The Aspire Suite

Success is in the Details

What is Aspire?

Aspire is a web-facing, configurable, scalable, and secure core processing system for Property & Casualty insurance. It provides all the requisite policy, billing, and claims functionality to enable insurers to improve profitability and manage risk effectively. It allows insurers to respond to market changes, client needs, and regulatory updates easily and efficiently.

MapleTech’s private cloud ensures near 100 percent uptime with guaranteed scalability, data redundancy, authentication standards, and user-determined authorization levels.

More specifically, Aspire contains capabilities for:

Underwriting

Evaluate risks to determine likelihood of losses (damages to personal or business property, location, claims and loss histories, financial stability, et al.), liability for accidents and injuries, review applications, check financial health and credit scores, examine property locations and value, and identify potential hazards.

Rating

Assess risk, determine coverage limits and deductibles, evaluate applicants’ histories, determine property types, locations, ages, conditions, security, and other factors.

Quoting

Estimate the cost of coverage based on the information provided by the applicant and by consumer and government reporting agencies and the applicant’s insurance score, verify information, disclose information to applicants, and specify property (physical assets) and casualty (liability protection) coverages.

Issuing

Provide coverage for specific risks related to property and potential liabilities that protect the policyholder’s assets against damage or loss. Cover liabilities that may arise from accidents or injuries that policyholders are responsible for, ensuring they’re financially protected against legal fees and compensation claims.

Binding

Confirm coverage is in place by issuing the policy or by issuing a temporary document (binder) that provides evidence of coverage until the policy is issued.

Claims

Automate processes from FNOL to resolution; cross-reference data and pre-fill information from a single repository; reduce manual tasks; support immediate coverage verification; automate task creation, assignments, and payment decisions; scale to handle increased processing demands during high-volume events like natural or man-made catastrophes; ensure access for authorized users, enabling quick verification of coverages and claim histories; integrate with industry-standard databases to reduce claim leakage and fraud by cross-referencing claims against publicly available data; export to configurable dashboards and formats like Excel, CSV, or XML for easy analysis; combine intuitive user interfaces with cloud technology to improve productivity and control; mitigates risks by making claims processing predictable; support compliance with regulatory requirements; reduce loss adjustment expenses (LAE); leverage economies of scale.

Recording

Tracking policy changes in the Aspire database — onsets and offsets, monetary and nonmonetary changes, and out-of-sequence endorsement processing for better reporting.

Reporting

(including changes to data)

Bureau reporting, statistical reporting, business-process reporting, surplus lines tax filing, management reports, et al.

Premium Accounting

Recording, tracking, and allocating premiums, including deposits into trusts or escrow accounts, recognizing premiums as revenue over the policy period, reserving portions of premiums to cover claims, comply with accounting standards, and conducting regular financial reviews and audits to ensure accuracy and transparency.

Content Management

Centralize, organize, store, retrieve, and manage documents and other content related to policies, claims, and underwriting processes, including PDF files, videos, audio recordings, photos, et al. to streamline operations, improve efficiency, and ensure quick and easy access to necessary documents and information.

Workflow

The configurable sequence of required tasks to ensure each task is completed efficiently and accurately, from application to FNOL and claims adjudication that streamline operations, reduces manual work, and improves speed and consistency

Financial Reporting

Disclose financial information to regulatory bodies and stakeholders to ensure transparency and compliance with statutory and regulatory requirements using Statutory Accounting Principles, including policyholder surplus, combined ratios, investment performance, reserves, regulatory reporting, and an annual availability survey.

Batch Processing

Batch process renewals, cancellations, reinstatements, and payments.

Integrations

Interface with payment and premium finance providers, underwriting information providers, property scoring records, vehicle and driver history services, and others.

Compliance Management

Empower insurers to adhere to relevant laws, regulations, and industry standards, including managing licensing, financial reporting, anti-money laundering, Know Your Customer regulations, privacy and data protection, and complaint handling.