Insurance Domain Knowledge Updated on June 23, 2019 By William Clement 2 Comments By William Clement 2 Comments G C Reddy June 23, 2019 Video Notes/Document:Insurance Domain Knowledge 1. What is Domain? In our IT Industry scenario, Domain is nothing but the industry for which the software project is created. Example: ERP Domain, Insurance domain, Banking domain, Retail Domain, Health Care Domain, Telecom Domain, Ecommerece Domain, Education Domain, Etc, This domain knowledge is required for Business Analysts, Software Developers and Software Testers… Note: I am going to explain some fundamentals of Insurance Domain Usually Domain experts provide Domain Knowledge to Software development companies, If your are a Fresher (Developer or Tester) then your organization provides domain knowledge to you by domain experts, if you are an experienced then you can involve in your project based on your experience and even though you are an experienced person but new to current project domain then also you can get domain knowledge form domain experts or by knowledge sharing among your team members. 2. What is Insurance? Insurance is a form of risk management in which the insured transfers the cost of potential loss to another entity in exchange for monetary compensation. Insurance allows individuals, businesses and other entities to protect themselves against significant potential losses and financial hardship at a reasonably affordable rate. 3. Types of Insurance: i. Life Insurance: Life insurance protects an individual against death. If you have life insurance, the insurer pays a certain amount of money to a beneficiary upon your death. You pay a premium in exchange for the payment of benefits to the beneficiary. ii. Health Insurance: Health insurance is a type of insurance coverage that covers the cost of an insured individual’s medical and surgical expenses. iii. Vehicle Insurance: a. Commercial Automobile Insurance: Commercial auto insurance protects a company’s vehicles. You can protect vehicles that carry employees, products or equipment. With commercial auto insurance you can insure your work vehicles. b. Personal Automobile Insurance: Another very important type of insurance is Personal auto insurance. Automobile insurance covers all road vehicles (trucks, cars, motorcycles, etc.). Auto insurance has a dual function, protecting against both physical damage and bodily injury resulting from a crash, and also any liability that might rise from the collision iv. General Liability Insurance: Every business, even if home-based, needs to have liability insurance. The policy provides both defense and damages if you, your employees or your products or services cause or are alleged to have caused Bodily Injury or Property Damage to a third party. v. Property Insurance: If you own your building or have business personal property, including office equipment, computers, inventory or tools you should consider purchasing a policy that will protect you if you have a fire, vandalism, theft, smoke damage etc… vi. Worker’s Compensation: Worker’s compensation provides insurance to employees who are injured on the job. This type of insurance provides wage replacement and medical benefits to those who are injured while working. vii. Professional Liability Insurance: This type of insurance is also known as Errors and Omissions Insurance. The policy provides defense and damages for failure to or improperly rendering professional services. viii. Directors and Officers Insurance: This type of insurance protects the directors and officers of a company against their actions that affect the profitability or operations of the company. Note: Some other types of insurance also there ex: Travel Insurance, Education Insurance, Agricultural crop Insurance etc… 4. Insurance Software There are many areas of insurance that requires software to conduct specified business operations. i. Policy Administration Systems ii. Claim Management Systems iii. Insurance Agent Portals iv. Distribution Management Systems v. Investment Management Systems vi. Third party Administration Systems vii. Risk Management Solutions viii. Regulatory and Compliance Etc, 5. Policy Administration System Policy Administration Software Functionality Transaction workflows for new business, renewals (including automated renewals), endorsements (including out-of-sequence endorsements), cancellations, and reinstatement. Rating and underwriting rules engine is easy to configure, allowing you to: o Calculate all premiums, taxes, commissions and any other applicable fees based on a configurable rating engine o Validate all data entered as user progresses through the workflow to trigger warnings, referrals, compliance notifications and other workflow events o Trigger applicable insuring conditions, warranties, exclusions or other wordings from a clause library or form database o Generate all quote and policy documents. Underwriters benefits from a standardized quoting process. Working with broker portals, A wide range of billing and invoicing, including a powerful tax calculation to support centralized management of multinational programs. Plug-in integration points with 3rd party data providers, rating engines and integration with Business Intelligence for reporting. 6. Claim Management System Insurance Claims Software Functionality Validating data against the policy Capturing specific data elements to facilitate integration Automatic multi-level email notifications Escalating alerts for unacknowledged loss reports Capturing all relevant shipment information Track reserves, expenses, indemnities, salvage and recoveries Record unlimited text notes from multiple users Upload and store related files of all types (e.g. survey reports, bills of lading) Generate template-based correspondence (e.g. acknowledgement letters, subrogation) Standardized XML message structures and custom adapters that match specific workflows and external system requirements Import & Export Excel Spreadsheets Multiple transport protocols (MQ Series, MSMQ, VPN, Web Services, FTP, HTTP, SMTP) Link to in-house claims adjustment systems as well as to 3rd party systems View claim status at any time Upload documents and messages 7) Insurance Agent Portal Software Agent Portals Features Complete Quote-Bind-Issue workflow for multiple insurance products Process declarations from Excel, XML, etc. Process endorsements from end to end with pro-rata premium calculation Process renewals with notification & alerts Access invoices and commission statements instantly Receive notices of loss and track claim status Control functionality and access rights for each agent with decentralized user management Deliver multi-lingual, multi-cultural and multi-currency support to your agents around the globe Manage decentralized users using role-based access security Automatically generates premium invoices in PDF format, Excel or through an internal accounting system which is then delivered by email based on specific client/policy rules and billing dates. Automatically calculates adjustments for storage and shipment declarations. Records individual premium bookings and miscellaneous charges. Calculates charges and taxes based on specific countries associated with the risk and the assured. Calculates TRIA premiums and numerous government and internal charges against premiums. Provides billing period reports, including commissions and taxes associated with each policy. Tracks accounts receivable; management system has the ability to query into individual invoices, payments and shipments. Supports Direct Bill and Agency Bill Invoice methods. Produces monthly, quarterly, semi-annually or annually branded invoices for brokers and underwriters for selected policies and present line item details. Choose to record payments against invoices per line item or on complete invoices. Reply Diwya Sridhar June 23, 2019 Hi sir.. could you please create an video for health care domain also like insurance domain?? 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