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Tuesday, December 7, 2010

Reinsurance Guru

Reinsurance Guru:

"reinsuranceGuru is a leading source of agenda-setting insight for the international reinsurance practitioner. It provides links to sources of fast-moving news, commentary, trends and analysis about the treaty and facultative reinsurance industry worldwide."

Wednesday, December 1, 2010

Reinsurance - Wikipedia, the free encyclopedia

Reinsurance - Wikipedia, the free encyclopedia

Reinsurance is insurance that is purchased by an insurance company (insurer) from another insurance company (reinsurer) as a means of risk management, to transfer risk from the insurer to the reinsurer. The reinsurer and the insurer enter into a reinsurance agreement which details the conditions upon which the reinsurer would pay the insurer's losses (in terms of excess of loss or proportional to loss). The reinsurer is paid a reinsurance premium by the insurer, and the insurer issues thousands of policies.

For example, assume an insurer sells one thousand policies, each with a $1 million policy limit. Theoretically, the insurer could lose $1 million on each policy – totaling to $1 billion. It may be better to pass some potential risk to a reinsurance company (reinsurer) as this will minimize the insurer's risk.

There are two basic methods of reinsurance:

1.Facultative Reinsurance is specific reinsurance covering a single risk. The reinsurer is reinsuring one insured on a specific policy. Each facultative risk is submitted by the insurer to the reinsurer.
2.Treaty Reinsurance is a method of reinsurance requiring the insurer and the reinsurer to formulate and execute a reinsurance contract. The reinsurer then covers all the insurance policies coming within the scope of that contract. There are two basic methods of treaty reinsurance:
Quota Share Treaty Reinsurance, and
Excess of Loss Treaty Reinsurance.
In the past 30 years there has been a major shift from Quota Share to Excess of Loss in the property and casualty fields.

Glossary of Reinsurance Terms

Glossary of Reinsurance Terms:

"Admitted Reinsurance - A company is “admitted” when it has been licensed and accepted by appropriate insurance governmental authorities of a state or country. In determining its financial condition a ceding insurer is allowed to take credit for the unearned premiums and unpaid claims on the risks reinsured if the reinsurance is placed in an admitted reinsurance company.

Arbitration Clause - Language providing a means of resolving differences between the reinsurer and the reinsured without litigation. Usually, each party appoints an arbiter. The two thus appointed select a third arbiter, or umpire, and a majority decision of the three becomes binding on the parties to the arbitration proceedings.

Attachment Point - The dollar amount under an excess of loss reinsurance contract at which a ceding (primary) insurer's retention requirements have been met, and the point at which the reinsurance will respond to a loss.
Bordereau (plural Bordereaux) - A form providing premium or loss data with respect to identified specific risks which is furnished the reinsurer by the reinsured.

Burning Cost - A term most frequently used in spread loss property reinsurance to express pure loss cost or more specifically the ratio of incurred losses within a specified amount in excess of the ceding company’s retention to its gross premiums over a stipulated number of years."

Wednesday, October 6, 2010

Insurance - Wikipedia, the free encyclopedia

Insurance - Wikipedia, the free encyclopedia

In law and economics, insurance is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the insurance; an insured or policyholder is the person or entity buying the insurance policy. The insurance rate is a factor used to determine the amount to be charged for a certain amount of insurance coverage, called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice

Monday, September 13, 2010

Introduction to the Insurance Value Chain Integration Factory

Introduction to the Insurance Value Chain Integration Factory

Introduction to the Insurance Value Chain Integration Factory

Dan Woodman
Microsoft Corporation

May 2007

Applies to:
Financial-Services Architecture
Service-Oriented Applications

Summary: This paper describes the Microsoft Insurance Value Chain (IVC) Integration Factory, the partner line-of-business (LOB) applications that already participate in our Partner-to-Partner Integration Framework, and the Microsoft vision and road map for technology evolution and advancement in the insurance industry. (7 printed pages)

Thursday, September 9, 2010

KMD - Company Profile

KMD - Company Profile: "

K. M. Dastur & Company was founded in 1973 by the late Mr K.M. Dastur, erstwhile Country Head of Norwich Union Insurance Company.

Headquartered in Mumbai with local branches in 12 other Indian cities, it is a leading independent direct and reinsurance broker in Asian, African & Middle Eastern markets.

Represented overseas through offices in London, Dubai, Casablanca, Kuala Lumpur, Moscow, Kampala and Johannesburg."

Friday, August 20, 2010

Agenda :: World Medical Tourism & Global Health Congress

Agenda :: World Medical Tourism & Global Health Congress

Obama’s healthcare reform might seem revolutionary in terms of changing the landscape of American healthcare, but the implementation of the bill will take several years to put into practice. During those years, the cost of healthcare in the US will continue to rise, as will the number of individuals that lack insurance or are underinsured. These two factors will bring new market opportunities for corporations looking to cut costs and tackle these issues. This congress will discuss how medical tourism is an example of an innovative market solution that has gained popularity due to its high quality, yet cost effective nature and its ability to provide healthcare access to the uninsured individuals. Government officials within the US are more likely to accept medical tourism and implement it in political and legislative agendas when it proves to be a guaranteed cost-saving mechanism and has demonstrated beneficial outcomes with large insurance carriers and the American public

Tuesday, August 10, 2010

Milliman - Actuarial Software Solutions

Milliman - Actuarial Software Solutions: "If the goal is to mitigate risk, let’s start by discussing the choice of tools.
Affinity® and ReservePro® help actuaries, analysts, and finance and risk management professionals analyze casualty loss data. Milliman’s Reserve Variability Modeling service provides even more valuable information for effective management decisions. No wonder so many leading companies place their trust in our reserving tools.
Our systems provide sophisticated analyses, yet are easy to learn and use. They help analyze losses, reserves, loss adjustment expenses, and aggregate claim data at over 200 companies around the world.
Manage decisions, rather than data.
Our solutions streamline the entire reserve analysis process. They manage the data, control the relationships and links, and format the output. And they provide a consistent workflow, aid in managing the reserving department, and help in training new people."

