Propietary Software System
The broad array of services offered by Wrap Up Insurance Solutions is powered by our proprietary software system, WRAP 24/7. Developed in 2003, this program focuses on the individual objectives of each client’s program. Our approach is customized and doesn’t limit or restrict individual program development. Our system is designed from the perspective of the actual client and “end user”.
WRAP 24/7’s web-based platform allows us to closely monitor our clients’ everyday work flow requirements from a centralized source and provide value added “real-time” wrap up administration services. It is a browser based web application front end system that is built upon new Microsoft.Net technologies and the back-end database is Microsoft SQL Server. The WRAP 24/7 system has been specifically designed to compile, store, manage, and process the data necessary to manage a wrap up program. This system provides the tracking and management reporting capabilities to enable our clients to efficiently control and monitor their overall cost of risk, over an infinite number of financial structures, projects and/or risks.
Some of the unique features of the WRAP 24/7 system are:
- Ability to break out a single project into multiple phases as required by each sponsor’s unique financial structure.
- Contractor enrollments will “mirror” the financial structure of the project. Each contractor working at the project site (enrolled or excluded from the wrap up) will be assigned a trade name which follows the same coding structure of the general contractor. This enables a contractors’ contract value, payroll and/or insurance credit to follow the same financial makeup of the general contractor.
- Ability to track multiple tiers for all enrolled contractors. Often subcontractors will work for more than one “prime” contractor of the general contractor. This system allows us to track and tie back to a single contractor’s multiple trade work assignment.
- Allows for a one-time enrollment for all enrolled contractors that have multiple contracts. Eliminates the need for duplicate and labor intensive paperwork.
- Insurance calculations are automatically calculated and tracked within the system. Calculations are based on each individual contractor’s insurance information. All insurance calculations are prepared by Wrap Up Insurance Solutions’ service team, then forwarded to the contractor for approval. This process eliminates duplicate effort and can speed up the insurance credit approval process.
- 24/7 access to all wrap up administrative activity for both “enrolled” and “excluded” contractors is tracked and stored within the system. The system maintains a paperless, concise, single access point for all contractors’ information. This affords the project management team immediate access to:
Seamless processing of data to all key parties, i.e. sponsor, general contractor, subcontractors and wrap up insurance carrier
Scanned documents provided to the administrator by the contractors client activity report; outlines the coverage and enrollment status of all contractors working at the project site, tracks in “real time” the estimated, processed and to-date amount of all contract values, payrolls and bid credits.
Outstanding items report: outlines key missing information for all contractors
Certificates of Insurance for each enrolled contractor
Enrolled contractor’s worker’s compensation policy numbers, which can be automatically issued through the system
Payroll information both missing and received
Automatic reporting of payroll to both wrap up carrier and enrolled contractors via a streamlined process which greatly reduces the need for costly and time consuming audits
- Customized management reports: the WRAP 24/7 system includes a comprehensive standard report library. Detailed queries and customized reporting are easily accomplished through the system’s flexible design and reporting structure. These distinctive features allow Wrap Up Insurance Solutions the unparalleled quality control and project bench marking capabilities that are unmatched in the wrap up service industry.