Credit Insurance in iMX
iMX supports all operations of a credit insurance company:
- Policy set-up
- Premium calculation and invoicing, applying payment on costs invoices
- Coverage request handling and Arbitration
- Claim handling
- Payment under guarantee
- Collection from the debtor (amicable and legal) when applicable
And as for any activity supported in iMX, the iMX Expert System (Business Process Modelling Tool) iMX accounting module, the iMX Extranet (client web portal) module and the iMX AD (Analysis and Decisions) module provide a comprehensive end-to-end solution.
The policy set-up caters for all kinds of credit risks (financial/commercial risk- leasing, loans, credit lines, receivables finance, etc., political risk, geographical risk) thanks to an extensively parameterizable policy/sub-policy/risk structure. The invoicing module provide a lot of flexibility in terms of premium, fees and costs charging, with about 20 standard costs positions, and an unlimited capability to modify these or add new ones.
Any request for coverage is handled via the iMX risk module, relying on iMX scoring module, integrating any risk model, with the level of customization adapted to the Client context. The risk module can also take as input external ratings such as Dun & Bradtsreet, Graydon or similar. The objective when using this module is to have 80+ % of all decisions taken automatically by the system, sending a task to a risk officer for the remaining 20%.
The tracking of the premium invoice payment is also automated, as well as the cash application on the premium invoices.
iMX Extranet provides the insured with a large set of tools to interact with its credit insurer in a smooth and convenient way (declare new customers/sales/deals), submit claims, control the status of previous coverage request, previous claims, etc.
The iMX Expert System is the heart of the solution, like for any product, allowing the automatic execution of all business process from policy set-up to claims filing and beyond, sending only added-value tasks to back-end users.
Please contact us to discover more about how much value iMX could bring to your business.