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In this presentation we will deal with Insurance organizations, their operational structure, insurer’s function and key business terms used in this sector. To know more about Welingkar School’s Distance Learning Program and courses offered, visit: http://www.welingkaronline.org/distance-learning/online-mba.html Functions and Organisations of Insurance

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1-INSURANCE COMPANY OPERATIONS The most important insurance company operations consist of the following: Ratemaking Underwriting Production Claim settlement Reinsurance Insurers also engage in other operations, such as accounting, legal services, loss control, and information systems. 2-RATING AND RATEMAKING Ratemaking refers to the pricing of insurance and the calculation of insurance premiums . A rate is the price per unit of insurance. An exposure unit is the unit of measurement used in insurance pricing, which varies by line of insurance. The person who determines rates and premiums is known as an actuary . An actuary is a highly skilled mathematician who is involved in all phases of insurance company operations, including planning, pricing, and research. 3-UNDERWRITING Underwriting refers to the process of selecting, classifying, and pricing applicants for insurance . The underwriter is the person who decides to accept or reject an application. Statement of Underwriting Policy:Underwriting starts with a clear statement of underwriting policy. An insurer must establish an underwriting policy that is consistent with company objectives. 4-PRODUCTION The term production refers to the sales and marketing activities of insurers. Agents who sell insurance are frequently referred to as producers . Life insurers have an agency or sales department. This department is responsible for recruiting and training new agents and for the supervision of general agents, branch office managers, and local agents. Property and casualty insurers have marketing departments. To assist agents in the field, special agents may also be appointed. A special agent is a highly specialized technician who provides local agents in the field with technical help and assistance with their marketing problems. 5-CLAIMS SETTLEMENT Every insurance company has a claims division or department for adjusting claims. This section of the chapter examines the basic objectives in adjusting claims, the different types of claim adjustors, and the various steps in the claim-settlement process. Basic Objectives in Claims Settlement: Verification of a covered loss Fair and prompt payment of claims Personal assistance to the insured 6-REINSURANCE Reinsurance is an arrangement by which the primary insurer that initially writes the insurance transfers to another insurer (called the reinsurer) part or all of the potential losses associated with such insurance . The primary insurer that initially writes the insurance is called the ceding company . The insurer that acceptspart or all of the insurance from the ceding com pany is called the reinsurer . The amount of insurance retained by the ceding company for its own account is called the retention limit or net retention . The amount of insurance ceded to the reinsurer is known as the cessionChapter 4: INSURANCE COMPANY OPERATIONS

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