Prometheus was created through a cooperative alliance with the oil industry to address the needs of handling an insurance claim following a Named Windstorm (NWS) in the Gulf of Mexico. Following hurricanes Katrina and Rita, it was obvious to us that the oil industry was in need of a database application that can collect, manage, and audit an insurance claim. The name, Prometheus, was chosen as Prometheus was the titan god of forethought, for it is absolutely essential to be prepared to handle any NWS claim that may arise. While creating an insurance policy deals with “mitigation of risk”, Prometheus focuses on “maximizing the return on your investment.” An analysis of the Lessons Learned uncovered the core constraints for the creation of the Prometheus systems, as follows:
Technology – the current process is dominated by spreadsheets – need we say more?
Communication – during the NWS claims process, there is a constant internal struggle between groups (C-level execs to risk managers to operations to accounting). Externally, the insurance “triumvirate” – brokers, adjusters, underwriters – each operate with differing and oftentimes conflicting interests.
Strategic – there is lack of strategic vision as it relates to 1) policy creation vs. claims reimbursement, 2) claim vs. reality, and 3) indemnity vs. global settlement.
Prometheus was ultimately perfected to the point where it alleviates all of the above issues inherent in handling NWS claims from an operator’s perspective.
- Flexibility: Prometheus is designed to integrate with your Asset Management system, modeling your insurance policy according to your assets.
- Functionality: Following the binding of your insurance policy, declarations are created within the Prometheus system. The declarations represent all of the “buckets” for possible reimbursement in the event of a NWS.
- Integration: Prometheus is 100% integrated with the Information Management tools provided by V3, including Canopy and Wrangler.
- 100% Digital: Prometheus can be configured to upload all of the invoices in electronic format, increasing the effectiveness and efficiency of the claim process.
- Fully Automated: Prometheus can be configured to work seamlessly in your environment, reducing the already heavy burden on the operations group in your company.
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