Software that allocates shared insurance costs across your organization
Spending too much time figuring out how to fairly allocate shared insurance costs?
Holding managers accountable for their own losses can be a powerful motivator to make necessary changes. Yet equitably allocating shared insurance costs across the organization often requires complex calculations that rely on data that must be pulled manually from multiple sources. Not only is this time-consuming, but inaccuracies are virtually inevitable. And there goes your credibility.
Allocate complex insurance costs with ease.
Riskonnect’s Cost Allocation software seamlessly integrates your own data on claims, policies, locations, etc. with local business requirements to fairly allocate all types of insurance costs, including premiums, claims, taxes, and fees.
Evaluates different scenarios.
- Creates and saves multiple allocation scenarios that can be tested for comparison.
- Preserves historical allocation methodology that can be copied and reused without impacting historical data.
- Allows data from multiple policy periods/years to be factored into the same allocation for comparison.
- Collects values in two dimensions for a configured values definition, such as payroll by state and department or location.
- Previews allocation results for validating formulas and evaluating different scenarios under consideration.
- Automatically generates premiums on corresponding policies.
- Transfers policy premiums to a custom form to print invoices.
- Archives allocations for historical purposes and shows the methodology used.
- Provides an audit trail for accounting and tax purposes.
- Improves visibility into each location’s risk profile so you can stay informed and proactive when managing insurance.