Claims departments impact the bottom line of insurance firms dramatically. Effective Claim analysis can drastically improve the quality of underwriting, optimize reinsurance and assist in product innovations. Insurance companies need claim processing systems that allow for rapid integration with legacy applications, process claims optimally, and augment functionality and services quickly and easily.

IPR Insured Consumer Products Replacement System enables accurate Claim assessment and enhanced customer experience. Built in to the IPR System is a Consumer Products Database to provide a platform for insurance adjusters to find the value of an insured item and to match it with the current equivalent model to replace what was lost.

The IPR Current Products Database of consumer products includes current and available selections from over 300 product types, 120 manufacturers and approximately 3214 products. This database can be constantly updated with new released products from different manufacturers. The Product Database can be searched by Category, Type, manufacturer, and by catalogs for specific time periods (for example search products in Q1 2006 catalog). Also the IPR Recommend Equivalent Product Expert provides the currently available equivalent products allowing the insurance replacement service to select the best choice for the Insurance Company and the customer.

The product data is organized and can be searched by Product Category, Group, type, sub type and manufacture. The history prices can be viewed. For example, if the product was bought and insured in first quarter of 2006, the price for that period can be viewed. This can be compared with current price of same products or the price of current equivalent products. If the model is no longer available, the system can generate a list of equivalent products currently available along with the comparison of prices.

The IPR Consumer Products Database can be updated regularly with the latest product information available. IPR uses this database to power its Insurance Replacement Software specifically designed to meet the needs of insurance adjusters.

The database is also available for licensing for use in alternate third party applications.

Send an email to Sales@Designing-Systems.com for more details.

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