Thursday, August 5, 2010

About the leader in insurance agency management systems :: Applied Systems

About the leader in insurance agency management systems :: Applied Systems

Applied Systems fast facts:

•Solutions used by more than 11,000 agencies and brokerages, representing more than 129,000 producers, CSRs and other insurance professionals
•Agency management systems used by more than 50% of the agencies who are recognized as Best Practices agencies
•Customer agencies that write more than 25 percent of all insurance premiums in the United States, Canada, the United Kingdom, Puerto Rico, Guam, Hong Kong, Jamaica and the Virgin Islands
•Customer retention rate of nearly 100 percent
•Industry's largest independent, international users' group
•Interface relationships with nearly 300 carriers
•Recipient of the ACORD Download Vendor of the Year Award each and every year since its inception in 1993; as well as the first Upload Vendor of the Year Award in 1994 and every year since
•Systems that account for two-thirds of all agency/carrier download relationships in the United States
•Customer agencies that account for 67 percent of all download sent from all insurance carriers in the United States
•Fastest support time in the automation industry, and the only vendor to provide live support in real time -- with hold times typically two minutes or less
•Four solutions, to serve the specific business needs of agencies with various sizes and structures: Epic, TAM, DORIS and Vision
•Record of consistently outselling nearest competitor by more than 2-to-1
•Nearly 700 employees working out of company headquarters in University Park, Illinois and the Applied Systems Canada office in Mississauga, Ontario; as well as trainers and sales consultants who operate regionally
Applied Systems is owned by Bain Capital LLC and James P. Kellner, the company's chief executive officer and chairman of the board. Mr. Kellner began working at Applied Systems in 1985 and has devoted his entire career to the continuing development of insurance technology.

Wednesday, August 4, 2010

ABC Self Study

ABC Self Study: "ABC SELF STUDY, INC is to provide high-quality self-study & distance education courses to professionals, trainees and licensees in support of federal and state-mandated education programs for licensure and ongoing professional competency."

ABC SELF STUDY, INC is to provide high-quality self-study & distance education courses to professionals, trainees and licensees in support of federal and state-mandated education programs for licensure and ongoing professional competency.

Ultimate Insurance Links - Insurance Search Engine

Ultimate Insurance Links - Insurance Search Engine is a web site giving Insurance Industry search and link for the companies in USA for insurance industry.

Plum Underwriting | Broker Centre

Plum Underwriting | Broker Centre

Tuesday, August 3, 2010



Insurance for Your Business

The importance of insurance cannot be over-emphasized and neither can the danger of paying for insurance you don’t need. It is strongly recommended you solicit the advice of an in-dependent business insurance agent. Don’t forget to SHOP! Talk to three or four independent agents and compare notes and prices. An insurance agent will lay out a vast array of insurance coverage much of which you simply may not need. Your situation will be unique and you must consider each insurance element carefully to ensure comprehensive coverage.

If you’re worried about finding the right health insurance plan, visit InsureLane and get free health insurance quotes and get help from licensed agents online!

Monday, August 2, 2010

Accident Claims UK

Accident Claims UK

Accident Claims UK

Insurance Directory > Index > Accident Claims UK

Accident at Work Injury Claims UK Compensation
If you've sustained an accident or injury at work then contact Simpsons solicitors - the UK's leading work accident lawyers. No cost 100% of the compensation awarded!

UK Legal Directory
Complete UK guide to Lawyers, Solicitors and Barristers. Excellent claims compensation sections

Insurance Directory > Index > Accident Claims

Insurance Industry Conferences, Trade Shows and Exhibitions.

Insurance Industry Conferences, Trade Shows and Exhibitions.

Service Industries:
Trade Shows, Exhibitions, Fairs and Festivals,
Conventions, Conferences and Seminars
Web Directory of Events, Products and Services

Insurance Exhibitions

Insurance Exhibitions

Events Insurance - UK Exhibition insurance Broker ...
UK Events insurance provides public liability and employers liability and cancellation cover for all types of exhibition.

These web site links are listed as a convenience to our visitors. If you use these links, we take no responsibility and give no guarantees, warranties or representations, implied or otherwise, for the content or accuracy of these third-party sites.

Back To Index Page

The Events Insurance Centre

Wednesday, July 28, 2010

Insurance Software Webinar to Help IT and Underwriting Teams Deliver Business Value

Insurance Software Webinar to Help IT and Underwriting Teams Deliver Business Value

Insurance Software Webinar to Help IT and Underwriting Teams Deliver Business Value

BEDFORD, Mass. --(Business Wire)--
FirstBest® Systems, Inc., provider of insurance software solutions that help insurance companies drive premium growth, scale their business and achieve high service levels with agents, announced today that it will deliver a Webinar titled "The Winning Team: IT and Underwriting Partnering to Deliver Business Value," on August 3rd. The complimentary live event will include a demo of the award-winning FirstBest UMS™ solution, which combines a next-generation underwriting workstation and business analyst workstation with FirstBest Agent™, a Web 2.0 agent portal.