By Martin Nokes, Head of Business Development at Consor
In sectors such as industrial property, technical insurance, fleets or even municipalities, offers and contracts often have to be able to deal with a large number of risk objects, e.g. buildings, machines or vehicles. In these sectors, it is not uncommon for larger contracts to cover several tens of thousands of objects.
Challenges
However, quotation and inventory management systems are often not designed to deal with so many objects. The different types of objects in the divisions and products also have completely different characteristics with correspondingly different attributes and business rules. As a makeshift solution, Excel spreadsheets are used in which the objects are managed separately from the offer or contract.
Approach with Consor Universal
With object management, Consor Universal offers an ideal solution for precisely such contracts. The objects are stored within the business transactions in an audit-proof manner and with a history. They are entered and managed directly via the underwriting platform and are intuitive. The objects are also seamlessly and completely available for the output (documents). Groups and hierarchies are also supported so that comparable objects can be combined for pricing, e.g. different vehicle types in fleet insurance.
Fig 1: User interface of the object management
Object management is also suitable for embedded insurance and group contracts. For the latter, in particular, it is possible to configure at product level whether the risk objects of approved business transactions may be changed. In group business, this is of course necessary for entries and exits. Group contracts are used for business accident insurance, for example.
Fig 2: Objects in a document
Would you like to find out more about property management or would you like to see it live? Then get in touch with us!
