Dynamics 365 TMS is designed to handle all types of incidents across many industries. The system is highly customizable and supports tracking of claims in many different lines. Insurance is an important risk management tool and is frequently used to protect businesses from operational losses. Although the regulated entities use some forms of insurance to mitigate credit risk, insurance is primarily used to mitigate operational risk.
Inside TMS 365 we have functionality that supports IFRS 17.
Claims start with Policies. Policies is a logical grouping of policy rules and pertinent clauses. Policies is the fundamental building block. An insurance policy contains the following elements:
Definable risk
Fortuitous event
Insurable interest
Risk shifting
Risk distribution
There are three components of any type of insurance (premium, policy limit, and deductible) that are crucial.
Select the relevant Contract classification from the dropdown list
Select the relevant Email template from the dropdown list
Enter a SharePointURL
Enter a Document number
Enter a brief Description of the document
Select the Approval team from the dropdown list
Select the Date on which the document was created
Select the Status of the document from the dropdown list
Enter the Version number
Indicate whether this is document is a Baseline/template to be used for copy purposes (Please take note of the comment “For Baseline documents” below before moving the slider to Yes)
The Document type can only be selected on creation of the document
The Contract classification field and the Contract request field, will only be available if the Document type = Contract
The Renewals and termination FastTab will only be available if the Document type = Contract
If this was a requested contract, the request number will be displayed in the Contract request field
Only users who are members of the selected Approval team will be able to Approve the document. If the Approval team field is left blank, the user can change the status even if he is not a team member
Contract clauses can be added under the Clause Index tab. This is useful so that users can see for example, which performance clauses, penalty clauses or breach clauses are applicable.
Open the Clause index tab
In the Task bar, click the Add button
The Clause number will be generated by the system
Select the Heading (Heading 1 for a primary heading, Heading 2 for a secondary heading)
Enter a Description
If required, select the worker responsible for doing the Action
Select the date on which the action should take place
Use the box provided to type the Clause definition
If there is a sub clause, tick the checkboxes in the Bullets column
Insurance coverage is the amount of risk, liability, or potential loss that is protected by insurance. It helps individuals recover from financial losses as a result of incidents, such as car accidents, damaged property, or unexpected health issues.
Go to Treasury>Insurance>Insurance policies
To create a new policy, click on New in the ribbon bar
An insurance premium is the amount of money an individual or business pays for an insurance policy. Insurance premiums are paid for policies that cover healthcare, auto, home, and life insurance. Once earned, the premium is income for the insurance company.
An insurance claim is a formal request by a policyholder to an insurance company for coverage or compensation for a covered loss or policy event. The insurance company validates the claim and once approved, issues payment to the insured or an approved interested party on behalf of the insured.