© 2023, Intenda Financial Services
Nebula is a state-of-the-art, web-based policy administration and underwriting system that serves the insurance industry as a comprehensive software solution for insurers’ insurance administration and underwriting agencies.
The system allows underwriters and insurers to give brokers the option of viewing and verifying their data.
Nebula is one of the few policy administration and underwriting systems that does not utilise a month-end cut-off to process transactions.
Our philosophy at IFS is that the business should dictate the IT process, and not the other way around.
As a cloud solution, a key advantage of Nebula is interoperability. The system allows underwriters and insurers to give brokers the option of viewing and verifying their data. Similarly, brokerages can give their underwriters and insurers access to quote, process
claims and approve business. All of this is governed with role-based security and workflow.
Nebula is one of the few policy administration and underwriting systems that does not utilise a month-end cut-off to process transactions. Instead, transactions are created in real time as policies are amended, quotes activated, or any action that has a financial impact is taken. This leads to faster collection of outstanding amounts and improved cash flow for organisations.
Our philosophy at IFS is that the business should dictate the IT process, and not the other way around. Nebula is a highly configurable system. When we implement it in your organisation, we take your existing operational processes into account and configure it to fit your specific requirements. All your transaction processing, including claim payments, system approvals and so on, is set up according to your preference. Training is provided, so you can make adjustments yourself if you need to do so in future.The implementation process also includes changing the system default templates for communication.
IFS developed a BEE solution to assist insurers in gathering and managing the BEE certificates required to comply with new BEE regulations that came into effect on 1 December 2020. The regulations require insurers to report on the commissions paid to brokers, as well as their BEE ratings.
Our solution enables service providers to register and submit BEE certificates to insurers, and send notifications regarding the termination date of valid certificates to service providers.
The platform allows organisations to maximise the value of their underlying data by applying a single virtual database layer on top of all their data sources – regardless of their physical location or the technology they’re in. Fraxses consists of various modules to provide a single solution data platform and an absolute point of truth for data analysts, data scientists and developers.
IFS utilises the Fraxses platform to build unique, innovative and cost effective insurance solutions that are exciting for our clients to use.
The solution is delivered via a low-code/no-code platform with a configuration approach in a microservices architecture.