WinsurTech Blog | Insurance Concepts and Practical Solutions

Law of Large Numbers in Insurance

Author - Webner
11/30/2017
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2:11 pm
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0 Comments
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Insurance
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Post Views: 1,871

Law of Large Numbers is the basis for successfully running Insurance Business. If historical data is collected for several years for life insurance for example and the information like how many people died during the policy, how many claims were made etc is available then it can be deduced that on average what is the percentage of claims that will possibly be made for an insurance policy (with certain deviation of course). On this basis cost can be calculated and premium amount can be decided. This same concept applies to Car insurance, property insurance, health and other types of insurance […]

Understanding Perils and Hazards in Insurance

Author - Webner
11/28/2017
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2:07 pm
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0 Comments
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Insurance
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Post Views: 5,240

In Life insurance the risk is that person may die before the insurance policy matures. In Car insurance the risk is that car may get damaged during the tenure of the policy. How can the person die? Person may die of fever, heart attack in an accident or by falling off a building for example. How can a car get damaged? A Car’s part may become faulty or it may crash for example. These possible causes of the occurrence of the loss or risk are called as Perils. So Perils are the causes that can result in materialization of […]

Understanding Speculative and Pure Risk in Insurance

Author - Webner
11/27/2017
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2:49 pm
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0 Comments
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Insurance
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Post Views: 2,416

Insurance is to cover the financial risk but what type of risk can be insured? Can risk in gambling be insured or a startup business or a stock investment? No because risk in such endeavours is with the intention to make gains. What if the gain is not made, should the insurance company reimburse in such a case? No, hence such risks cannot be insured. These are known as speculative risks in insurance terminology. What about risks that can be covered? Like a vehicle can be insurance, a person’s life can be insured and a building can be insured […]

Insurance Overview

Author - Webner
11/26/2017
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9:54 am
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0 Comments
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Insurance
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Post Views: 1,548

Business of insurance runs on probability. If there are 10000 cars each driven by a different driver, there is a certain possibility (risk) that 1 or more of these cars will be hit in an accident within next 1 year. How many of these cars will be hit is not clear. But it is unlikely that all of them will be hit or none of them will be hit. Also it is not clear how much will be the repair cost when a car gets hit but it cannot be more than the original price of the car. To the […]

Some important terms of US Insurance Industry

Author - Ashish
03/10/2017
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5:53 am
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0 Comments
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Insurance, Linux, Windows, Mac, Mobile
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Post Views: 1,988

Insurance industry of United Stated is very much different from any other country and also it is the largest market in terms of premium amount according to federal Insurance Office (2014) Report. Insurance industry of US is regulated by each state individually means it is a state based insurance regulatory system.

In general Insurance means “risk transfer”. Here we have two sides, one is insurer (the insurance Carrier) and another is insured (the person who is taking the insurance from insurer).

Synonyms of terms

Insurance Provider -> Insurer, insurance company or insurance Carrier
Insurance Buyer -> Insured or policyholder

Normally we choose […]

Insurance Agency Management System – Direct versus Agency Billing

Author - Webner
08/17/2016
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6:29 am
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0 Comments
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Insurance, Web Development
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Post Views: 5,665

Basics first – Client is the insured person or who gets himself, his property or vehicle insured by the insurance company. Insurance company is also known as Insurance Carrier or insurer. And there is insurance agency that acts as interface between Client and Carrier to make it easy for Client to understand policy details and to bring more clients to the Carrier for which insurance agency gets commission.

The client who gets insured, will get billed for the policy premium. Who collects the premium from Client (Agency or Carrier) and it goes into whose bank account?
The answer to this question […]

Great British Discounts

Author - Webner
07/26/2016
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8:41 am
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0 Comments
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Insurance, Java Frameworks, Mobile, Salesforce, Web Development, Zoho
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Post Views: 1,977

Webner has been involved in the development of another highly successful platform – Great British Discounts. Owned and promoted by L-EV8 Marketing, Great British Discounts is the go to site for those who want to avail the best deals in life. Great British Discounts is the choice of everyone because you get deals on all you need including but not limited to Baby products, Clothing, Footwear, Electronics, Jewellery, Travel, Hotels, Home, Garden, Food, Sports, Leisure, Health, Beauty, Finance, Insurance, Entertainment and Motoring.

Technically Great British Discounts is highly secure as it supports hundreds of payments everyday, hence security is of […]

ACORD Forms autofill

Author - Webner
06/03/2016
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5:05 am
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0 Comments
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Cloud, Insurance, Java Frameworks, Linux, Windows, Mac, Others (General), Others (Technical), PHP Frameworks, Salesforce, Web Development, Zoho
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Post Views: 2,468

We get this request from a lot of clients in US insurance industry who want to generate ACORD forms automatically, means they want data of corresponding insurance Policy and other objects filled automatically in the editable ACORD PDF. Most of the clients have their data in a CRM system like Salesforce, and some clients have this data in a database. What users ideally want is to select an ACORD form number and click a button corresponding to a Policy, Vehicle, Account or some other related object, which should trigger the code that retrieves the data to fill and auto populates […]

Salesforce | System.VisualforceException: Getting content from within triggers not supported

Author - Webner
03/24/2016
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5:41 am
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1 Comment
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Insurance, Mobile, Salesforce, Web Development
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Post Views: 4,380

Problem: System.VisualforceException: Getting content from within triggers is currently not supported.

Description: This Visualforce exception occurs when we use getContent method in the trigger of sobject.

Here is the code for which we got this exception:

Trigger code:
trigger updateStatus on sobject (before update) {
List List = new List();
for(sobject term : Trigger.new){
sobject oldOpp = Trigger.oldMap.get(term.Id);
if(term.Payment_Status__c ==’Paid’){
Messaging.SingleEmailMessage emailTobeSent = new Messaging.SingleEmailMessage();
PageReference pdf = Page.templateCOI; //Replace attachmentPDF with the page you have rendered as PDF
pdf.getParameters().put(‘Id’,term.Id);
pdf.setRedirect(true);
Attachment attach = new Attachment();
Blob b […]

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