I-MACC : General Insurance and Reinsurance System

I-MACC : General Insurance and Reinsurance System I–MACC is an Integrated General Insurance and Re-insurance system designed to handle all the basic functions of a general insurance company. It offers the following features:

I–MACC consists of the following main modules:

The recording of the policy is essentially serving three distinct goals:

The data prepared here is required when we go to the re-insurance phase and later to the claims and statistics. The customer and broker accounts are updated online upon recording of the policy. All other general and re-insurance accounting is kept to the end of month closing. Once the production is running smoothly the system controls are introduced to lock the data already interfaced with the general accounts and allow entry of only current month policies.

At the end of the month production reports are produced by various alternative details and summaries. From these reports the monthly analysis of production can be produced. During the integration phase journal vouchers may be generated automatically.

The system has an optional feature which allows the users to maintain the image of the policy as it is after every endorsement. This feature is useful for recalling the status of the policy to verify the validity of a claim. The latest copy is also used in the renewal stage.

The concept of products has been implemented to allow for mechanized issuing of standard products with minimum user intervention. If allows for setting the covers and the rates for a given product thus minimizing user intervention.

Renewal Reminders and Renewal cycle.

The renewals cycle is dynamic. The user can specify the date and range of policies for which renewals are to be reported (by class of business, producer or policy number). The reminders can be printed and after a follow up the renew/not renew decision is brought back and the production file is updated accordingly. An outstanding list of expired/not renewed policies can also be produced.

Re-Insurance.

The re-insurance module has very flexible features that allow the company to :

Claims.

The claims module offers the following features :

System Integration. The integration of the system modules bas been built during the design stage. All required data has been set up in the system data base to ensure the uniqueness of any figure. The system provides for easy access from the various modules for regular processing as well as for statistics and ad hoc report generation.

Another form of integration is also maintained at the accounting interfacing which has several levels: The first level is at the production stage; The next step in integration is at the end of the month when the production is analyzed by class of business by currency, by broker and for production/ cancellation separately; The third level of accounting integration is obtained from the re-insurance placement reports, at this stage the net monthly production premiums obtained in the previous stages are re-allocated to the various re-insurers according to the placement, so for every re-insurer the net premiums, company commission, stamps and net payable are reported.

Broker/Producer handling and statistics.

Additional detailed data on brokers/producers can be maintained such as normal commission rates agreed upon per class of business. When processing the policy this data is used to automatically complete the commission due. When combined with the automated computation of the policy earning it becomes possible to compute the net profit per policy per broker. The analysis of profitability per broker/producer and class of business become all possible.

Production/Claims statistics.

The ultimate result and benefit of an integrated computer system is perhaps not only the ability to automate the policy production and monthly reporting but also in the ability to produce a wide range of statistical and technical reports. Some of the reports I-MACC offers are:

This advanced module combines the receivable and payable functions because in the insurance accounting these 2 aspects are closely linked.

During policy creation both aspects of this module are affected:

General accounting for insurance plus budget and financial reporting.

The general ledger accounting system for insurance environment companies comprises the standard accounting system plus extra features required for general insurance. These features include the capture of class of business, policy number, brokers, in the movements as well as additional data at the ledger level.

The insurance features provide the link for interface between the production/claims modules and accounting. Budget can be setup by account and cost center and a variety of financial reporting can be produced.

Additional modules are also available: consolidations, automatic allocation templates, prepaid / accrual / recurring vouchers, bank statement reconciliation, follow-up of accounts receivable at several levels.