Claims Management

Overview

The Claims module contains everything you need to manage losses from open to close. Agents and adjusters work collaboratively within the Claims module to process claims efficiently. Establishing reserves, issuing payments, and uploading reports can all be performed inside Claims.

First Notice of Loss

A first Notice of Loss can be filed by an agent via the Agency Portal or by an adjuster via the main console. Users who file claims have the capacity to file against entire policies or specific coverages. When a claim is first initiated in BriteCore, the system will pre-populate the new record with relevant policy and contact information to avoid the double-entry of data.

Processing a Claim

During the claim management process, users can work inside the Claims module to set reserves, issue payments, track losses, dictate notes, and upload files or reports (e.g., images, inspection report, police report) to the claims log. Users also have the option to use BriteCore’s Settings module to generate custom correspondence for items such as claim acknowledgement letters or subrogation documents.

Loss Accounting

BriteCore tracks Losses Incurred on a transaction level basis. Reserves and payments are tracked and processed by individual coverage on each claim. There are additional subdivisions for loss, adjusting expense, and legal expense, providing a high level of data granularity.

Claims Reporting

BriteCore’s claims reports provide carriers with complete information surrounding losses and payments. Claims data can be sliced or grouped by any segment to calculate losses incurred, losses paid, reinsurance layering and payments, statistical modeling, and loss ratios. Carriers can use this information to analyze risk exposure and evaluate historical performance. This level of access can arm carriers with the information needed to actively manage their loss history.

Claims Components

The Claims module comes with a configuration feature that allows carriers to custom define claims Components such as Perils, Peril Groups, Catastrophes, and Reinsurance Treaties.