In today’s competitive environment, life, health and property/casualty insurance providers constantly strive to improve service to policyholders and agents while at the same time reducing costs. Furthering this challenge is the reliance on inefficient and expensive to operate legacy systems.
To help you respond more effectively, as well as improve bottom-line performance, Chesapeake offers the insurance industry a suite of solutions that:
- Provide superior functionality
- Deliver high performance
- Boost productivity
- Improve service to policyholders and agents
- Decrease costs
- Support regulatory compliance
- Deliver real-time decision-support information
- Maximize your technology investment through software that is flexible, platform independent, and scalable
Chesapeake solutions can be delivered as traditional software running at your organization, or as an ASP hosted solution.
Total Reconciliation Solution (T-Recs®)
With comprehensive research, reporting, and communications capabilities, the T-Recs account reconciliation software gives you the power to implement best practices, cut costs and improve auditability and SOX compliance. Designed to efficiently handle the very high disbursement volumes typical in an insurance organization, T-Recs automates the full range of reconciliations, including checks, general ledger, sub-ledger, ACH, lockbox, depository, investment, cash concentration, AP and asset management accounts.
Chesapeake IDM® (Internet Data Manager)
IDM automates the Internet retrieval of financial data, reducing the expense and effort associated with data acquisition, and minimizing the possibility of fraud. Implementing IDM puts you, rather than an outside data collector, in control of financial data retrieval and involves no special authorizations or addition fees from your banks.
Unclaimed Property Compliance System (UPCS®)
Unclaimed property compliance is particularly challenging for insurance companies. In addition to high check volume, you must also deal with a variety of unclaimed disbursements, such as field-originated checks. UPCS streamlines this function by automating the tracking, documentation, and regulatory compliance required for unclaimed property in all 54 jurisdictions. Continuous updates of statutory requirements, a powerful report writer and automated notice of critical deadlines help ensure that you stay in compliance with the unique rules in each state.
Complex, diversified organizations like insurance companies typically have a large number of banking relationships, making efficient oversight of banking fees a vital activity. A powerful tool for analyzing commercial bank fee data across all your relationships, SmartAnalysis compares actual with expected charges, highlights discrepancies, and helps ensure that volume discounts are properly applied. Sophisticated 'what-if' functionality helps you identify and negotiate the best combination of prices and services from all your banking relationships.
Boost the power of SmartAnalysis with RM, a relationship management tool that organizes and documents all your financial relationships and provides global one-step editing of account details. By organizing key information like contact data, target balances, account criteria, and cut-off dates into a single location, RM simplifies updates, reduces potential fraud, boosts productivity, and speeds reporting.