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Wednesday, August 19, 2009

Soul searching questions for insurance software development

It is good to develop a good number of soul searching questions which is to be answered by software engineers and domain experts who are working to develop software for insurance domain

Do you know what is the main core area to be concentrated for developing software for insurance domain?

Insurance Business Analysis

Insurance Business Analysis is an important area which helps to develop software for insurance industry. Developing software for insurance industry is not an easy task. Insurance domain has high volume complexity which should be learnt and understand to develop software for insurance domain.

Monday, August 17, 2009

Core Insurance Business Processes for BPO Services

  • New business acquisition
    • Application registration and scrutiny
    • Data verification and history
    • Quote generation
    • Approval and binding
  • Accounting functions
    • Invoicing
    • Premium receipt and returns
    • Claims disbursement
    • Banking/Bank reconciliation
    • Commission management
  • Policy management
    • Document issuance
    • Change request registration
    • Endorsement issuance
    • Mid-year cancellation
    • Renewal tracking
  • Support functions
    • Agency production reports
    • Agency commission
    • Management reporting
  • Statutory reporting
    • Actuarial/Analytics
    • Customer help desk
  • Claims management
    • Claim intimation/registration
    • Policy verification
    • Claim documentation
    • Claim assessment
    • Approval and disbursement
  • Others
    • Reinsurance treaty administration
    • Vendor management
    • Customer support
    • Imaging/Indexing
    • Mailroom solutions
  • Portfolio analysis
    • Profitability analysis for portfolio underwritten by
      • Line of business
      • Product category
      • Geography
      • Demographics - Risk analytics and statistical modeling for loss estimation
  • Reserve adequacy
    • Claims analytics to determine adequacy of
      • Loss reserves
      • Unexpired risk reserves
  • Product management
    • Use portfolio data for analytics on
      • Marketing mix for Lines of Business
      • Product mix decisions
      • Product pricing decisions
  • Catastrophe exposure
    • Analytics - to determine catastrophe exposure in terms of probable maximum losses
    • Plan - reinsurance for risk exposures and related limits
  • Business analytics
    • Benchmarking studies against industry peers
    • Root-cause analysis for metric improvement
  • Robust Business Continuity Plan (BCP) and Disaster Recovery (DR) practices
    • Tested BCP and DR plans in place to ensure continuity of services
  • Streamlined Quality and Risk Mitigation
    • Highly streamlined Quality and Risk mitigation strategies embedded in the
      engagement, beginning from the start of the Solutions
  • Planning and Design phase
  • Proven Transition Methodology:
    • Focused transition methodology which enables rapid, efficient and predictable
      migration to steady state

Friday, August 14, 2009

Insurance Business Process Manager

One of the key components of Prima Repository is its insurance Business Process Management suite.
Prima Repository’s BPM has been designed specifically to ease management of insurance processes in support of activities such as underwriting, claim management and policy servicing. The BPM tool describes processes using familiar names and concepts such as Contract, Proposal, Claim Folder and Loss Adjuster.
Because insurance activities such as claim management can last a long time, Prima Repository's BPM was conceived from the start to support these long running processes providing features such as process version management or design of sub processes.
Your business users and organizations will gain efficiency and visibility through the use of Prima Repository's BPM tool. Business rules and business services can easily be used in the business processes thanks to the native integration of the business process engine with Prima Repository.

Insurance SOA - Prima Solutions

Insurance organizations have long been in need of an enterprise wide data model, not only to provide business users with a consistent unified view of customers, contracts and other data across multiple systems, but also to aid in implementing end to end business processes, to enhance the quality of data, to promote business agility and to ensure effective service reuse.
Prima IBCS™ is that object-oriented insurance model suite: it covers the major functional domains of all the principal branches of insurance (life, non-life, personal-commercial lines and reinsurance), it is used by dozens of clients as the foundation for projects spanning from underwriting to contract and claim management systems, and it has been adopted by ACORD as the foundation of the ACORD Information Model.

Prima IBCS™ is based on best of breed technology and market standards, it comes delivered not only with a template driven code generation toolset, but also includes a productivity suite featuring a mapping tool for deriving models, a validation tool, graphical search and navigation tools, and an import and export toolset.

General Insurance or Non-Life Insurance

General Insurance or Non-Life Insurance which is called a Line of Business in insurance have further sub lines of businesses as:
1. Fire or Property Insurance
2. Liability or Casualty Insurance
3. Marine Insurance
4. Motor or Auto Insurance
- as major sub classifications

Insurance Classifications

Insurance is classified as:
1. Life Insurance
2. General Insurance (which is called Property and Casualty (P & C) Insurance in USA and some western countries)

Insurance Institute of India, Mumbai

The Insurance Institute of India formerly known as Federation of Insurance Institutes (J.C. Setalvad Memorial) was established in the year 1955, for the purpose of promoting Insurance Education & Training in the country.Institute qualifications are held in esteem both by the regulator and the industry. In its role as an leading education and training provider I.I.I. is closely associated with all the segments of the insurance industry which includes Insurance regulatory authority of india, public and private sector insurance companies
www insuranceinstituteofindia dot com

Friday, August 7, 2009

What Technology guy should know about insurance to develop software for Insurance Industry

1. Insurance Business Processes
2. Business Process Management for Insurance
3. How to convert the business process flow into technical process flow

Facility to make Technology for insurance

This blog is created to make the facility for people who are developing software for insurance industry. To highlight and help in developing software for insurance