Underwriting
Contents
POLICY UNDERWRITING
Underwriting forms the backbone of General Insurance. In AIMS2018, underwriting subsystem is the most voluminous. The subsystem allows all functions that relate to underwriting to be performed.
- New Policy
- Policy Endorsement
- Policy Renewal
- Policy Cancellation
- Policy Reinstatement
MOTOR UNDERWRITING
Steps to Creating a motor policy:
- a. Click on the client link on the sidebar menu.
- b. Click on the +Add Client button and create the client if it is a new client. If the client exists, search and click on the client record or +Policies button to access the client details screen.
- c. Click on the New Policy button to open the policy creation screen below.
- d. Fill in the required policy details in the policy creation screen as in figure below and submit the details by clicking the Save button to generate the policy number.
- NB: All input fields with red asterisk are mandatory
- e. Select motor department on the Department field. This will display motor classes only on the Class field.
- f. Submitting the form saves the record, generates a policy number and directs you to the risk listing page below.
- g. The risk listing page gives you two options: Uploading the motor details or inputting the details yourself.
- i. Uploading motor details
- To upload the motor details, click on the +Upload/Modify Fleet button to access the upload screen. The screen below will be opened.
- Click the Download Template button to download the template required and fill in the motor details as per the template structure.
- Upload the filled document by clicking the Choose File button and selecting the file. Once selected click the Upload button to upload the motor details to the system.
- ii. Inputting motor details
- To capture the motor details manually, click on the +Add Vehicle to access the motor details screen.
- This will open the screen below.
- Fill in the required motor details where fields marked with red asterisk * are mandatory.
- Vehicle Reg No field validates if the registration number already exist in the system and will put a green tick for vehicle registration number that does not exist in the system.
- Click on the Save button to submit the vehicle details. This will redirect back to Risk Listing page.
- h. Click on the Finish button for further processing
- Further processing that can be done on the policy are:
- i. Express Debiting. This will process Reinsurance as per the set treaty and debit the policy
- ii. Facultative cessioning
- iii. Issue Motor certificate
- iv. Add policy attachments details (Limits, Clauses, Excess and Narration)
- v. Receive Premium. This will generate a Premium receipt automatically.
- vi. Request Credit
- vii. Interractive Reinsurance
- viii. Interractive Debiting
- ix. Capture Co-Insure participants
- x. Escalate/Approve Debit
NON MOTOR UNDERWRITING
Steps to Creating a non motor policy:
a)Open the policy registration screen and select a non-motor department e.g. Fire department.
- b) Fill the other details as required and save to generate policy number
- c) After a successful submission, Add location details screen below will be opened
- d) Click the +Add Location/Site/Building/Item button and add the details. The screen below is opened.
- e) After saving the details, it redirects back to the Add location details screen when you can add more locations/items to the policy.
- f) Click on the added location/site/building/item entry +Section button to open the sections screen
- g) The section(s) screen is opened as shown below
- h) Click on the +Add Sections button to add the section details. A modal screen will be opened as shown below
- i) Add all the section details and press Save button to submit.
- j) Once all the section details have been added, press the –Back button to return to the Location details page.
- k) Repeat steps (f) – (j) if there is more than one location entry
- l) Click on the Finish button for further policy processing.
- m) Further processing that can be done on the policy are:
- i. Interactive Reinsurance
- ii. Interactive Debiting
- iii. Facultative cessioning
- iv. Receive premium
- v. Request Credit
- vi. Add policy Attachments details (Limits, Clauses, Narration)
- n) Once policy processing is completed, policy documents can be printed from the POLICY DOCUMENTS tab.
BINDER/SCHEME POLICY PROCESSING
Binder/Scheme Master Policy
When creating a Binder/Scheme policy, you first need to create a Master policy. Authorized user will access the binder/scheme master policy link.
Create a Master Binder/Scheme policy using the screen below by selecting the required fields marked with an asterisk *.
Binder/Scheme Policy Underwriting
- On the New Policy screen, select Binder/Scheme Policy type
- Binder/Scheme master policy field appears. Select master policy to use by searching in the drop down field. Click on the selected policy. The selected master policy auto populates Branch, Agency, Class and Product fields as set in the master policy.
GROUP PERSONAL ACCIDENT/FIDELITY GUARANTEE PROCESSING
Steps to creating accident policy
- Click on the client link on the side bar menu
- Select the client you wish to underwrite on, create a new client by clicking on the +Add client if the client exists.
