What is meant by Insurance data?
Insurance data encompasses all information related to insurance contracts and policies. This includes details about policyholders, insured objects, insurance terms, premiums, coverage extents, claims, and contract durations. These data are essential for managing and optimizing a company's insurance portfolios.
Typical functions of software in the area of "insurance data" include:
- Recording and Managing Insurance Contracts: Documenting and managing all insurance contracts and policies, including relevant details such as insurer, policy number, coverage, and premiums.
- Policyholder Management: Recording and managing information about policyholders, including contact details and insurance status.
- Managing Insured Objects: Assigning and managing all insured objects (e.g., vehicles, real estate, machinery) with detailed information such as value, location, and specific coverage.
- Claims Management: Documenting and tracking claims, including claim reports, processing status, payouts, and history.
- Policy Monitoring and Renewal: Automatic notifications of upcoming contract renewals, changes, or expirations.
- Reporting and Analysis: Generating reports and analyses on insurance coverage, premium payments, claims, and risk assessments.