Product Setup
Its high-sophisticated design makes it possible that any insurance product within life, funeral, medical, personal lines, business, commercial, corporate, agriculture, engineering, marine, niche products e.g. 4x4, travel, taxi, hospitality, legal, liability, warranty is supported. The product setup engine comes with a user interface to setup any combination of risk coverage and rules. Products can be duplicated as well as exported and imported into other databases so they can be tested in a UAT environment first without the need to re-capture them again in production.
Rating Engine
With Profida's powerful and fully integrated rating engine any kind of premium (pro-rated or not) can be calculated automatically. The rating setup is fully date driven so backdated as well as future dated rate changes are fully supported. The rating can be tight to a huge variety of underwriting criteria. Table-based rating, JavaScript-based rating as well as Profida automatically executing formulae from within a rating Excel spreadsheet can be utilised to achieve any kind of rating need.
Premium Increases
Many filters like by product, section, group scheme, broker, date range, payment frequency and other variables allow fine tuning which policies are affected by the premium increase. A premium increase pre-check feature is available as well. Premium increases can be scheduled and executed ahead of time as everything in Profida's accounting is date-driven.
Invoicing
Invoicing can be enabled as and when required for insurance products/policies. It comes with default invoice templates which can be further customised. The invoice breakdown is automated and custom line items can be added as well.
Reinsurance
Treaty as well as facultative reinsurance module with automated split calculations and allocations. Reinsurance related reporting.
Finaniclal Accounting
All transactions with detailed breakdowns relating to any policy are kept and are available for insurer and historical reporting and analysis. Different pro-rata modes are available and these can be switched off as well to accommodate the various insurance billing and accounting requirements. Profida supports accrual-based accounting as well as accounting on the cash-basis.
Claims Administration
Multiple claims may be registered against one policy if the rules permit this. Claims have automated and rule-based fraud prevention mechanisms. Multiple, customisable authorisation levels exist. Each claim has its own build in workflow and full accounting breakdown. The full claim history is available right on the policy as well as via comprehensive claims reporting and analysis.
Automated Workflow
The highly customisable, rule-based workflow engine allows you to setup Profida the way you require it. We belief that software should be adjustable to the business and not the other way round.
Fully Integrated CRM System
Profida comes with its own fully capable and customisable CRM system. It supports the full client take on process from lead, prospect, quotation, client, risk assessment, underwriting and cross-product marketing campaigns. Fields and menues not required can be made hidden as well as given different colors and options. You can also add your own custom fields. Individual or bulk communication is availalbe via email or SMS and soon WhatsApp.
Financial Needs Analysis
Comprehensive financial planning engine as well as a quick FNA are both available. The reports are customisable and all data within Profida is used without any need to re-capture already existing data.
Custom Report Generator
The custom report designer allows you to setup reports so the fully match your corporate identity. They can be either in PDF or in MS Word format. PDFs can be encrypted with 256-bit which is basically unhackable. Even policy schedules can be adjusted or created from scratch. We have two language options available, English and Afrikaans. When executing a report, the language is auto-selected based on the client's language preferences.