- Click on the New Policy to open the policy registration screen.
- Fill in the details as required anf click on save to generate the policyand policy number
- After successful creation of the group personal accident you'll be presented on the screen below
- We'll start off by captring the Accident Details of the policy
- The Basis of cover is split into 2- Categories and Blanket Cover.
- Category cover will enable the underwriter to capture a group of personal accident which covers the various catgories in the client's organisation e.g, CEO, CFO, COO etc.
- Blanket cover on the other hand is turned to capture details of all employees regardless of the position/category.
- The Basis of Rating is also split into 2-Multiple of Earning and Fixed Benefits.
- When you select multiple of earnings, you can select the multiplier(years) from the 'Multiple of Earnings as shown below
- When you choose Fixed Benefits as the basis of rating, the fields below will not be active, since the are only used on Multiple of Earnings.
- Capture the number of employees in the No. Of Persons field.
- For [fixed benefits capture the total benefit amount in theDeath Limitfield. For Multiple of Earnings input the estimated annual earnings in the Estimated annual earningsfield. The deth limit will show the multiple of earnings you selected from steps above.
- Once everythng is captured to ypur preferences, click on the apply button to save the accident details.
Category/Positions Cover
- If you've selected the Basis of Cover from above as Category/Positions follow the steps below.
a) Click on the category/Positions button shown below to capture the details of various positions
b) You'll be presented by the modal below to capture the positions. Feed the position, earning/benefits of the employees under the category and the total number of employees.
c) To add more categories, click on the green plus signfrom above pictures to add a new row to feed in more data
d) Once completed click the add categories button to save ypour data.
e) Next add sections to the policy to capture the premiums and sum insured.
f) Add the desired sections from the modal below.
g) Once all section are captured, click the save button.
h) Once everything is done, click theFinish button to go to the debit screen.
Blanket Cover
- This covers all employees regardless of the position/category.
a) Add sections to the policy by following step e above.
b) Once all sections are captured, you canadd employees to the cover.
c) You can either upload the list of employees by click on Upload Schedule button below
d) This will prompt a modal to show
e) Click on Download template highlighted below to download the system templated for the employees schedule.
f) Open the template and feed the data as illustrated below
g) Once the excel file is ready, upload from the same modal in step e above and click upload
h) Once your schedule is uploaded you can view the list from the Employees Schedule tab as shown in image below.
i) To remove or edit employee detail click on the highlighted icons from image above
j) To add a single employee, click on the button below
k) This will open a modal that prompts you capture the same details from step f above
l) Once employee details have been captured, add the Limits of liability from modal shown below. The limit person is the maximum that a person can claim. Thel limit of occurence is the maximum to be paid in the event of any claim. The limit per year is the maximum to be paid during any period of insurance
m) Once this is done click the finish button to complete the process and debit the policy.
n) In the event that no employees schedule was provided, the system will show the notification below.If you accept to proceed the system will create a "placeholder" for all the employees. Thi will come in hand when claiming since we can add claim on an empty employee schedule.
Marine Cargo Processing
- Marine cargo policies are tied to a maximum of 90 days while Marine Open Cover is set to annual cover.
a) Select a client to underwrite a Marine Cargo policy. Click on the New Policy button to create a new policy.
b) When presented with the for below you can amend the dates of the Marine Cargo policy by changing the Inception Date and the Time on Risk Period To since the policy is set to run a maximum of 90 days.
c) Once satisfied with the information, click on the Save button to generate the policy
d) You’ll be presented with the screen below.
e)Start by making a Cargo Declaration. This is capturing the details of the shipment i.e. what is being transported, the ICC methods, the mode of conveyance (air, sea, road, rail) whether to apply WAR or SRCC, the surveyor agent, the packaging of the items, the origin and destination ports, the transshipment (If cargo is passing through a different port on its way), the bill of lading details and the value of the cargo.
f)Once all items above have been captured, click on Declare to save the declaration. This will generate the premium to be charged and the sum insured.
g)To edit the declaration, click on the edit button below
h)Next step is to capture the Marine Schedule. This is capturing the schedule of items that are covered. For instance, when importing electronics, the schedule would look as below
i)Once the schedule has been captured, you can finish to proceed to the debit screen.
