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The African Insurance Organisation

The African Insurance Organisation. Serving the African Insurance industry Organisation des Assurances Africaines. African Insurance Organisation. A Presentation of the AIO Insurance Software Developed with the assistance of UNCTAD and leading insurers and reinsurers operating in Africa.

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The African Insurance Organisation

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  1. The African Insurance Organisation Serving the African Insurance industry Organisation des Assurances Africaines African Insurance Organisation...

  2. African Insurance Organisation A Presentation of the AIO Insurance Software Developed with the assistance of UNCTAD and leading insurers and reinsurers operating in Africa African Insurance Organisation...

  3. AIO Software Objectives • To Provide members with affordable and functional software that handles: • Underwriting • Claims • Reinsurance • Accounts • MIS African Insurance Organisation...

  4. The AIO Software Specifications • Windows NT/Windows 2000/XP • Microsoft SQL Server • Multi-lingual, multi-currency, multi-date, • Single-user or multi-user • Modular • User defined setup options • Context sensitive on-line help African Insurance Organisation...

  5. System Design Concepts • Designed for insurance people with minimum programming knowledge; • PC based, with Standard windows interface • Uniform presentation and set up for all classes • Detailed operating manual for each class and activity • User-friendly system African Insurance Organisation...

  6. System Setup • The system allows main set up options at head office level for functions applicable system-wide. • Underwriting, Claims and Reinsurance details will be set up under each class of insurance. • Plenty of pre-defined industry standard outputs and reports; additional reports to be defined easily by users. African Insurance Organisation...

  7. Main Setup • Head office • Divisions • Branches • Sub-Branches • Class Groups • Classes / sub-classes • Accounts/sub-accounts African Insurance Organisation...

  8. UNDERWRITING • There is a uniform approach to underwriting in all classes - only activities specific to each class are highlighted. • Various codes, rates and underwriting details are defined for each class • each company can define the above in accordance with its requirements African Insurance Organisation...

  9. Underwriting Transactions – • Proposal processing • Premium calculation • Reinsurance allocation • Co-insurance details • Treaty programme structure • Calculating treaty capacity African Insurance Organisation...

  10. Underwriting - Transactions • Continued… • Pre-renewal routines • Renewal processing • Policy/item maintenance • Premium adjustment • Policy cancellation African Insurance Organisation...

  11. Underwriting - Reports & Outputs • The system produces all reports and outputs required by an insurance company whether it is policy documentation and statements for clients, reinsurers, agents, tax authorities, and internal management reports. • Main reports are shown below. African Insurance Organisation...

  12. Underwriting - Outputs • Policy schedule • Debit/credit note for • Policy holder • Sales person • Co-insurer • Reinsurer/Broker African Insurance Organisation...

  13. Underwriting - Reports • Gross written premium/Net written premium • by Class, Class group, by geographic zones • by U/W year by sales person, etc. • Premium ceded bordereau • Production and commission summary by sales person • Taxes and charges • Underwriting vouchers List African Insurance Organisation...

  14. Underwriting - Reports • Continued… • Policy Register • Risk Profile (sum insured/MPL basis) • Renewal scrutiny list • Renewal list, by office and sales person • Lapse list, policy cancellation list • UNEARNED PREMIUMS • You need more reports? African Insurance Organisation...

  15. CLAIMS • The claims sub-module enables the company to maintain up-to-date information on the status of claims, whether paid or outstanding • Allocation of claims to reinsurers and co-insurers, accumulation and analysis are handled by the system. African Insurance Organisation...

  16. Claims - Setup • Cause of loss codes • Claim payee types • Claim repudiation reasons • Claim write-off reasons • Claim expense types • EVENT MAINTENANCE African Insurance Organisation...

  17. Claims - Transactions • Notifications • Payment • Recovery • Revision/Closure • Reinstatement • Claim Allocation African Insurance Organisation...

  18. Claims - Reports/Outputs • Debit/credit note for payee, co-insurer, facultative reinsurer • Gross/Net claims paid by U/W year • Claims ceded bordereau • Loss Profile • O/S claims list, bordereau • Contingent recoveries summary & detail • Claim vouchers list African Insurance Organisation...

  19. REINSURANCE • The system provides treaty setup procedures for proportional and non-proportional reinsurance • Underwriting and claims transactions are automatically applied to the appropriate reinsurance programme • Quarter-end and year-end procedures, treaty renewal and cancellations, etc. are fully handled by the system African Insurance Organisation...

  20. Reinsurance - Proportional • Treaty setup • Quarter-end procedures • Year-end procedures • Treaty renewal • Treaty cancellation African Insurance Organisation...

  21. Reinsurance - non-proportional • Treaty setup • Treaty renewal • MNDP distribution • Premium adjustment • Reinstatement of cover • Treaty cancellation African Insurance Organisation...

  22. Reinsurance - Outputs/Reports • Proportional: • Treaty record - cession section • Treaty statement of account • Portfolio transfer account • Profit commission statement (clean cut) • Profit commission statement (U/W year) • Treaty statistics (clean cut, U/w year basis) • Loss carried forward register • Reinsurers’ statement of account African Insurance Organisation...

  23. Reinsurance - Outputs/Reports • Non-Proportional: • X/Loss treaty record - cession section • MNDP distribution • Credit Note (MNDP installment) • X/Loss premium adjustment • Distribution schedule - X/Loss premium adjustment • Reinsurers’ statement of account African Insurance Organisation...

  24. ACCOUNTING • The insurance system can be used as a stand-alone module, or can be integrated fully with a financial accounting software developed in the windows environment • There are a number of such accounting packages, one of which is Microsoft Great Plains Dynamics • Companies may also opt to use other accounting modules of their choice. African Insurance Organisation...

  25. Accounts - Activities • Voucher transaction entry • Applying vouchers • Month-end procedures: • Sales commissions • Statements of account • Year-end procedures: • Closing the financial year African Insurance Organisation...

  26. Accounts - Financial Statements • From financial module • Balance Sheet • Revenue Account • Profit and Loss Statement • Cash Flows Statement • Trial Balance African Insurance Organisation...

  27. Accounts - Reports/Outputs • Aged clients statement of account • Commissions and commission provisions by U/W year, class and salesperson • GL transactions list, summary • Accounts voucher list • You need more reports? African Insurance Organisation...

  28. System Utilities and Tools • System security • Data security • Activity tracking • Multi-lingual functions • Multi-currency functions • Multi-date functions • Business alerts African Insurance Organisation...

  29. Support Service • Advice & guidelines to convert existing operation • Installation • Training • Maintenance and support • Free upgrades and enhancements African Insurance Organisation...

  30. Pricing • Affordable • Based on size of company • Price components include: • Number of branches and users • Number of classes written • Discount for large number of users per market African Insurance Organisation...

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