Radiant Star is an end to end solution, which provides the ability to support rapid
insurance product prototyping, development and deployment. Radiant Star is a highly
configurable solution, providing business analysts with a rich set of definition
functions, allowing for the ease of implementation of new products and the change
to existing ones.
Radiant Star incorporates revolutionary approaches in the handling of business data
across multiple lines of business, calculation of premium, authoring and generation
of documents, automation of manual activities, underwriting authority and referral
process without the need for programming.
Radiant Star encompasses new business, full policy administration, reinsurance,
claims, accounting and external web services in one solution, thus eliminating the
need to re-key, which is the source of many data related issues.
Radiant Star handles all information seamlessly, from creating a new customer to
policy servicing and then to claims handling with the use of standardised business
processes, giving a holistic view of all related information.
Though apparently simple, Radiant Star incorporates various web services to import
customer details from external sources, in order to assist with underwriting decision-
making and multinational submissions.
All customer related information, including applications, quotes, policies, claims,
documents, emails, financial transactions etc. are shown in one place, reducing
the need to conduct various inquiries and hard- to- remember workflows.
The business process allows users to create applications and then quote them as
a multi-quote, a quick quote, or as a normal quote.
Radiant Star incorporates a powerful underwriting authority and referral process,
to allow users to quote up to their authority level. Referrals are created automatically
when the quote value exceeds the authority level held by the case user. The referral
process ensures that a filtered quote proceeds only when it is authorised.
Radiant Star can be easily configured to automatically apply standard endorsements
and subjectivities to quotes, based on their risk details.
Calculations of premiums are done either by using the automated calculation engine, which requires no programming, or by manual keying. In either case, the premium can be manually adjusted to the level of detail required. It must be noted that Radiant Star further applies underwriting authority checks on the premium value, if configured to do so.
Radiant Star incorporates rich set of functions, in order to enable mid-term changes
to policies and to calculate premiums for the changes, either using an automated
calculation engine or manually.
Changes made to policies and customer details are recorded for audit purposes and
can be used to reverse the changes if necessary. Policies that are about to expire
can be set for automatic renewal by configuring renewal events, or can simply be
configured to fire renewal notification letters in advance.
All policy related information, including claims, documents, emails, financial transactions
are shown in one place, reducing the need for diverse inquiries and hard to remember
workflows.
Definition functions in Radiant Star allows for various manual actions to be automated thus saving time and cost. For example, Radiant Star can be configured to generate renewal notification letter in advance of the policy expiry date and send it as an attachment to the policy holders email without any human intervention. Likewise, an arrears notification letter can generated and sent across when an invoice is not paid on its due date.
Radiant Star includes configuration functions to handle claims across all lines
of business. When configured, claims can be administrated from the first notice
of loss and assignment, through the stages of investigation, claimant management,
reserving, claim payments and recovery.
While ‘claim master’ in Radiant Star gives an overall picture, ‘claim details’are
set to give detailed information at the coverage level. Claims in Radiant Star allow
claims professionals to capture service providers, litigants, subrogate and legal
information.
Like other modules, document templates can be authored by business analysts, using
claim information held in Radiant Star for claim acknowledgement, denial of covering
letter etc., and generate them while in the claim screen. Email facilities in Radiant
Star allow for documents to be emailed to the outside world, without the need of
an external email systems.
Radiant Star incorporates a powerful double entry GL module to cater for insurance
accounting needs. General Ledger accounts and sub-accounts can be created for the
organisation, producers, agencies and various service providers, with whom the organisation
transacts business.
The accounting function in Radiant Star allows invoices to be created automatically,
or manually, for policy premiums and fees. Invoice can be created for a policy transaction,
all transactions on a policy, or for all policies belonging to a customer/ producer/agency.
Cash register allows users to record cash details received from various parties,
while the payment function can be used to create and authorise payments.
General ledger posting functions in Radiant Star processes include invoices, cash
and payments and create journal postings in relevant GL accounts, while the trial
balance screen gives a holistic view of various accounts and can be drilled down
to show specific account postings.
Reinsurance in Radiant Star allows both Facultative and Treaties to be created on
a proportional and non-proportional basis. Multiple parties of the contract can
be maintained using the definition and can be attached while at quote or using policy
administration.
The Radiant BI suite has rich reporting functions to show the split in premiums
and claims for the portfolio covered by the treaty, down to the individual policy/claim
level.