Claims Management System (CMS) for faster Repurchase Claims Processing
VisiClaims® claim management solution features:
Claim management portal interface for interaction with outside departments
Using the claim portal interface authorized users from other departments can interact with visionet's claim management system (VisiClaims®), and provide status updates on tasks assigned, submit single or bulk claims requests, and look up information on a particular claim. In addition, sellers can use the portal to submit buy back requests, or respond to claims they have received.
Single and bulk submission of claim requests
VisiClaims® claim management system allows a user using the portal to submit a single claim, or upload in a pre-defined Excel format a list of claim requests (bulk). Visiont's claim management system automatically validates the request for duplications, prior cancellations, and other business rules. The workflow is started for requests that are accepted, and for requests that fail end up in the rejected list where users can either discard them or fix any data entry mistakes.
Bulk processing on claims
Visionet's claim management system enables a claims officer to search for a group of claims by giving a criteria and editing the claims group in bulk. This gives the user an efficient way to manipulate a large list of claims en masse.
Integrated work flow and business rules
As with all VSI products, VisiClaims® (claim management system) comes with an integrated business rules and VSI proprietary workflow engine VisiFlow®. This gives greater visibility, and tracking in the processing of claims, while meeting deadlines and attain a higher level of productivity. The configuration facility for VisiFlow® and rules engine allows users to maintain and adjust the workflow due to changing business environments with none or minimal IT services support.
Task and workflow console
The task and workflow console facility gives an administrative user a single point to monitor, review, release, and re-assign (manual or automated) open tasks within the pipeline.
Task assignment to external business partners
In addition to the workflow engine that assigns tasks automatically, the users also has the ability to override and assign tasks to a specific user manually.
Seller contract terms
Users can store contract terms of the seller as part of the master record for the seller. These terms include the EPD period, EPD filling date, delinquency counters, current loan status, required documentation etc. Using these terms visionet's claim management system automatically verifies if the claim is valid. The user still has the option to override the rules.
Data warehouse integration
Visionet's claim management system is integration into the data warehouse to automatically pull servicing, origination, delivery and deal related data. This information is then used by the business rules engine to validate the claim and direct the workflow, as well as used by the claims calculator to determine the amount of claim.
Claim calculator
The VisiClaims® calculator calculates the claim amount using the servicing information available. The user has the option to override the calculations. Information that is used by the calculator includes the amount of corporate advances, escrow shortages, delinquent installments, interest income losses, etc.
Integrated letter writer facility
Visionet's claim management system comes with a built in letter writer facility. Users can create letter templates using MS Word and store them in the template folder, and then use them to generate letters, forms, documents etc. while processing a claim. The generated letters are archived by claim, and can be retrieved at a later time for reference purposes.
Integration with imaging system
Visionet's claim management system can be integrated with the corporate imaging system, to retrieve the available document images for a loan which it is being worked on by the claims officer. This gives users one desktop screen where they view all the required information and interact with the application, rather than moving from one application to another; thereby, attaining a higher level of productivity.
Basic Workflow of Claim Management Solution VisiClaims®
VisiClaims® Integration Points:
Integration with VisiLoanReview® — rules & workflow based solution for pre/post close compliance
Visionet's claim management system will be integrated into the workflow of VisiLoanReview® to enable a seamless flow of tasks from VLR to VisiClaims®. When an auditor reviews and finds a defect in a loan then that loan is marked to transfer to the claims system. Once all the loans in a deal or transaction have been reviewed, then a bulk claims request is automatically created in VisiClaims® and the data populated from VLR.
If the claims are accepted then claim management system informs VLR of the resolution status so that they may be removed from the deal or not boarded into servicing system (or other servicing system).
Integration with VisiRepurchase® (claim deadlines management)
Visionet's claim management system will also be integrated with VisiRepurchase®. Currently, VisiRepurchase® detects when a demand letter is received for a loan that has been bought from an outside seller. In such an event VisiRepurchase® will create a claim request against the seller, provided the loan has recourse. Once the response is received from the seller, it will flow back into VisiRepurchase® to drive the workflow forward and a final response is sent out to the investor.
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