Product Configuration
This function allows users to define the characteristics of the various
products and services offered by the company.
The flexible definition includes defining
the range of information associated with the
product, the commission and discount schemes
associated with the product etc.
This function also allows the users to define and record information in
respect of Agents - the default commission scheme, special business arrangements,
the type of statement to be furnished periodically and the mode of
communication - e-mail, fax, hard copies etc.
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Underwriting
F-ins provides very extensive and intuitive underwriting facilities.
The underwriting activities covered include generation of quotation ,
issue of policy and endorsements and completing the information related
to Ceding of risks to re-insurers.
Generation of other documents such as Certificate of Insurance
and Cover notes are also fully supported.
A unique feature of F-ins is its abilityto allow the user to flexibly
configure the insurance products to meet a particular underwriting need.
The system supports creation of Packaged policies on the fly
and facilitates attaching the risk details in a drill-down manner.
Another unique feature of F-ins is its Risk analyser function.
This allows the users to branch off into an analytical area where
historical information related to the specific risk and related
risks are brought together along with Company specific rules
which are to be be used for rating purposes. An optional
interface facility is available which will extend the capabilities
of the Risk analyser function to interface with external
information - such as those maintained by Insurance Associations,
Government agencies and third party service providers on
moral hazards , industry averages etc.
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Reinsurance
O Facility for creation of facultative arrangements
O Support for proportional and non-proportional treaties.
O Integration of treaty functions with the underwriting functions
O Integration of treaty functions Claims functions.
O Facility for creation of risk cards for accumulation of exposure
O Auto retrieval of treaty premium, paid losses,cash call information etc
for preparation of Statement of Accounts
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Claims
The claims function is totally integrated with the Underwriting
and Re-insurance functions. The system automatically
retrieves the recovery information from the Re-insurance
modules and computes the net loss on anon-going basis.
The system also generates advices- preliminary loss advice,
settled loss advice etc and gives flexible format for transmitting the
information to the re-insurers.
Since the claim file may remain open for several years, a flexibleindexation facility is also
integrated into the Claim recovery functions.
The Claim registration process itself can be done in stages. The Users may
maintain an Action diary to remind them of the pending tasks etc.
The action information can also be shared among various departments through
the internal mail facility.
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Financial Accounting
The accounting functions cover general ledger, inward and outward
remittances and agent management. It also includes computation and
preparation of periodic statements of various types - normal statement
of account, profit commission computation etc.
As with other functions of F-ins General, the accounting functions can also
be automated and subjected to process control through the use of F-Ins
Rules defintion module. The accounting for premium, commission, reinsurance
premium and commission, claims payables and recoveries etc are fully automated
throught the use of Financial accounting rules.
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Investment
The investment module of F-Ins presents the users with a very
sophisticated facility for managing in-house investments.
F-Ins supports Equities, Fixed Interest bearing securities, Floating
rate notes and Fixed Deposits. The users are also able to define investment
rules and have F-Ins highlight breaches, if any.
Using F-Ins, the users are able to generate valuation reports,
placement and withdrawl letters, investment slips and other analytical reports.
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Management Summary
Anaysis of profitability of various products, the claims experience,
the performance of agents and brokers, anaylysis by region ..... F-Ins General
presupposes nothing and gives the users complete flexibility over how
the business results are analysed.
The management summary module presents the users with a sophisticated
data mining facility. Using the function, the users may create final
reports or generate intermediate consolidated data which can be subject to
further processing.
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Rules and Process flows
F-Ins is an extremely sophisticated system. It is designed for international
audience desiring differing levels of automation and control - ranging from companies
desiring high levels of Straight through processing to those operating in a mixed mode.
The rules defintion module allows users to set up recording, approval, integration and communication
rules covering all the functions of F-Ins General. For instance, using the rules module, the users may
define how automatic reinsurance cessions should be created. The rules can be used to warn the users
of breach of retention rules. The rules can be used for handling, tracking and approving claims. Rules
can be defined for auto generation of reminder and other types of letters.
F-Ins General can be deployed in a multitude of companies. And yet, through the use of the rules module,
each company can completely personalise F-Ins and create its own distinct operating
environment.
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