Insurance Archives | Insurance Software development

How do P&C insurance companies make money?

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5:22 am
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Introduction to P&C (Property and Casualty) insurance

Insurance is defined as a contract in which an individual or organization receives financial protection and reimbursement of damages from the insurer or the insurance company. On a basic level, Insurance is some form of protection from any unpredictable financial losses. We all know about life insurance, but there is another category of insurance known as P&C insurance which is quite different. Life insurance covers risks only associated with human mortality and morbidity whereas P&C insurance is focused on risks that result in a loss to property and […]

What is a good liquidity ratio for an insurance company?

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6:47 am
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Introduction

In another blog, we have already discussed the liquidity ratio for an insurance company and how we can measure it. The liquidity ratio of a company shows the ability of a company to turn its assets into cash. This ratio is used to compare the financial performance of insurance companies and also used to determine how profitable a company is from year to year. Investors and creditors use this ratio to observe the potentiality of an insurance company before investing in it. In this blog, we will discuss a little more about the liquidity ratio and what […]

What is the difference between Written Premium and Earned Premium?

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5:23 am
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Different types of premiums

Insurance companies transfer the risk on to themselves in exchange for a fixed amount charged from its clients called Premium. Just like sales in a retail company is of paramount importance, premiums are the only way Insurance firms make money. In order for an insurance company to be profitable, the premium collected must be more than the claims it might be giving out. Hence the premium rate is calculated based on extensive research and analysis. However, there are many different ways that an insurance company calculates its profits from the premium. The most commonly […]

How casualty companies calculate surplus & reserves?

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5:00 am
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Introduction

Surplus and reserves are integral for any insurance company to run smoothly. There are plenty of ways in which an insurance company makes profits. Of which, premiums and investment are largely the biggest contributors. This is what makes them profitable in the long run and their business sustainable. In the following paragraphs, we will discuss the difference between a Casualty and non-Casualty insurance company, what is surplus and reserves and how do casualty companies calculate these measures?

What is a Casualty Company?

The present insurance industry is said to be divided into 2 major […]

How does an insurance company calculate profits?

Author - Webner
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5:43 am
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Introduction

Every business works with the intent of making a profit. The success of every business depends on its ability to constantly earn profits. Profit, in business usage, is the excess of total revenue over total cost during a certain period of time. Profit is equal to a company’s revenues minus expenses. For insurance companies, annually profit margins represent yearly profitability averages. These margins measure how well a particular business company does, over a period of time. From the perspective of insurance companies, profit margins are an important part of tracking the internal performance of the company […]

Purpose of “Insuring Agreement” and what is covered in it

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9:27 am
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What is an Insuring Agreement?

An insuring agreement is the part of an insurance contract in which the insurance company explains exactly which risks it will give insurance coverage for in exchange for premium payments at a certain amount and interval. The insuring agreement also generally lists the exclusions for insurance coverage so that the policyholder knows the specific extent of their coverage. Insuring agreements are necessary in case a conflict arises over whether or not a specific loss is covered. Both the insurance company and the policyholder should be able to determine from the insuring agreement whether […]

Salesforce Profiles and Permission sets

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12:03 pm
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Salesforce Profiles and Permission sets

In salesforce – Profiles, permission sets, roles, and sharing rules are used to provide specific access to the users.

Profiles: Profiles are used to give specific access to the group of users for objects, records, and layouts, etc. You can control whether or not a group of users can create, view, edit, or delete any records of an object using the profile. Each user has a single profile that controls data and features the user can access. A profile is a collection of settings and permissions. Following are the standard […]

Azure Functions

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12:11 pm
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Microsoft Azure Functions

Azure Functions is the service which provides serverless computing hosted on the Microsoft Azure public cloud. It is designed to accelerate and simplify application development.

What is serverless computing? It is also known as function as a service and is to eliminate infrastructure considerations for the user. With this service, a user can simply create and upload code and then define the triggers/events that will execute the code. Triggers can come from a wide range of sources including another user’s application or other cloud services.

Azure Functions uses:

The Azure Event […]

Amazon Simple Email Services (SES)

Author - Webner
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11:36 am
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Amazon Simple Email Services

VM (installation, configure, optimize, monitoring, backups, security)

Author - Webner
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12:02 pm
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VM (installation, configure, optimize, monitoring, backups, security)

Introduction:

Microsoft Azure is a cloud-based software program and services, offering a wide range of solutions for businesses including virtual computing, mobile and web application development platforms, storage, network hosting, and analytics tools

You can Accelerate your Business and Efficiency with Webner Solution services on Microsoft Azure. Webner Solutions helps your organization quickly realize the cloud’s power to transform operations and speed innovation through our deep skills and experience in delivering Azure-based solutions.

We have a team of experts who can handle the critical environment and […]

Azure Scheduler

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11:44 am
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What is Azure Scheduler ?

Azure Scheduler lets you create jobs in the cloud that invoke services inside and outside of Azure such as calling HTTP/S endpoints or posting messages to Azure Storage queues or Azure Service Bus queues or topics. Run jobs right away, on a recurring schedule, or at some point in the future.

It is Ideal for recurring actions, daily maintenance

The scheduler is great for recurring actions, such as periodically gathering data. It is also ideal for cleaning up logs, kicking off routine backups and other application maintenance tasks. You […]

Azure Traffic Manager

Author - Webner
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11:33 am
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Azure Traffic Manager

Microsoft Azure Traffic Manager allows you to control the distribution of user traffic to your specified endpoints, which can include Azure cloud services, websites, and other endpoints. Traffic Manager works by applying a policy engine to Domain Name System (DNS) queries for the domain names of your Internet resources. Your Azure cloud services or websites can be running in different datacenters across the world.

Characteristic:

Improves availability
Traffic manager improves the availability of the applications by providing automatic failover capabilities when an Azure cloud service, Azure website goes down […]

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