Global Fund Solutions is a cutting-edge provider of fully integrated software solutions for the Insurance Industry. GFS Insurance is the first software solution of its kind to combine Policy Management, Claims Processing, Accounting, and Portfolio Management into one software suite. GFS Insurance was developed and tested by end users such as agents, underwriters, customer service and claims personnel, accountants, as well as executives of the insurance industry.
GFS Insurance allows agents to log into their own agency portal and instantly quote any insurance products offered by the system at any time of day. Based on the agent's authority access, they can independently create an application, rate different products and bind policies without involving the insurance underwriter in the process. Agents can easily assist their clients with real-time information, by checking account balances, printing invoices or policy documents, and updating mortgage information directly online. In just a few clicks, agents can submit endorsements and post payments to their client's account. All transactions submitted by the agents from their web portal can be viewed, approved or modified by the underwriter at any time.
Carriers can manage all clients information using the GFS Insurance Client Service tool. Each client, whether they're a policyholder, agent, or mortgagee, is given a unique ID number and all pertinent contact information is available to view or edit at any time with just a few clicks.
The GFS Insurance Claim Servicing tool gives claims personnel the ability to easily record, process, and manage claims. The claims management system verifies coverage information at the creation of a claim and pulls all relevant policy information needed by the claims department to successfully process the claim. An activity log lets adjusters and managers record any activities (calls, correspondence, inspections, and pictures) that are accessible to claims personnel 24/7.
Carriers have the ability to record, confirm, and store accurate producer records with the GFS Insurance Producer Management tool. Keep track of agencies and agents relevant information like address, phone numbers, contact information, tax id to further streamline your business's operations. Users can maintain and manage producer records including licenses, appointments, line of business, authority level, agreements and contracts. Commission rates can also be set up individually and updated at any time by the insurance carrier. An upload function is also available to store important documents for viewing and printing at any time from any location.
Using the Accounting tool in the GFS Insurance system, users can batch transactions to increase efficiency and time management. After users create accounting rules for the different transactions, debits and credits are stored in the appropriate sub ledgers, which makes invoicing and commission simple and easy.
INVESTMENT PORTFOLIO MANAGEMENT
The GFS Portfolio Management module is capable of handling most investments from stocks & options to complex bonds. Investment transactions are posted to the accounting module automatically eliminating closing journal entries and reconciliations between the two modules. NAIC Schedule D reporting capability is standard with GFS Insurance.
The GFS Reports module enables carriers to make better use of their data. The standard reports within GFS Insurance are the most widely used in the industry for data analytics and accounting & reporting. In addition, ad hoc reports can be generated using Crystal Reports.
THIRD PARTY VENDORS
GFS Insurance integrates third-party technologies to enhance the functionalities of our software. These vendors provide valuation & pricing services, risk information, payment processing, and more. A separate contract or subscription may be required for certain third party information or services. The following table lists some of the third-party vendors currently configured into GFS Insurance. Others can be integrated seamlessly to meet your requirements. Some of these services require independent service contracts with the vendor to use the service.back to top
THE GFS ADVANTAGE
GFS Insurance eliminates the need for manual data input from the policy management or investment systems to an accounting software, thus minimizing the reconciliation process between systems. Monthly closing is as simple as a push of a few buttons.
Real-time functionality and secure cloud access 24/7 allows agents and employees to work anywhere, anytime.
An integrated system reduces IT costs and eliminates the necessity to manage and update multiple software.