Iris.X
Iris.X is a leading solution for Lloyd’s, London and international insurance and
reinsurance underwriters. Iris.X leverages Xchanging’s extensive experience as the
London Market processor and complies with UK market standards.
Iris.X supports a wide range of reinsurance and insurance business including marine, non-marine and aviation together with facultative and treaty reinsurance either on a proportional or excess of loss basis.
Flexibility
Iris.X is underpinned by a powerful configuration capability, at the heart of which is product definition. Product definition brings a consistent approach to supporting territorial variations across different lines of business and enables fast product-to-market timescales. Products can be single-line, multi-line or packages. Putting configuration tools into the hands of the business enables complete control over product design and deployment.
User experience
Flexible screen design, screen flow, rules-based validation and defaulting enable a streamlined user experience whilst ensuring consistency and control over the business process.
Underwriting
The Iris.X Underwriting module provides full functionality for all pre-bind underwriting activities – from first request to quote, through workflow, to binding. This module includes support for submissions, quotations, contract data, support for technical and commercial rating, deductions, participations, document production, insured object recording, wordings, underwriting workflow and name involvements.
Risk processing
Iris.X provides complete flexibility for Risk Processing. Customers can create any number of risk types to support each class of business or individual underwriter’s needs. Lists and schedules are easily added to each risk type.
Claims
The Iris.X Claims module provides the capability, supported by workflow, to manage, validate and authorise claims accurately. Aggregation of losses by policy, event, loss type, market reference and other factors ensures effective reinsurance recovery.
Outwards reinsurance
Facultative and proportional reinsurances are supported and statements to reinsurers can be generated automatically, with the format and content defined by the user.
Technical accounting
Iris.X allows customers to design their own closings. Transaction and revenue types can be added and changed, providing the flexibility your business requires. Iris.X holds comprehensive risk statistics designed to meet specific market needs.
Market integration
Iris.X supports a range of risk distribution channels both through London Market Bureaux and direct trading. Interfacing directly with Xchanging’s London Market Bureaux for Lloyd’s and company messages, information is processed automatically into risk transactions and claims information.
Management information
Iris.X includes a suite of tools which addresses a wide range of reporting and MI needs. These include enquiries for ad hoc queries, a wizard for simple step-by-step creation of reports, a designer for more complex reports and a collection of pre-defined reports. Iris.X also includes a reporting database which is maintained by a set of Extract, Transform and Load (ETL) processes. The reporting database can be used for extended MI reporting and OLAP analysis.
Market initiatives
The Iris.X roadmap will deliver continued support and extended adoption of messaging standards and integration opportunities, such as ePlacing, eAccounts and eEndorsements.
Document production
Iris.X can produce documentation automatically or on demand by integrating with a third-party document production engine.
Document management
Iris.X can store documents in a central repository by integrating with a third-party document management system (DMS).
Integration and deployment
With powerful configuration and data-mapping tools, the next generation of our insurance software products benefit from an architecture that supports multiple input channels (mobile, browser, messaging, ACORD etc.) as well as functional component deployment and integration, enabling our solutions to sit comfortably within an organisation’s best-of breed component based architecture.
Depth of functionality
Our industry-leading software products provide unrivalled functionality for brokers, insurers and reinsurers of all classes of business: property, casualty, marine, aviation, engineering, motor fleet and more through the entire processing lifecycle. This depth of functionality is combined with scalable, flexible and expandable data processing as well as a rich, configurable user experience.
Technical innovation
By utilising Microsoft .NET technologies, the next generation of our software products is supported by the latest methods of deployment and system management, including virtualisation and cloud computing, that today’s organisational architectures demand.
