1 / 30

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.

nolen
Download Presentation

The African Insurance Organisation

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  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...

More Related