Information system for insurance companies automation
ERP system for insurance companies complex automation INSURANCE IS
Unified automation system of Insurance portfolio and Accounting
Short description of functionality:
The Insurance portfolio system is an electronic database for keeping records of any insurance organization. The main advantages of the system are:
- ability to customize the registration of insurance documents for any type and class of insurance,
- operational calculation of insurance reserves,
- availability of internal and regulated reporting (Government Insurance Supervision reports),
- possibility of the system integration into the accounting system.
The system is divided into the following sections:
The section contains reference and operational information which is necessary for maintaining an insurance portfolio as a whole.
2. Travel insurance
The section contains reference and operative information which is necessary for maintaining an insurance portfolio to record the insurance for traveling abroad, taking into account the specifics of this business process.
3. Compulsory civil liability insurance
The section contains reference and operational information which is necessary for maintaining an insurance portfolio by the type of Compulsory civil liability insurance, taking into account the specifics of this business process. In this subsystem, data from a database run by Oracle RDBMS is downloaded into 1C database.
4. Employer's liability insurance
The section contains reference and operative information which is necessary for maintaining an insurance portfolio by the type of Employer's liability insurance, taking into account the specifics of this business process. In this subsystem, data is downloaded from an Employer's liability insurance pool into 1C database.
The section contains reference and operational information which is necessary for calculation of insurance reserves.
6. Settlement of claims
The section contains reference and operational information which is necessary for keeping records of insured events and recourse cases.
7. Investment portfolio
The section contains documents, directories and reports which are necessary for keeping records of investment activities.
The section contains documents, directories and reports which are necessary for posting, transferring to divisions and cancellation of insurance policy forms.
9. Government Insurance Supervision reports
The section contains a full list of Government Insurance Supervisory reports.
The section contains various system administration settings, user accounts and permissions.
The system records the following operational data:
- Concluded contracts / insurance policies logbook
- Concluded contracts / Employer's liability insurance policies downloaded from an Employer's liability insurance pool logbook
- Incoming insurance contracts logbook (inwards reinsurance)
- Outgoing insurance contracts logbook (reinsurance)
- Insurance policies issued under contracts logbook
- Losses logbook (insured events)
- Investment contracts logbook
- Mutual settlements with policyholders accounting
- Mutual settlements with insurance agents accounting
- Mutual settlements with reinsurers accounting
- Efficient reserves calculation on basic data entered into the system
Insurance contract + Insurance policies
You can register information on insurance contracts and additional agreements on them in a database. It’s possible to settle contracts by any type of insurance. Both compulsory and voluntary insurance, one-time and tranche payments, insurance agent participation, full and partial contract cancellation are supported. There’s information on incurred obligations, bonus payments, agent's commissions and other additional fees under a contract. It is possible to print standard contract forms and insurance policies.
Outgoing reinsurance agreement
It’s possible to register information about outgoing reinsurance from third-party insurance companies in a database. Any type of reinsurance activities, compulsory and voluntary reinsurance, proportional and non-proportional reinsurance and contract cancellation are supported. There’s information on transferred obligations, bonus payments and commissions. It is possible to print standard contract forms and insurance policies.
Recording of data on insured events into a database. There’s information on accrued amounts of claimed and adjusted loss, value of the reinsurer’s share and regression. It has 3 status: “on approval”, “favourably resolved” and “refusal to pay”.
Recording of data on investment contracts into a database. There are different types of investments: stocks, bonds, shares, deposits, negotiable certificates of deposit. There’s information on duration of investment and contracts, rate of interest, accrued and paid amounts, type of stocks/bonds. It is possible to create additional agreements and to form various reports.
Relations with agents
You can form “Completed works certificate”, “Certificate of transfer of policies to agents” and “Certificate of acceptance of damaged insurance policies from agents” in the system. Amount of the assessed agent's commissions are calculated based on primary data specified in insurance contracts. It is possible to print standard certificate forms.
Relations with reinsurers
You can form “Loss Bordereau”, “Premium Bordereau” and “Reinsurance invoice for payment” in the system. It’s possible to calculate amount of reinsurer’s assessed share in losses, amounts of losses paid by reinsurer and reinsurer’s total payable amounts. The relevant documents can be printed.
They show the actual flow of money with counterparties (insurants, insurers, insurance agents). Premium income processing, reinsurance payment, payments to insurance agents, insurance compensation.
Creation of reserves
Reserves calculation based on primary input data. The reserves calculation procedures are based on the Insurance Business Act of the Republic of Uzbekistan and the Annex to the Ministry of Finance of the Republic of Uzbekistan №553 approved by a decision of the Cabinet of Ministers of the Republic of Uzbekistan of November 23, 1992 (“Collection of regulations of the Government of the Republic of Uzbekistan”, 1992, №11, p.37). The text of the Regulation “On insurance reserves of insurers” approved by Order of the Minister of Finance on November 20, 2008 under №107 and registered by the Ministry of Justice on December 15, 2008 under №1882 was used as an algorithm for calculation.
At the current stage, the system supports the following reserves calculation:
- Unearned Premium Reserve (UPR)
- Reported But Not Settled Losses Reserve (RBNS)
- Outstanding Loss Reserve (OSLR)
- Preventive Measures Reserve
- Stabilization Reserve for Compulsory Employer's Liability Insurance
- Insurer Market Share in the Insurance Reserves UPR, RBNS and OSLR
Here you can find reporting forms which are necessary for keeping records of the organization.
State Insurance Inspectorate Reports
Here you can find approved regulated forms for rendering reports to the State Insurance Inspectorate of the Republic of Uzbekistan.
Integration of the system into Accounting
You can use the Insurance portfolio both as an independent system and as an installation unit or plug-in for Accounting.
Connecting users to the system
By using the technologies of the 1C 8.2 platform in the managed application mode it is possible to connect users to a database both within a local network and online. This technology allows you to work with the system in remote areas, regardless of geographic location of a central data repository.
Software technology: 1C 8.2 platform managed application.