Insurance Solutions
The Insurance Solutions consist of two components:
- Life Assurance
- General Branch
Life Assurance
The Life Assurance System is a system that provides functions to support the underwriting, life and accounts department.
It caters for five main categories of insurance:
- Endowment
- Child
- Term
- Personal Pension Plan
- Whole Life
It has the following components:
- Quotation
- Underwriting
- Medical
- Servicing
- Claims
- Accounts
The Quotation module enables the processing and printing of a quotation upon the client's request.
The Underwriting module converts a quotation/proposal into a policy and the schedule can be printed by the system.
The Medical module records the medical results of the client and processed payments to be made to doctors.
The Servicing module caters for the servicing of the policy. Servicing includes alteration of a policy, paid up, processing of declared bonus, processing of arrears and interest due and processing of reminders. The alteration catered for are technical and non-technical alterations.
The Claims module caters for the administration of the claims. The types of claims catered are death, total and permanent disability, life care, double accident benefit, surrender value and maturity (partial and final).
The Accounts module caters for querying of the Premium details (outstanding and prepayment), Processing of arrears, Processing of reminders, Write off / Freeze payment, Refund of excess payment.
General Insurance
The General Insurance System caters for the following main modules:
(i) Underwriting (caters for both commercial and individual insurances) as follows:
- Motor
- Marine
- Fire and Allied Perils
- Benefits
- Properties and Liabilities
(ii) Claims and Recoveries
(iii) Reinsurance
(iv) Agents
(v) Gin Insurance Debtors System
The major benefits of the above systems are:
- The system allows users to override premium in certain functions (endorsements and cancellations)
- During the preparation of policies and quotations, the Motor system identifies vehicles already insured and warns the user accordingly.
- Automatic computation of the outstanding amount for claim item and net outstanding for the claim during both payment claim transaction and recoveries.
- Automatic reversal of transactions during cancellation and return of cheques.
- Provide facilities to identify major claims (severity of claims).
- Better monitoring through appointment of surveyors, contract cars (motor).
- Automatic processing of reinsurance including creation of cessions, treaty apportionment, claim apportionment and for some cases facultative apportionment (facultative amount needs to be specified).
- Accumulation of risks facility available
- Cyclone accumulation possible
- Automatic calculation of retention/re-insurance apportionment and claims apportionment
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