The TurnQuest GIS is designed on modular architecture and comprises of five functional modules that make it possible to issue and service the nonlife insurance classes. This starts with the evaluation of applications, then policy issuance, underwriting, reinsurance and accounting. Claims processing has been made easy by making policy history and payment information accessible.
All major functions link to the accounting module, where information is passed in the form of accounting entries. The system accounting function covers the various monetary transactions generated in the system modules viz. Underwriting, reinsurance and claims. This feature simplifies accounting procedures through a system, which recognizes clients, agents and reinsurers accounting transactions.
Core Module
This is the parameter definition module. It is used to define all the business rules and static information that the system needs to enforce rules and to perform the day-to-day processes.
Quotation
The TurnQuest GIS system provides the user the capability to give quotations for any or multiple products. This module allows the user to process new quotations, edit or revise existing quotations and view the details of existing quotations. The data captured in this module is automatically transferred to the underwriting, reinsurance and accounting modules for easy processing.
Underwriting
TurnQuest GIS handles policy information from new business through capture of proposal details ensuring that proposal data is collected as required and enforcing any rules applicable. Using the information collected in the proposal and the business rules and rates captured in the core module, the underwriting module provides the data capture, validation and premium calculation facilities based on every class of insurance. From this module, the underwriting transactions i.e. new business, endorsements and renewals are carried out with calculations for premium, stamp duty, training levy and commission performed in th background.
Reinsurance
TurnQuest Reinsurance processing is embedded within the processing functions for policy administration and claims processing, rather than as a separate module as seen in many systems. This means that your underwriters and claims adjusters are always aware of the reinsurance relationship(s) that exists for a given policy and are able to make sure your exposure and recoveries are appropriately managed.
Reinsurance assigment can be automatic or user initiated and managed at the policy or risk level. TurnQuest provides a way for the underwriter to group related risks or policies for reinsurance to reduce on exposure.
Once the reinsurance apportionment has been established, the claims processing components are fully aware of the reinsurance arrangements and automatically process the recoveries where appropriate.
TurnQuest reinsurance processing is capable of handling the following types of arrangements:
- Quota Share
- Excess of Loss
- First, Second and Third Surplus
- Facultative
Claims
The claims processing follows the same flow where all the claims reported have to be booked, a reserve set, payments allocated to the various payees, and the final settlement done. Claims are maintained against each policy until settled or closed.
The system provides functionality for managing reserves, recoveries, payment, and salvages.
The claims system maintains claims history on clients, policy and risks for the purpose of providing claims ratio and internal claims history when required for underwriting purposes.
Accounting
The system accounts module covers the various monetary transactions generated in the system modules viz. Underwriting, reinsurance and claims.
When underwriting is done various monetary transactions are generated viz. net premium, taxes (ITL, with-holding tax, stamp duty), commission due to agencies, payment of premium by the agencies, payment of commissions to the agencies, counter transactions.
Reinsurance raises monetary transactions through reinsurance and coinsurance participants e.g. posting of premium, commission and tax.
The claims related transactions are claims disbursement, claims recoveries and claims payments. This module handles business from all quarters i.e. direct, branch and agents.