6 Frequently Asked Questions About LineSlip
When you’re considering new software for your company, you’ll want to fully understand the options to know you’re making the best business decision. You’ll want to know all the alternatives out there and what the specific features and functions are. If you’re the software end user, you’ll want to know how you can use the software to help you in your day-to-day tasks. Being in the world of insurance, you’ll want a tool that can comprehend the niche aspects of the industry. On top of this, you’ll have to keep in mind that you need to convince your senior management decision-makers to get the buy-in for the new tool.
When risk professionals inquire about LineSlip, there are some questions that we frequently get. In this blog, we’ll cover some of these questions, so you’ll have all the information you need to make the best business decision for your risk department.
1. How can LineSlip help me do my job?
There are many ways LineSlip can help risk professionals in your day-to-day responsibilities.
First, LineSlip eliminates the need to manually key data from your insurance program documents. LineSlip uses machine learning and natural language processing to automatically extract insurance policy data and organize it in one place. We then have our internal insurance experts audit the information for accuracy. By using advanced technology to extract insurance program data, LineSlip provides you with accurate data and saves your team from doing this tedious manual keying process yourselves. You’ll free up your time so you can be more effective and efficient in doing other important tasks, such as conducting risk assessments and evaluations, creating risk management and insurance budgets, managing your team, and generating critical reports for people outside of your department.
Next, LineSlip visualizes your insurance program data into a set of intuitive business intelligence analytics dashboards that provide you with instant access and deeper insights into your insurance program. LineSlip gives you full ownership of your data, so you won’t have to rely on third parties. You can say goodbye to the days of continually pestering your various brokers for an updated schedule of insurance or analysis of your premium spend at a specific carrier for upcoming negotiations.
LineSlip helps you be more organized, prepared, and knowledgeable in your roles which in turn enables you to have more leverage in negotiations and drive more strategic decision-making for your organizations. LineSlip's data extraction, aggregation, and visualization enable you to have a better grasp of your insurance program so you can easily communicate your data to senior management and other important stakeholders. LineSlip arms risk professionals with the tools to lead the way in your profession versus simply following the pack.
2. Other than policy documents, can LineSlip store all our insurance-related documents?
We understand that there are a lot of insurance documents you handle as a risk professional on a day-to-day basis, from policy documents, binders, invoices, Third Party Administrator (TPA) agreements, brokerage agreements, contracts, and more. Due to the high volume of documents, you may want to be able to keep all your insurance-related documents in one place. Currently, LineSlip is only able to store policy documentation. However, we're currently working on solutions to provide risk professionals with a singular central location to store all your risk-related documentation.
3. How long does it take LineSlip to upload my documents to the platform during the initial implementation?
Once we receive your source documents, it should take about 4-6 weeks for the initial implementation. This timeline will depend on the document quantity and program complexity. We are actively growing our team and working to make our turnaround time even faster, but new customers can expect that range.
4. Can I look at data by calendar year (or by fiscal year for budget purposes) in addition to policy year? How?
Most insurance professionals like to view their insurance data by policy year, but there are times when you would rather look at the data by calendar or fiscal year. LineSlip currently allows risk professionals to view data by policy/program year but there are future expansions planned that allow viewing aggregated data by fiscal or calendar years. LineSlip has multiple ways to view policy data with the inclusion of a relative date, calendar date range, or policy year drop-down filters available throughout the LineSlip analytics.
5. How do I update the data on LineSlip to reflect a mid-term policy period change or premium adjustment?
In the world of insurance, sometimes there are mid-term policy period changes or premium adjustments. When this happens, you can send us any mid-year policy changes or adjustments through an endorsement document, and we’ll make the adjustments in the LineSlip platform for you.
6. How is LineSlip different from a Risk Management Information System (RMIS)?
Since LineSlip also deals with insurance program data, a common misunderstanding is that we are a RMIS software. We are not a RMIS.
RMIS platforms help risk professionals manage risk-related information including claims administration, third-party risk management, compliance, policy management, audit, enterprise risk management, project risk management, risk mitigation, and more through manual data input and on a granular level.
Meanwhile, LineSlip deals with aggregated insurance program information such as policies, premiums, retention, limits, rates, and more through automation. LineSlip is a business intelligence tool that allows risk professionals to visualize insurance program data by premium, broker, carrier, and line of coverage in data-rich dashboards. With LineSlip, you can easily manage your insurance policy data, get insights into your budget, and manage your total cost of risk.
One way to think about the relationship between LineSlip and RMIS software is that our product is not a replacement for a RMIS, but it is a complementary product that helps risk professionals have a clearer picture of their insurance data.
In this blog post, we’ve answered some of the frequently asked questions we get about LineSlip. We hope that this gives you a better understanding of our product and clears up any lingering questions you may have. If you have additional questions, please reach out by emailing us at info@lineslipsolutions.com or through our website chat feature. We’ll be happy to answer any questions you may have.