WinsurTech Blog | Insurance Concepts and Practical Solutions

Serverless Azure

Author - Webner
05/18/2020
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5:38 am
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0 Comments
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Cloud
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Post Views: 824

Azure Serverless Architecture:

Serverless architecture is also known as Serverless Computing or Function as a Service(FaaS)/Backend as a Service(BaaS) depending on its utility.

Backend as a service (BaaS): The back-end cloud services (databases and storage) provide client applications with the APIs to connect directly to their services.

Functions as a service (FaaS): A function is a piece of code that is deployed on the cloud and is being run on a hosting environment, hence providing a layer of abstraction from the server running that code.

The serverless applications are hosted […]

What is the difference between admitted and non-admitted assets?

Author - Webner
05/14/2020
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6:12 am
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0 Comments
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Insurance
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Post Views: 3,096

Admitted and Non-admitted Assets

Admitted and non-admitted assets are the classifications of assets generally used by the insurance companies. For reporting of financial data, insurance companies use statutory accounting (STAT) set by the National Association of Insurance Commissioners (NAIC).

Risk is handed over to reinsurers by insurance companies in order to lessen their vulnerability to the risks connected with the policies that they endorse. The reinsurer is provided a fee, often a share of the premium in exchange for taking on some of the insurer’s risk. Thus, the reinsurer is responsible for claims made up […]

S3 bucket with protected content of the website

Author - Webner
05/12/2020
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6:10 am
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0 Comments
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Uncategorized
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Post Views: 1,049

There is one s3 bucket named content-webners which contains two directories named open (which contains publicly accessible contents) and another is secure (which contain protected HTML based contents)

Below are the credentials for above s3 bucket:

For read-only access
User: wbsreadonly
Access key ID: AKIAJ5TPX7FTP5KD94VQ
Secret access key: qpYo/f67eIJE8r4zNjYNlnarzJPGg1zBqmJgkI/f

For read-write (Full access)
User: wbscontent
Password: c4bc1819deb6bfc2d0b096aadb6c5d93
Access key ID: AKAIWCGN79DJZQONSTYQ
Secret access key: fc5ksjHDmiSkDhPX3GZhoOtIS4yK9oODNuDrpgZ6

Below is the Bucket policy implemented to protect content in bucket when using s3 URLs

{
“Version”: “2012-10-17”,
“Statement”: [
{
“Sid”: “content-upload”,
“Effect”: “Allow”,
“Principal […]

Where do Property and Casualty insurance companies invest?

Author - Webner
05/08/2020
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6:39 am
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0 Comments
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Insurance
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Post Views: 1,189

What is a P&C insurance company?

They are insurance companies that insure the property owned by individuals like a car or house or literally anything under the sun. However, the premium cost is decided after thorough research, where the risk-prone things are insured at higher costs as opposed to the things that are at a comparatively lower risk.

Now that we know what a P&C insurance company is and we have already discussed how they make profits. Let us ponder on the strategies adopted by these companies that make them profitable. Apart from those policies […]

Solvency & Liquidity

Author - Webner
05/06/2020
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6:50 am
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0 Comments
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Insurance
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Post Views: 613

Introduction to the concepts

In our daily lives, we come across these terminologies and tend to think that they mean one and the same thing. However, we must draw and bolden the razor-thin line between the two seemingly similar concepts. Their applicability and epistemology changes with their meaning. In this blog, we will be discussing the meaning of both Solvency and Liquidity. Apart from that, we will also understand what they mean in Accounting and Insurance terms.

Liquidity:

It is the ability of any firm or an organization to repay/service its short-term debts […]

What is BODILY INJURY LIABILITY in Auto Insurance?

Author - Webner
05/04/2020
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6:49 am
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0 Comments
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Insurance
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Post Views: 615

Introduction

Suppose you get into a car accident and injure someone else. Bodily injury liability will cover the expenses involved in treating that person. This insurance coverage not only pays for the hospital bills but also for the lost income as a result of the accident. It will also cover the legal fees, should the third party involved sues you for that. In this article, we will discuss the details of what this liability means for the insuree and why is it significant.

