Insurance Domain or Insurance competency has become a steady revenue earner for IT companies. Demand for Business Analysts, Subject Matter Experts and Product Owners is on a significant uptrend. Here we cover 5 common Non-Life Insurance Processes.
- Underwriting Process: Underwriting is the process of assessing the risk associated with insuring a potential policyholder and determining the terms and conditions of the insurance policy. Non-life insurance companies use various data sources and risk assessment models to evaluate the likelihood of a claim occurring. This process helps insurers set appropriate premiums and coverage limits.
- Claims Processing: Claims processing involves managing and evaluating insurance claims made by policyholders who have experienced a loss or damage covered by their insurance policy. This process includes verifying the claim, assessing the extent of the damage, and determining the compensation amount based on the terms of the policy.
- Policy Issuance and Management: This process involves the creation, issuance, and ongoing management of insurance policies. It includes capturing customer information, setting up policy terms, generating policy documents, and ensuring accurate record-keeping throughout the policy's lifecycle.
- Premium Collection and Accounting: Premium collection is the process of collecting insurance premiums from policyholders. Non-life insurance companies manage billing cycles, payment processing, and account reconciliation. This process is crucial for maintaining the financial health of the insurance company.
- Risk Assessment and Loss Prevention: Non-life insurance companies engage in risk assessment and loss prevention activities to reduce the likelihood of claims. This involves offering risk management advice to policyholders to help them mitigate potential risks, implementing safety guidelines, and promoting practices that reduce the occurrence of covered incidents.