How Do We Manage Contracts?
Insurance contract management is a key activity we carry out on behalf of our clients after a suitable offer has been selected and the insurance period has commenced. The goal of insurance policy management is efficient and accurate management of all aspects of active policies and potential damage claims. Our practice shows that this process includes a series of steps and activities to ensure that insurers provide the contracted service in a quality manner and thus maintain the integrity of the operations provided for in the contract. To efficiently manage all contracts, EuroSolutions uses a modern information system, which allows for quick access to all relevant information, facilitates communication with insurers and clients, and ensures data accuracy and the efficiency of the contract management process.
Document Review
The first step in managing insurance policies is inspecting the documents. This includes checking whether the information on the policies is correct and up-to-date, in compliance with the accepted offers and the stipulated elements of the policy scope, conditions and exclusions, the insurance amount, the premium amount and terms. Errors in information may lead to problems when later filing a damage claim, so this step is essential.
Premium Calculation
The calculation of the premium is the process of determining the premium price that the insured person should pay for the client to be covered for a specific risk or group of risks included in the insurance policy. This step involves the risk factor analysis, previously processed through the insurance risk analysis, and the analysis of relevant fees determined by the practice and criteria of insurance companies. Correctness checks and analysis of premium calculation are services we perform in order for the insurance contract to be implemented as intended.
Monitoring Account Changes
Contract management also includes monitoring account changes regarding premiums, fees and damage claims payments. This is important in order to ensure the financial transparency and integrity of the process, particularly from the aspect of the regulatory framework that governs accounting, financial reporting and the use of insurance services.
Additional Administrative Tasks
Insurance contract management includes various administrative activities we perform in the interest of the client. In addition to regular communication with clients, which is one of our core values, this also includes support in the formulation and exchange of information related to solving questions and requests, as well as administering the process of adapting policies to clients’ needs.
Monitoring Policy and Damage Claims Status
Continuous monitoring of the status of policies and damage claims allows our clients to be informed at all times about which contracts and policies are active, which ones will soon expire and when, which premiums have been settled, which are overdue, and so on. In addition, monitoring the status of claims supports the insurer's quick and efficient response to requests for the payment of damage claims submitted on behalf of clients to ensure efficiency and compliance with contractual obligations regarding compensation.
Why entrust us with insurance contract management?
Insurance contract management implemented by EuroSolutions is a comprehensive process that requires careful monitoring and administration of all aspects of basic contracts and their accompanying elements and constitutes one of the significant aspects of the quality of service we provide to clients. In this manner, we take care of your insurance which frees up your resources so you can implement your key business activities.