WinsurTech Blog | Insurance Concepts and Practical Solutions

AWS EC2 Service

Author - Webner
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5:48 am
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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
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6:15 am
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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
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6:13 am
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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 […]

What is an Alien Insurance Company?

Author - Webner
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6:32 am
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Introduction

Insurance companies charge premiums for covering the cost of the risks they insure. After thorough research, they set the premiums at certain levels that make them profitable. However, there is little information available to consumers about the types of various insurance companies. For instance, we often hear the terms: Domestic Insurer, Foreign Insurer, and Alien Insurer, but we have little understanding of what they mean. In this blog, we will talk about the Alien Insurers in detail and compare its definition with that of Domestic and Foreign insurance companies.

Domestic insurance company:

It refers to […]

SalesForce Apex Batch Class

Author - Webner
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6:06 am
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Understanding SalesForce Apex Batch Class

Salesforce Apex batch is an important concept of batch command processing for complex and long-running processes in an asynchronous manner. The major benefit that we get from the Apex batch class is that we can overcome the SalesForce limitation of SOQL queries (total number of SOQL queries governor limit for synchronous operations being 100 and asynchronous operations being 200) that are executed in a single run. We can perform the manipulation of records in batches.

Implementation Process:

But for understanding the implementation of processing the SOQL operation in batch mode […]

Classification of Insurance Companies

Author - Webner
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6:26 am
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Insurance Companies

An insurance company is defined as an organization that provides financial protection and reimbursement of damages to an insured person or an organization according to the policy agreement. These companies provide insurance by collecting premiums from policyholders and ensure those policyholders to cover the losses if they suffer during the policy period. Because of the nature of their policies, an insurance company must perform common functions that are unique in providing its services, underwriting, loss adjustment, and investment.

Insurance companies may be classified in different ways: according to the type of insurance that they sell, their […]

How to measure the financial strength of an insurance company?

Author - Webner
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7:06 am
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Introduction to financial strength of an insurance company

In another blog, we have already discussed “How do an Insurance company makes money?” Usually, the business element of the insurance agencies revolves around charging premiums in exchange for insurance coverage, then reinvesting those premiums into other interest-generating assets.

Insurance companies deal with large and complex claims made against policies that are sold by them. Including this, an insurance company faces various kinds of risks. Therefore, before investing in an insurance company, investors should know the financial status of that company. In this blog, we will discuss, how we […]

Quick Liquidity, Current Liquidity, and Operating Cash Flow

Author - Webner
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5:34 am
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Financial Parameters in an Insurance Company – Quick Liquidity, Current Liquidity, and Operating Cash Flow

Quick liquidity, current liquidity, and operating cash flow are parameters of an insurance company used to determine the financial strength of the company. Each of these parameters is important for the companies and they put their best on these factors to strengthen their financial status. We will discuss the meaning and functioning of these three parameters below.

Quick Liquidity

The quick liquidity of an insurance company is the total amount of the company’s quick assets divided by the sum of its […]

What is the difference between the Loss Ratio and Expense Ratio?

Author - Webner
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6:50 am
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Introduction

We have already discussed the meaning and relevance of the Expense Ratio in the Insurance sector. However, it is imperative to understand various other ways that an insurance company uses to calculate its efficiency. In order to do that, we must know the importance of the Loss Ratio as part of the combined ratio that provides basic guidelines to the targets and achievements of the company’s underwritten policies.

How is the Loss Ratio calculated?

It is calculated in comparison with the premiums earned (as its percentage). Losses in this ratio include the adjustment expenses […]

Salesforce Service Cloud Introduction

Author - Webner
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6:18 am
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Introduction to Salesforce

Salesforce is a CRM that is used to connect people and to share information. In this blog, we are going to discuss one of the core service – Salesforce Service Cloud and how it revolutionized customer support by making interactions easier between an organization and its customers. Now we will understand how Salesforce Service Cloud can add value to the business. First, we need to know the Salesforce Service Cloud, the need for it and what all services it provides to engage customers.

What is it?

Service Cloud permits users to automatize service processes […]

Email option on object page in Salesforce Lightning

Author - Webner
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5:41 am
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Salesforce Lightning – Email Option

To use a salesforce lightning default email option on the object page, we need to create a global action. For this, we have to go with the following steps:-

Steps:

1) Go to Setup | Global Action
2) Create a new Send Email global action.

3) Go to the object manager and select the object in which you want to add this global action.
4) Go to Page Layout and choose the layout.
5) Choose Mobile & Lightning Actions.
5) Drag the Email action and drop it below into the Salesforce Mobile and Lightning […]

How do you measure a company’s liquidity?

Author - Webner
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5:49 am
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What is Liquidity?

The measure of ability with which assets can be easily sold or bought is known as liquidity. The assets which fall under liquidity are known as liquid assets. Cash is considered to be the most liquid asset that one can have. Other than cash, saving accounts, and checkable accounts are also liquid assets. All the types of assets like Real Estate or Equities come under different levels on the liquidity spectrum.

Liquidity of a company

When we use the term “Liquidity” in business, it means the ability of an organization to turn its […]

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