ParaCode

ParaCode is a cloud-based insurance policy administration and claims management system designed to simplify and streamline insurance processes for insurers, brokers, and MGAs (Managing General Agents). This platform enables users to efficiently build and manage insurance products without the need for coding. According to the vendor, ParaCode caters to companies of all sizes, from small MGAs and brokers to large insurers. Insurance professionals, brokers, MGAs, insurers, and claims handlers across various industries use ParaCode to enhance their policy administration and claims management capabilities.

Key Features

Policy management: ParaCode offers a complete cycle policy management solution, allowing users to efficiently handle all aspects of policy administration, from quote to bind, MTA, cancellation, renewal, and reinstatement. According to the vendor, this streamlines processes and reduces administrative costs.

Underwriting management: With ParaCode, users can effectively manage risks using either a high touch or data-driven approach. The platform enables setting referral and decline criteria to write only desired risks, providing flexibility and customization in underwriting processes, according to the vendor.

Claims management: ParaCode facilitates full cycle claims management, from FNOL (First Notice of Loss) to assessment, loss adjustment, and claims payment. According to the vendor, this streamlines claims processes, reducing time and improving efficiency. The platform also centralizes claims-related documentation for easy access and retrieval.

Product builder: According to the vendor, ParaCode's product builder empowers users to create insurance products tailored to their specific needs. It features an innovative rating engine, form builder, and document generator, allowing for customizable and flexible product creation without any coding.

Omni-channel distribution: ParaCode enables direct distribution of insurance products to clients or via brokers, introducers, or affiliates. It provides customer portals, broker portals, introducer portals, and APIs for easy distribution. Additionally, it supports price comparison and cross-selling functionalities, according to the vendor.

Marketplace: ParaCode boasts a unique marketplace where insurers, MGAs, and brokers can publish, find, and transact any product. According to the vendor, it provides access to every FCA-registered insurance business in the UK, facilitating quick and easy product discovery and distribution.

Reporting: The platform offers comprehensive reporting functionality, allowing users to track performance metrics. Users can build and run reports using generic reporting or custom build with data warehouse and reporting tools, ensuring real-time data for informed decision-making, according to the vendor.

Dashboards: ParaCode provides customizable dashboards that offer real-time data and insights. Users can monitor key performance indicators at a glance, enhancing visibility and data visualization for better decision-making, according to the vendor.

Accounting: ParaCode includes inbuilt accounting functionality to manage insurance accounting needs, debtors, creditors, and bank account balances. According to the vendor, this streamlines financial processes and allows users to track and manage financial aspects within the platform.

Automation and Workflow management: ParaCode enables users to create automated workflows that streamline processes and increase efficiency. It offers features like task assignment, notifications, and reminders to ensure timely completion. According to the vendor, the workflows are customizable to match specific business processes.