Milan Insurance Software *New Release – Version 1.4 is now available!
We’re pleased to announce that the latest software release is now available for our insurance product ‘Milan’ which is an out-of-the-box claims processing platform.
Milan is a secure, best practice and highly configurable solution to help insurers effectively manage every day claims challenges in a cost effective way. Furthermore, Milan version 1.4 brings with it some exciting new features to help speed up claims and provide insurers and their partners with optimum visibility and control of their processes.
Milan is used by our clients to guide the claims process through a standard way of working for all the parties involved and provides a single gateway of communication. Claim handlers progress claim instructions through Milan from the ‘First Notification of Loss’ through to final claim settlement. Vital claim information is provided on-line via alerts, dashboards and reporting which eliminates duplication and provides a single source of data for claim handlers and senior executives.
Today, our insurance solutions are used by two of the Top Ten Global insurers as well as Lloyd’s of London insurance syndicates.
Below we explore the new features and enhancements that have been incorporated into Milan version 1.4:
1. Delegated Authority
Milan has always been able to help you manage your Delegated Authority limit and now goes beyond managing limits which are designed to ensure suppliers adhere to contracted limits. You can now impose limits for:
- Managing General Agent, (where applicable)
- Policy type
- Loss type
Or a combination of all four!
You can also have across the board limits to make sure you are always in control. Milan checks each new claim and compares the set limits for the supplier against the claim information. The correct DA limit is selected so that going forward any payment requests managed through the system will be automatically matched against the limit.
The below image shows how new claim data is linked within Milan.
2. Enhanced Automated Payments
Milan is the gatekeeper that allows payment requests to be passed through to you. The way you make payments is important and in combination with Milan’s controls you can flex and fine tune your payment strategy easily. Whether you want to automate payment requests for £50 or £5000, Milan has it covered.
Payments within Milan can be automatically authorised until the delegated authority limit is reached.
After the delegated authority limit is reached, exception management procedures come into force, using a combination of dashboards and reporting.
Payment request exceptions can be held in Milan until you accept or reject them.
Payments are completed in four easy steps:
- Set the DA limits for the supplier and then forget about them.
- Validation rules check that the payment request is correct.
- Payments will automatically get requested and acknowledged within the DA limit.
- Payments outside the DA limits requiring action appear on dashboards in real-time, or can be sent in scheduled daily reports.
3. Re-open claims and Re-open Rates Reporting
How many times have you had to re-open a claim that you thought was closed? Milan is designed to help insurers handle claims as quickly and efficiently as possible but we understand that not all claims are simple and straightforward. Therefore, we have enhanced Milan so that it now includes a ‘Re-open’ feature to our supplier activity profile.
This new Re-open feature allows a previously closed claim instruction to be re-opened by the supplier so that additional activity can be recorded against it and ensures that there is a full history of activity against a single record. This new feature helps to further reduce duplication and confusion.
Once the claim is finished it can then be re-closed but all activity and data will still be stored so it can be measured and the information can be reported via the management suite of tools.
4. Peer Review Reporting
Milan’s Peer Review module helps insurers audit claims remotely by giving randomised claims that fit within an insurers peer review strategy. The module enables claims managers to discover answers to questions around reserves, coverage and leakage. The enhanced reporting generates data around the number of Peer Reviews that are completed, outstanding and closed, without a review having taken place in previous months.
The below image shows how Milan displays Peer Review statuses on the dashboard.
5. SOAP XML Messaging support for all suppliers
Milan now has the capability for ‘Simple Object Access Protocol’ (SOAP) XML Messaging for all suppliers. If suppliers choose this option as their preferred integration route because of familiarity, it will help speed up the process so insurers can on-board suppliers faster than before.
The messaging platform and messages within Milan are already some of the most robust in the industry. Milan passes millions of lines of data between all parties involved in the claims process, all day, every day in real-time. The decision to support SOAP now means it’s even easier for suppliers and insurers to integrate to automatically share messages.
Milan still supports S/FTP, ReST and email as data delivery methods, so however you want to transfer your data, Milan has it covered.
Would you like to know more?
Please get in touch if you would like to further understand how we can configure our supply chain management software to bring your suppliers, partners, assessors, distributors and customers together on a single secure system. You too can benefit from complete visibility and control of your claims processes, so that you can provide a first class service to your customers whilst saving valuable time and money.