SRCAS is a powerful and flexible solution for streamlining and automating the claim administration process across all
classes of Corporate and Commercial insurance. SRCAS has been designed for Insurers, Brokers, Third Party Administrators,
or any organisation that manages their own claims, to efficiently manage all claim related activities.
SRCAS supports the entire life cycle of the claim, reducing turnaround times, improving productivity and decreasing
administrative expenses.
SRCAS is a web-based system providing a secure, convenient way to report and administer claims and/or incidents. SRCAS’s
easy-to-use interface enables claim and/or incident administration from any computer with an internet connection, anywhere
on the globe.
SRCAS is 100% cross browser and operating system compliant, requiring no additional hardware or software on the client
workstation other than a web browser; Mozilla Firefox, Google Chrome, IE etc.
SRCAS is configured to meet each client’s business requirements. The easy-to-use data entry screens use customisable
drop-down fields containing pre-filled data and validation rules to speed up claims management, eliminating duplication
and ensuring data integrity.
The Home Screen & Dashboard is a customisable interface designed to consolidate Claim Administration activities
into a single, easy to navigate location. The Home Screen displays a detailed summary of the claim administration
activities, identifying areas within the system which require some form of attention or action.
- Problematic Claims where the Gross Claim, Net Claim or Outstanding Claim values are less than 0.00
- Claims which have RI Recoveries due
- Any Diary entries which require follow-up/attention
- Customisable Graphs
- This interface can be customised to suit each client’s requirements
Group Administration
The Group Administration module defines the client’s structure, including a hierarchical organisational
structure (which can span infinite levels containing infinite operations per level), Cost Centres to provide
alternative data grouping and a list of preferred Service Providers.
Claim and/or Financial reports and/or data export can be generated based on the actual hierarchical
organisation structure or on a Cost Centre basis.
Insurance Structure
The Insurance Structure module defines the client’s insurance program and the various Policies which
constitute the program. Each of the client’s policies can be delineated to form custom structures to cater
for differing Limits, Deductibles and Aggregates. Each of the Limits, be they retained or external,
which comprise these custom structures are further allocated to predefi ned Underwriters, which facilitates
RI Recoveries on a claim by claim basis.
Claim financials are fully integrated with the insurance program with real-time claim allocation for General
claim values (Gross Claim, Excess, Net Claim, Paid and Outstanding), Retained and External allocation
by Underwriter and Aggregates. This increases control over claim settlement, giving clients the
ability to accurately monitor critical metrics.
The Insurance Structure module caters for both mid-term increases and/or decreases to Policies,
ensuring that all historic claim data prior to the adjustment remains intact.
System Security
SigmaRisk includes full Role-based Security for each of the modules within the system, and Access
Control is managed through User Accounts. Data Access within SigmaRisk can also be restricted
on an Insurance Class (FSB Class) basis, with Authorisation limits set for each Insurance Class.
Administrators can further improve collaboration by providing their client’s with access to SigmaRisk.
Client Access follows the same security principles as detailed above, however access is restricted to only
the client’s data. Based on the security confi guration client’s can view claim status, capture new claims and/
or incidents, track and enter group or policy information, run reports and receive notifi cation e-mails.
SigmaRisk system uses a 64-bit SQL database which provides enhanced stability and performance.
The system includes Data Versioning across all critical areas of the system. Data Versioning means
that at the close of business each day the current status of all records is noted, any change to any one
of these records on a subsequent date will result in a new version of that record being created. Any
changes effected are stored to the new version of the original record, thus enabling the system to provide
roll-back functionality should the need arise.
SigmaRisk includes a user-friendly financial audit trail on a claim by claim basis, with every financial
transaction (Reserves, Payments, Ancillary Payments and/or RI Receipts) performed on a claim
recorded in the log. SigmaRisk also stores a detailed SQL audit trail for every database transaction
performed via the interface. This further supports roll-back functionality.
Data Export & Document Managing
SigmaRisk includes User defined data export tools which facilitate the export of claim data. Each user
defined export can be stored for future use. All claim data is exported to MS Excel XML Spreadsheet
format by default, however we can provide data in many other data formats as required.
Word, Excel and PDF documents can be attached to any Claim within SigmaRisk, reducing the volume of
paperwork associated with the claim administration process, essentially creating a 100% electronic
Claim File.
Electronic Communication
When serious events occur or immediate action is required, key personnel are automatically and instantly
alerted via e-mail. E-mail communication can also be sent directly from the Claim Administration module
to Clients and/or Service Providers as needed. This provides enhanced collaboration ensuring that key
personnel and ancillary parties are kept apprised.
Payment Bordereaux Administration
SigmaRisk provides cross class Claim Payment, Ancillary Payment and RI Receipt Bordereaux
administration, including both provisional and final runs for each bordereau. SigmaRisk also stores
each bordereau generated by the system for future reference.
Miscellaneous Tools & Functionality
SigmaRisk includes the following additional Tools and Functions
- Real-time Identity No. validation
- Real-time tracking of the number of claims by Driver Identity No./Passport No. and Vehicle Registration No. for each U/W Year
- Real-time tracking of Total Loss Claims for all U/W Years by VIN No.
- Compile a Users defi ned Vehicle Make and/or Model database on the fly
- The system handles both VAT incl. and VAT excl. data capture