iClose is the result of an analysis of current available facilities and market requirements as well as research into available technology and standards. iClose is an evolving solution set that expands as market requirements change.
Based on a peer to peer messaging architecture, iClose incorporates a series of modules and interfaces that can be implemented individually or in any combination to fill gaps in the e-commerce arena. It provides a secure, cost effective e-commerce platform that complements existing market facilities such as Sunrise Exchange and Sunrise Online Quoting.
Modular in design, iClose provides a complete set of facilities to address all aspects of the insurer / broker relationship. The range of iClose solutions address the quote cycle, full life cycle policy processing, claims management and accounting. iClose components can be implemented individually to address specific requirements or as part of a fully integrated business solution.
The flexible architecture of iClose will support an expanding range of iClose solutions as the need arises.
Insurance products have varying e-commerce processing requirements; a traditional product based approach is valid for high volume straight line business while more flexibility is required for classes of risk where more negotiation between the underwriter and the broker is required or for boutique products with low volume. iClose addresses these different requirements by providing three (3) separate policy processing solutions:
iClose WebPortal ? a complete framework for developing, rating and deploying e-commerce insurance products. Designed with speed to market and cost as major design criteria, the WebPortal offers a flexible solution for a broad range of insurance products.
iClose Placements ? designed to cater for the unique requirements of insurance products where negotiation between the broker and insurer are required. The interactive interface and use of email notification create an environment to manage and monitor the negotiation process.
iClose Policy ? a direct style of e-commerce interface similar to Sunrise Exchange but designed to use the ACORD Messaging approach as an alternative to a VPN connection. It is ideally suited to niche business.
These solutions can be used individually or combined to provide a broad ranging solution.
A key element in the broker / client relationship is claims handling. Many brokers pride themselves on their claims handling expertise with dedicated claims staff. Historically, managing the claims process has however been largely manual and inefficient. Introducing processing and back-office efficiencies, iClose Claims radically changes the whole claims process for a broker.
The flexible nature of iClose Claims allows this module to be implemented independently of any of the iClose Policy solutions; it can apply to any class of insurance whether or not that insurance product has an e-commerce policy facility. Ideally however it can be linked to other iClose processing facilities to provide an end to end solution.
Most accounting functions between brokers and insurers rely on inefficient manual processes with associated back-office duplication and potential for errors. Providing a more efficient solution iClose Accounting automates and streamlines traditional manual processes.
Importantly iClose Settlements can be used to settle both EDI and non EDI policies, there is no requirement for the policy transaction to have originated as an EDI transaction or have a corresponding iClose Policy or Sunrise Exchange EDI reference.
A facility to transfer data between parties in a reliable and secure environment is essential for any e-commerce solution. All of the above facilities utilise iClose ACORD Messaging as the security and transport layer.
As the leading provider of e-business solutions to the insurance industry, Ebix appreciates that Security is a key consideration particularly where personal information is transacted in a shared service or virtual community environment.
Security is handled by iClose ACORD Messaging ensuring integrity for both the insurer and the broker.