Start insuring out-of-the-box

A cloud-based system aimed primarily at insurance start-ups, giving them an ‘all-in-one’ solution which ensures businesses can start up `out of the box’, has been introduced  by London-based Northdoor. Known as NdexInsure Cloud, the only additional investment a business needs to us it is a PC or laptop that can access the service over the internet.

NdexInsure Cloud is the SaaS-delivered implementation of the latest version of NdexInsure from Northdoor, a company which specialises in tools for the insurance industry. The latest version is said to be significantly richer version of the company’s NdexInsure insurance administration system, a technology platform that manages data, processes and workflow across the entire insurance and reinsurance lifecycle.

This cloud-based system enables insurers to perform the entire policy administration process including policy capture, claims, ledger and outward reinsurance functionality.  As a SaaS service , it also includes the entire IT infrastructure that a new business needs to start trading straight away. This gives new firms the ability to start functioning fully on day one across multiple devices at very low capital cost.

The Cloud implementation is available along with Microsoft Office productivity software and essential back office infrastructure, such as Exchange e-mail, networking, file storage, and backup. In addition to providing all the IT infrastructure and underwriting capabilities that are needed to start trading on day one, the cloud model also gives greater control over costs while providing significant levels of flexibility, scalability, and business agility.

The on premise version is aimed at the London Market, life assurance and general insurance companies, and addresses the complex nature of the insurance market, including the growing demand for e-trading, the constant regulatory change with the requirements of Solvency II, and the need for a collaborative approach between partners.

A key enhancement to the on-premise platform is NdexInsure Broking, which provides support and automation to the broking lifecycle covering quotes, firm orders, transaction processing, claims accounting functionality and document production. In addition, NdexInsure offers the full range of modules an insurance organisation needs including policy administration, claims management, data warehouse and BI, Solvency II solutions, sanctions checker and workflow management.

One interesting difference about NdexInsure is that it is built around a shared intellectual property (IP) model. This means that customers co-own the intellectual property that underpins it, enabling them to collaborate fully on both the design and overall direction of the platform. This means NdexInsure users are not ‘locked-in’ to proprietary solutions but have full control and flexibility over the current and future development of the solution.