The General Insurance system automates and accelerates the process of creating quotations, issuing policies, endorsements, and claims, in addition to running reinsurance and renewal transactions.

The system is dynamic and fully-integrated to better help companies manage the full lifecycle of all General Insurance functions and services. The system supports Islamic Insurance (TAKAFUL) and is scalable to cater for new market demands due to its parametric nature and flexible structure.

 Main Functionalities

• Setup
  The Setup module allows defining the company’s standards for Production, Claims, and Reinsurance through a comprehensive,yet simple, parameterised system settings and rules.
  Authorised system administrators can set and configure the behaviour of all operations including Underwriting, Production, Claims and Reinsurance, whereby every definition represents a set of business rules for the following:
  
  

  • Insurance classes
  • Policy types
  • Interest types
  • Covers
  • Clauses
  • Agent commissions
  • Surveys
  • Products
  • Fees
  • Discounts and accounts

  
  The system provides the tools to build equations through an easy-to-use Rating Engine for automatic calculation of policy premiums.
• Production
  The Production module is responsible for the entire insurance underwriting and is affected by the defined setup parameters. It provides a fully automated process that covers proposals, quotations, policies, endorsements, open covers, certificates, declarations, underwriting, financial integration and renewals.
  The advanced system features support the following:
  
  

  • Direct, Inward, Coinsurance Leader, and Coinsurance Follower business types.
  • A variety of insurance classes and policy types including:

    - Engineering	- Aviation
    - Property	- Bonds
    - General Accident	- Energy
    - Marine	- Liabilities
    - Causalities

  • Automatic calculation and auto-handling of all production transactions.
  • Easy conversion of quotations into policies.
  • Enhanced and easy retrieval of historical information.
  • Automatic import of interest from pre-defined Excel sheets.
  • Issuing package policies by combining several classes of business in a single policy.
  • Handling of various endorsement types that result in additional premiums or refunds including interest modification, interest deletion, policy extension, and policy cancellation.
  • Comprehensive underwriting processes including questionnaires execution, registration of required documents, and surveyor inspection results.
  • Customised and flexible payment cycles.
  • Multi-agent and multi-currency support.
  • Efficient renewal of policies and recording of results, while keeping track of quotation versioning and manipulating covers and premiums.
• Claims
  The Claims module resides on a repository of information and validations retrieved from the Setup and Production modules to facilitate and speed up the process of entering claims, while eliminating human errors and fraud.
  
  The Claims module records detailed information of claims and claim transactions including claim interests, covers, claimants, reserves, payments, recoveries and recovery collections.
  
  The module provides a number of rich functionalities including:
  
  

  • Efficient management of claims operations and financial information.
  • Automatic calculation of claims amounts.
  • Support for closing and reopening claims according to authority levels.
  • Automatic generation and calculation of claims transactions including reserves, payments, recoveries and recovery collections. Accurate recording of historical information of repaired orders and purchased parts for similar vehicle types and models.
  • Assistance for user to estimate loss in order to allocate the needed reserves subjectively and find the suitable parts with best possible prices.
  • Agent commissions
  • Registration of all court cases and facilitated follow up and recording of results for proper reporting.
  • Easy-to-use tools for users to attach claim documents and images of accidents for easier information retrieval.
  • Earned/ unearned premium calculations per insurance class, policy type, covers and policies.
  • Loss ratio calculations on policy, insurance class, policy type, broker and customer levels.
  • The seamless integration between modules allows transactions to float between modules in a real-time fashion. This provides up-to-the-minute accurate production and claims information, ready for retrieval and display at anytime.
• Reinsurance
  The Reinsurance module is rich with powerful functionalities to handle a variety of proportional and non-proportional reinsurance, in addition to clean-cut treaties, and underwriting years.
  
  Different reinsurance methods are well supported and applied on policy, location and risk category levels, along with Accumulated Risk Monitoring. Automatic and manual reinsurance calculations are carefully designed and executed efficiently throughout the system.
  
  The system also supports other reinsurance operations including PML/ EML, Top Location, and Maximum Shipment/ Carrying.
  
  Moreover, the system enables users to define facultative plans in order to automatically distribute shares within treaties and facultative arrangements.
  
  In addition, the system enables reinsurance users to perform the following:
  
  

  • Reinsurance transactions.
  • Generating reinsurance bordereaux for treaty reinsures.
  • Printing out reinsurance slips for facultative reinsurance that show up-to-date distributions, facultative placements, and reinsurance statement of accounts.
  • Issuing loss advice and cash calls.
  • Adjusting treaties, profit commissions and sliding scale commissions.
• Queries
  The Queries module is a powerful tool designed to generate 2D and 3D printable graphical views of production, claims, and reinsurance data using different types of charts (pies, lines, columns, and bars).
  
  When the insured person inquires about insurance policies and interest information, the system swiftly retrieves the policies, interest information, claims and recoveries.
• Reports
  The General Insurance system offers a comprehensive set of production, claims, reinsurance and statistical reports to empower insurance companies with information.
  
  All daily, detailed and summary production, claims and reinsurance reports are supported by the system. Examples of reports include; production lists, earned/ unearned reports, reports of outstanding claims, paid/ unpaid claims, recoveries, and statements of claims.
  
  A set of reinsurance reports are also available such as reinsurance slips, treaty statement of accounts, and treaty bordereaux.