02 — Capability · BC-1740
Insurance Products & Policy
Offer insurance cover priced for the risk and kept accurate for its whole term, by designing products and rates, underwriting each risk, issuing and servicing the policy, billing premium, reinsuring part of the risk and valuing the reserves the book needs. Covers P&C and life and annuities; handling claims sits elsewhere.
- Policy Administration
- Insurance Operations
- New Business & Policy Servicing
- Underwriting & Policy
In scope
- Insurance product design, rating plans and policy wording for P&C and life and annuities
- Submission intake, risk selection, underwriting decisions and quotes
- Policy issuance, endorsements, renewals, cancellations and life policy servicing
- Premium billing, producer commissions, ceded and assumed reinsurance and actuarial reserving
Out of scope
- An enterprise buying insurance for its own risks (see BC-130.50)
- Generic customer invoicing outside insurance premium (see BC-250.10)
- Reporting, adjusting and settling claims (see BC-1750)
- Solvency capital and capital stress testing for the insurer (see BC-1780.30)
Realized by · 0
- No product in the catalog yet.
Used in · 7
- Quote-to-Bind · 01 Submit & Clear via BC-1740.20
- Quote-to-Bind · 02 Underwrite & Price via BC-1740.20
- Quote-to-Bind · 03 Quote & Bind via BC-1740.20
- Quote-to-Bind · 04 Issue & Bill via BC-1740.30
- Quote-to-Bind · 05 Cede to Treaties via BC-1740.50
- First-Notice-to-Settlement · 04 Recover via BC-1740.50
- First-Notice-to-Settlement · 05 Close & Feed Back via BC-1740.10
Build it · 0
- Nothing in the library points here yet.
Decomposes into · 6
- BC-1740.10Insurance Product & RatingBring insurance products to market with clear coverage, defensible rates and approved wording, and change them safely when experience or regulation calls for it. Pricing strategy for non-insurance offers sits in the cross-industry pricing capability.
- BC-1740.20Quote & UnderwritingDecide which risks to accept and on what terms, quickly and within authority, and turn each accepted risk into a quote the applicant or broker can bind. Assumed reinsurance treaties are underwritten here and booked through cession and bordereaux processing; credit underwriting for loans sits in the lending lens.
- BC-1740.30Policy Issuance & AdministrationIssue each bound policy correctly and keep it accurate through every change until it ends, so that the policyholder, the broker and the claims team always see the same cover. Claims against the policy sit in Insurance Claims.
- BC-1740.40Premium BillingCollect the right premium on time by the plan each policyholder chose, account for broker and agency balances, and pay producers their commission. General customer invoicing outside insurance sits in Billing & Revenue.
- BC-1740.50Reinsurance Placement & RecoveryKeep the insurer's net exposure within appetite by buying reinsurance treaties and facultative cover, ceding the right share of each risk and collecting what reinsurers owe. An enterprise buying its own insurance sits in Enterprise Risk.
- BC-1740.60Actuarial Valuation & ReservingKnow what the insurer's policies and claims will cost in the end and hold reserves that are adequate and measured on each required basis, by estimating loss and policy reserves, setting assumptions from evidence and measuring insurance contracts for reporting. Case reserves on single claims sit in Insurance Claims, and solvency capital sits in prudential risk.