Workspace iBroker
Overview
Workspace iBroker is an Insurance Broker Software Tool, which is member of the Workspace Software Framework.
Policy Manager
This module is the Receivables side of the brokerage business.
The functions include:
- Adding new Clients
- Creating Policy documents
- Posting Client Payments
Insurer and Third Party Broker Manager
This module manages the Payables side of the brokerage business.
The functions include:
- Adding new Insurers
- Adding new Third Party Brokers
- Insurance Statements Reconciliation
- Insurer Payment Posting/Processing
- Third Party Payments Posting/Processing
Risk Maintenance Module
The Risk Maintetance Module is used to capture the risk types that the organization is dealing with, or as prescribed by the Commissioner of Insurance. The charges that can be applied to these risks are also captured
Risks are organized into risk classes for ease of setup. When a risk class is fully configured, a risk that belongs to that class inherits the cover template automatically when added.
Cover templates for the various risk types are also configured in this module. When the cover templates are configured, adding a Policy that belongs to a risk class automatically configure the policy in the following areas:
- The coverage Summary
- The Policy Audits
Customization can then be done for each policy using the negotiated specifics.
Vehicle Records Constants
The Vehicle Records Costants are setup to enable the detailed recording of Motor Vehicle policies.
The constants setup in these sections are used on capturing the policy risk schedule when the policy class is Motor Vehicles.
The constant include
- Vehicle Makes and Models
- Vehicle Body Types
- Vehicle Accessories Type
Process Integration Manager
Workspace iBroker is designed to seamlessly integrate with the clients existing Financial system.
We achieve this integration using Workspace Pipes Systems Integration Tool.
The integration processes are represented in this section for companies that wish to push Brokerage Business Data into the Financial system and include the following functions:
- Post Clients: This create new clients into the Financial System's Accounts Receivables
- Post Insurers and Post TPB: This creates creditors records in the Financial System's Accounts Payables
- Post Policy Docs: Posts new policy debits and credit transaction into the accounts receivable
- Post Receipts: Post Receipts into the Accounts Receivable or Cash Book depending on configuration.
- Post Insurer Docs/Post TPB Bills: Post to the Accounts Payables
- Post Payments/Post TPB Payments: Post payments to the Accounts Payable or Cash book depending on Configuration
In implementations where the management want the posting to be controlled by the Accounts department, these role can be assigned to Accounts so that the brokerage Business managers can not access the functionality