What Does Bodily Injury Liability Cover?

There are basically three types of coverage […]

Salesforce Accelerators

Author - Webner
04/30/2020
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8:52 am
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0 Comments
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Salesforce
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Post Views: 1,192

Salesforce Accelerators are 1-on-1 coaching sessions given by deep knowledge experts. Each Accelerator functions on one particular topic, and length varies from 2-15 hours across multiple weeks. All Accelerators have common elements.

1-on-1 engagement: You as an individual or in a team will directly work with the specialist to make your situation understand and get relatable advice on it.

Tangible deliverables: You will get some sort of tangible deliverable, like a sample report or configuration plan.

Advisory: The majority of Accelerators are for your advice and not to work […]

What Reinsurance means and why is it important?

Author - Webner
04/28/2020
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5:29 am
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0 Comments
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Insurance
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Post Views: 1,292

Introduction to Reinsurance

We have already discussed How Insurance Companies Make Profit? But what if there is a situation where an insurance company fails to make profits or a natural disaster results in a large-scale loss that insurance company runs the risk of bankruptcy? That is where the concept of Reinsurance comes in.

Reinsurance simply means insurance for insurance companies. It is an agreement between the insurance and Reinsurance company that indemnifies the contract between both parties. It is used as cushion money against any sort of emergency, be it natural disaster resulting in a financial loss […]

Salesforce For Outlook – Installation, Uses, & Limitations

Author - Webner
04/24/2020
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5:44 am
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0 Comments
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Salesforce
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Post Views: 1,075

Introduction to Salesforce

A salesforce is a software for online CRM. The salesforce provides the facilities to manage your company and employee relationship. With the help of Salesforce, you can directly interact with employees and analysis their potential or performance. With its help, You are also able to see your company’s growth. The salesforce is available for all departments like Marketing, sales, and commerce, etc. The salesforce integrates with any software easily, the outlook is one of them. In this scenario, we will see the method of salesforce for outlook installation.

How to install Salesforce for […]

AWS EC2 Service

Author - Webner
04/22/2020
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5:48 am
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0 Comments
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Cloud
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Post Views: 694

Overview:

Amazon Elastic Compute Cloud (Amazon EC2) is a web service that offers a resizable compute capacity on cloud (customer can scale up and scale down the computing capacity). Amazon EC2 is a virtual computing environment that provides a virtual platform to launch one or more virtual machines or servers. These virtual machines are called as instances where customers can deploy applications faster and run the applications without any use of upfront hardware. Amazon Elastic Cloud Computing allows the users to pay only for the capacity that the user actually used.

Amazon EC2 Features:

AMI […]

Incurred Losses in Insurance

Author - Webner
04/20/2020
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6:15 am
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0 Comments
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Insurance
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Post Views: 1,373

Introduction

In a different blog, How do Insurance Companies make money?, we discussed that Premiums and Return on Investment contribute a major chunk in the profits. In the same way, claims made by the insurers against any accident would be considered as a loss for the insurance company. These claims combined with the loss preserves from previous years together are known as Incurred Losses. However, this becomes a complex issue since various other things are considered while calculating the total Incurred Losses in a calendar year.

Definition of Loss in the Insurance sector

Loss is simply […]

Type of reserves maintained by Property and Casualty companies

Author - Webner
04/16/2020
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6:13 am
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0 Comments
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Salesforce
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Post Views: 3,998

Introduction to the Reserves

Insurance companies deal with large and complex claims made against policies that are sold by them. It may often take months, or even years, to settle some claims. To ensure the company reports and avoid unpleasant surprises, insurers assign a claim reserve to each incident that reflects their best estimate of the liability.

The term ‘Reserve’ is defined by the amount of money earmarked for a specific purpose. Theoretically, the reserve is an amount simultaneously with interest to be earned and premiums to be paid that will exactly be equal to all of the […]

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