WinsurTech Blog | Insurance Concepts and Practical Solutions

Types of Insurance Marketing Systems

Author - Webner
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6:19 am
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Introduction to the Marketing system

An insurance company requires a lot of customers to become successful. The basic earning of insurance companies holds on the premiums paid by the insured parties. In this concept, the insured person or organization receives financial protection and reimbursement of damages for uncertain future events from the insurer or insurance company. Meanwhile, the insured or the policyholder pay a smaller premium to the insurer in exchange for that protection on an uncertain future occurrence. An insurance company must have an effective marketing system to sell its policies and survive as a going concern […]

What is a Commercial Auto Insurance Policy?

Author - Webner
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6:27 am
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Introduction to Commercial Auto insurance policy

Commercial auto insurance policy is needed by a business that requires a vehicle for its operations. This policy protects small businesses when their vehicles are involved in a collision or are stolen, vandalized, or damaged. It also provides financial support to repair or replace the vehicle and covers related medical costs and third-party property damage. The premiums are higher for commercial auto insurance policy as compared to the standard motorist policy. The reason behind higher premiums is that the vehicles for business purposes are often more susceptible to risk.

Commercial auto […]

Who uses profitability ratios and why is it important?

Author - Webner
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6:07 am
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Introduction

In a different blog, we have already discussed the meaning and types of profitability ratios. However, it is imperative to understand the importance of these ratios for an insurance company. Profitability ratios of an insurance company allow the insurance company to measure its profitability against its revenue, cost of sales, equity, and balance sheet assets. Profitability ratios are also related to efficiency ratios as they show how well companies are using their assets to generate profits. In this blog, we will discuss the importance of different profitability ratios and how are they used by investors and creditors […]

What is a BOP (Business Owner Policy) insurance?

Author - Webner
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6:17 am
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Introduction to BOP

A business owner policy also known as BOP is an insurance policy that combines protection from all major property and liability risks in one package. A BOP is an insurance package policy that is designed for small to medium-size businesses to protect them from various losses. Business owner policies usually include the same kind and same degree of risks that are generally faced by a number of businesses.

A BOP reduces the amount of premium as it allows a business to receive multiple types of coverage at a lower rate than if the policies […]

What does MOTOR VEHICLE REPORT mean in Auto insurance?

Author - Webner
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6:33 am
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What is a Motor Vehicle Report(MVR)?

A motor vehicle report also abbreviated to MVR is the driving record of an individual. It is a history, maintained by the state’s DMV(Department of Motor Vehicles), of any past accidents or moving violations a driver has had, as well as serious vehicular crimes, like a DUI/DWI conviction.

An MVR of a driver plays a vital role during insurance. Insurance companies believe that a person’s previous driving record is a good predictor of his/her future behavior of driving. It can also be assumed that people with […]

What is a Workers Compensation Insurance Policy?

Author - Webner
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6:44 am
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Introduction

Almost all businesses with employees are legally obligated to take reasonable care to assure that they provide safe workplaces to their employees. Nevertheless, mishaps happen. Handling the expense and effort of meeting statutory obligations to workers who are injured or ill due to workplace exposure is an ever-present challenge to all businesses. The workers’ compensation insurance policy is a primary method by which an employer shows its ability to meet the obligation imposed by workers’ compensation laws. This policy helps a business owner to provide legal liability coverage for reimbursement to employees for bodily injury or […]

Serverless Azure

Author - Webner
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5:38 am
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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
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6:12 am
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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
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6:10 am
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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

URL and their pointing:

https://opencontents.webners.com (content under this URL are publicly readable)
https://contents.webners.com (content under this URL are protected)

Where do Property and Casualty insurance companies invest?

Author - Webner
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6:39 am
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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
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6:50 am
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0 Comments
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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
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6:49 am
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0 Comments
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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 […]

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