The Diamond System is a fully automated and integrated system which offers policy processing, billing, claims and workflow management.
Some of Diamond's features include:
Client-Based Policy Management
Quote & Policy Submission Control Management
Workflow Routing and Tracking (Task List)
Real-time Policy Processing (Policy Information, Policy Detail, Policy Coverages)
Rates, Rules, Forms, Policy Version Control
Endorsements and Policy Transactions (Including Out of Sequence Endorsements)
Automatic Renewals
Printing
Billing and Receivables Management
Check Processing (Return Premium, Agency Commission, Claims and Suspense Account)
Claims Management
Notes, Diaries and Attachments
MVR, C.L.U.E. Inquiry and NCF Reporting (Policy Detail)
End of Period Processing (Day, Month and Year)
Reports
System Administration (Company / Agency Setup, Users & Workflow Queues, Bank Accounts, etc.)
Security
This Help File topic is designed as a simple reference tool or guide in understanding the basic fundamentals of the Diamond System to the new Diamond user. It not only includes a flowchart outlining a policy's life cycle, it also walks the new Diamond user through the various stages of the life cycle of a policy in Diamond (e.g., Policy / Quote submission, rating and issuing a policy, basic billing entries, endorsements and claims) noting important screens and entries with a brief explanation of each.
Policy Processing begins with the submission of an application using the Application Submission screen. Basic policyholder, agency, and policy information is gathered and a client file and a policy / quote image is created. The insured's name / address is recorded on the New Client screen. Line of Business information is chosen on the Application Submission screen. Detail information (Applicants / Drivers, Vehicles, Properties, etc.) is entered / chosen from the options listed in the My Navigator Pane. Finally, Coverage information is entered / selected from the Coverage information node in the My Navigator. When all of the information has been entered and saved, a policy / quote can be rated and issued.
Once a policy is issued and has become "Active," Notes and Attachments can be added; Tasks can be created; billing and receivables information is recorded, Endorsements and other transactions can be performed, and claims can be entered and managed.
In Diamond, Authority Groups are set up and presented in the Diamond Administration: Company Setup / Organization tab. There, for each type of group, all available authorities are presented, and you have a choice to set default granted authority rights for each group. Further definition of what authority an individual has is then defined at the user level in Diamond Administration: User Setup.
In addition to billing the insured, agent or an account, Diamond offers the following accounting functions:
Cash Receipts (Single Entry or Batch Posting)
Agency Receipts
Agency Commission Payments
Cash Adjustments
E-Check Payments
EFT
Payroll Deduction
Premium Collections
Billing Transactions (Change Pay Plan, Collection Referrals, Change Installment Deduction Day, etc.)
Real Time Credit Card Processing
Retail Lockbox
Suspense Accounts
The Diamond System includes a robust Claims Management system. Claims are added to a policy using the New Loss Notice screen. Claimants, coverages and transactions are also added. Additionally, other claims processing functions include: Appraisals (Auto and Property), Litigation, Split Transactions, Scheduled Payments (Workers Compensation), Automatic Claim Assignment (for claim adjusters) and transferring paid and recovery amounts to name a few.
The Company Configuration Tool includes many functions your company will use when first implementing the Diamond System. These include, Company Setup, Bank Account Setup, Pay Plans, Scheduling of Jobs (to run automatically) and Reinsurance Treaties to name a few. Once these are established, maintenance is done on a minimal basis with these functions.
Diamond offers End of Day, End of Month and End of Year Processing in Diamond End of Period Processing. Each one (1) of the programs performs specific functions in terms of premium, policy transactions, claim information and numerous other items that are processed in the Diamond System. Because these programs are designed to update data, pre-installation and planning is required. Also, due to the sensitive nature of the updates being done, only users having authority limits should access End of Period Processing.
Diamond has the capability of handling Automatic Renewals, Renewal Offers and Renewal Underwriting transactions. The Diamond Automatic Renewals section of this Help File contains information for setting up and using the Automatic Renewal Process in Diamond.
Before performing any functions in the Diamond System, Agency Setup, Employee Setup, User Setup and corresponding Authorities (Security) are defined in Diamond Administration. Also included here is Check Processing which is used for Claims, Agency Commission, Return Premium and Suspense Account checks. Here, you can import / export and update your company's checks. Once they are posted, you can reconcile / un-reconcile them as well.
The Diamond System Editor allows you to set up different runtime parameters or establish options for using various functions in Diamond. Examples of these are: Accounting - Will your company require users to enter Batch Totals when posting batches of cash? Advanced Search - How many records will be returned when using the Advanced Search function? Billing - How will commission be paid? On issued policies only? These are but a few of the options you will need to think about and set prior to using the Diamond System. Please consult your Insuresoft business analyst for a complete review of these items.
There are well over 100 reports that are included in the following areas: Billing, Claims, Management, Policy Processing and General. The majority of these Base System Reports have been developed based on requests from our clients. Prior to running the reports, you will need to set these up to run. Please discuss with your Insuresoft business analyst.
Diamond Transport is used for retrieving a customer's system information in a "Live" environment, or retrieving either an individual policy or a range of policies for review purposes. If a problem exists, the extraction of policies allows both business analysts and developers a chance to review the actual policies as they appear in their customers' "Live" system, complete with their associated database files.