Marine Open Cover Processing
- Marine open cover runs for a full year and is similar to Marine Cargo policy with just one minor difference – it contains Marine Certificates.
a ) Once you select the client to create the Marine Open Cover policy from and captured all the details in the policy form, you’ll be presented with screen below. This creates a base from which we can base our marine certificates from. b)To generate a new Marine Certificate, click on Endorsement as shown below. This will take you to the endorsement screen from where we will create our certificate
c)Click on Marine Certificate to generate a new certificate
d)This prompts the modal below to open. Capture the dates from which the certificate will be valid, then click Generate.
e)You’ll be presented with the screen below.
f)Start by making a Cargo Declaration. This is capturing the details of the shipment i.e. what is being transported, the ICC methods, the mode of conveyance (air, sea, road, rail) whether to apply WAR or SRCC, the surveyor agent, the packaging of the items, the origin and destination ports, the transshipment (If cargo is passing through a different port on its way), the bill of lading details and the value of the cargo.
g)Once all items above have been captured, click on Declare to save the declaration. This will generate the premium to be charged and the sum insured. h)To edit the declaration, click on the edit button below
i) Next step is to capture the Marine Schedule. This is capturing the schedule of items that are covered. For instance, when importing electronics, the schedule would look as below
j)Once the schedule has been captured, you can finish to proceed to the debit screen
Asset All Risk Processing
- Asset all risk is a combined policy that groups multiple sub-classes into one single policy.
a) Select the client you wish to underwrite the Asset All Risk policy under. Fill in the details on the policy form and save to proceed. b) Once policy is generated, you’ll be shown the screen below.
c) Click on add class as show above to add classes into the policy. You’ll be presented by the modal below. To add multiple classes at once, click the green plus button to add another row.
d) Once all classes have been captured, click on add classes to add them to the policy. e) To add risk details on a specific class, click on the Process; button as shown below. This will allow you to capture the details for each single class.
f) Once you’ve captured details for one class, click on the Finish button to go back to screen shown above in step (e) to add details to another class
g) To delete a class from the list, click on the Trash Can icon shown below. You can, however, delete a class when the endorsement is a renewal or policy. For other types of endorsement, this will not be allowed.
h) Before deleting a class, kindly make sure that all subsequent locations and sections have been deleted so as to prompt deletion.
i) Once all classes have been captured, click the Finish button to proceed and debit the policy.
Workmen's Compensation Processing
a) Select the client you wish to underwrite Workmen’s Compensation policy under. Fill in the details on the policy form and save to proceed.
b) You’ll be presented with the screen below
c) Add the risk details by click on the Employee Details button. You’ll be presented by the screen below
d) Add the relevant information into the various fields shown in the step above. To add multiple information at once, click on the green plus sign to add a new row to capture the information.
e) Once satisfied, click on Save Employee Details'
f) To edit the employee details, you’ve added above click on the buttons highlighted below
g) Once the employee data is captured correctly, we add the limits of liability as shown below. These are the maximum amounts to be paid in the event of a claim. Once you are satisfied with the information captured, click the Save Limit button to save the limits.
h) Once this is done, you can proceed to the debit screen by clicking on the Finish button
Express Reinsurance Processing
- Express reinsurance is a feature that allows a user to do reinsurance on multiple vehicles that are within the company retention, on the click of a button. This comes in handy for clients with hundreds of vehicles in their fleet in which the total sum insured goes beyond the company’s retention.
- The button will however be displayed if there are vehicles that are within the company retention. For vehicles beyond the company retention, kindly use the Interactive Reinsurance button to do reinsurance on each single vehicle.
- When you click on the Express Reinsurance, you’ll be presented with the modal below, which gives you e the option of applying a facultative share on the vehicles you are reinsuring. See image below.
- When you select Yes from the input value above, an input field will appear for you to add the facultative share. The allowed figures are between 0 to 100.
POLICY ENDORSEMENT
- Extra/Refund
- Extend Policy Period
- Premium Refund
- Nil
Access Endorsement Buttons
- Select the appropriate Endorsement button to proceed.
- This generates an endorsement document number, which is used in the endorsement process.
- Changes are made where appropriately and the system calculates the new annual premium based on any changes made. The difference between the new annual premium and previous annual premium is prorated based on the endorsement date to calculate the endorsement premium that will be debited.
Policy Renewal
- Use Renewal button to register and process a policy renewal.
Policy Cancellation
- Use Cancellation button to cancel a policy.
- Cancellation screen pops up as shown below. Select the Cancellation reason, Cancellation Date, Refund method to be used, Amount to be refunded and Other cancellation reason description.
