, providing a full range of billing options for both direct customer and producer billing. Insurers customize payment plans, automate the generation of bills, accurately collect and reconcile payments, and calculate producer commissions according to defined commission plans. The module’s comprehensive functionality allows an insurer to collect premiums on a timely basis—maximizing revenue.

By enabling efficient generation of bills and customized payment plans, iVOSc enhances the customers’ experience of the billing process, positively impacting service, satisfaction, and retention. The billing module improves producer relationships through the automatic calculation and payment of commissions. Using iVOSc, insurers automate and easily modify billing workflow and procedures, increasing the productivity of billing staff.