Five years ago, only the most forward-thinking risk manager would predict that blogs, now ubiquitous, would present the risk management black hole that they have.  Many bloggers, and their employers, remain unaware that their musings are subject to digital, libel, and intellectual property laws.  The hedge fund industry is another relative newcomer – the understanding of what hedge funds do, and where their liability risks lie, is yet to be fully understood by many underwriters.  Yet, both of these arenas present a tremendous opportunity to carriers that can create programs quickly and remain flexible.

Until legal precedent, claims experience and legislation shape the identifiable risks with these and other sectors, carriers who play in the professional liability market must be disciplined and innovative.  Since today’s risk landscape is continually evolving, carriers must be flexible in their programs and practices, while also providing first rate service to insureds.  Using dti’s OASIS Professional Liability, a complete and proven end-to-end insurance processing solution for professional liability insurance carriers, companies can exercise maximum agility and efficiency while providing high quality customer service.

Key Challenges:

• Need to quickly respond to market conditions by adopting changes to policy terms and conditions in the shortest time possible
• Necessity to more tightly manage underwriting practices (understand “bad” risk and refine future risk assessment procedures)
• Difficulty synthesizing information from multiple departments/systems to derive actionable business intelligence
• Lack of confidence in the accuracy and auditability of manual processes

The Solution:

OASIS Professional Liability will support your business through the entire lifecycle, from policy quoting through claim resolution.  The components that make up OASIS Professional Liability are available as a seamlessly integrated solution or as stand-along optional components.  Modules include:  Claims Management, Policy Management, Financial Management, Risk Management, Reinsurance Management, Advanced Workflow, Data Warehouse, Risk Analysis Management, Document Processing, Web Incident Reporting, Web Policyholder Services, Web Quote, and Web Application for Insurance.

Our clients have been able to achieve rapid entry into new markets and dramatic business growth (without a commensurate increase in staff) with the support of our software.  Other clients say that the most important impact of OASIS Professional Liability has been better control of the litigation activity within their claims area.  Others point to the high quality of data and the accuracy of rating as the principal benefits of OASIS Professional Liability. Whether the greatest perceived benefit of OASIS Professional Liability is the increased productivity, greater management control, or higher quality of data, OASIS Professional Liability clients are becoming recognized for successful growth amidst the challenges of the current medical liability market.

Key Functionality:

OASIS Professional Liability offers all of the functionality needed to administer professional liability insurance.  Because it was created specifically for professional liability, its strengths include:

• Policy Management – Online quoting through issuance, including Claims Made processing with Retroactive Date processing, Step Rating, Tail Coverage (extended reporting endorsement), and “Mini-tail”.  As well as individuals and groups, OASIS Professional Liability supports hospital and institutional business.
• Claims Management – Automatic coverage verification (including Claims Made coverages), associated claim linking/data sharing, extensive litigation management, automatic reinsurance calculation, comprehensive limit checking (shared/combined/split), automatic administration of deductible and SIR tracking, diary system, and Notes.
• Customer Relationship Management – All OASIS Professional Liability subsystems are linked via the Central Information System, which links each customer to their individual policies, claims, billing information for quick, secure access to relevant information.
• Workflow Automation – OASIS Professional Liability provides several workflow automation features, from triggered diary reminders to “touch free” automated underwriting – just configure the system per your business rules to free up your employees to perform more strategic issues.
• Business Intelligence – The OASIS Data Warehouse stores OASIS Professional Liability data and can be integrated with other application data, such as employee data, medical data, or pre-existing legacy data.  Over eighty standard reports are included, covering claims, policy, and financial data from which reporting needs can be met.

Business Benefits:

Professional Liability insurance carriers and risk retention groups can improve efficiency and productivity using OASIS Professional Liability.  With increased capacity, carriers may choose to grow their business, increase intensity of underwriting or claim examination, expand risk management programs, or reduce expenses.  Demonstrated benefits include:

• Educated Risk Management through Better Business Intelligence – Having all information available for coordinated reporting facilitates risk management, reconciliation of books, actuarial work, program analysis, loss runs, refinement of future risk assessment procedures, enabling OASIS Professional Liability customers to make better business decisions.
• Better Data Controls for Transparency/Auditability – Online audit tracking and available workflow automation ensure procedures are followed and traceable, such as required for Sarbanes-Oxley compliance.
• Improved Customer Service – From enabling online credentialing and payment options, to the Expert Witness database for improved physician defense, to quick access to information for Customer Service Representatives - OASIS makes it easy to provide world-class customer service and retain customers.
• Flexibility for Growth –OASIS Professional Liability enables companies to modify rates, add states, and add products – quickly and without code development.  The configurable architecture means your organization will never consider technical limitations to be a barrier when a growth opportunity presents itself.