F i g u r e 1 – T y p i c a l P r o c e s s e s s u p p o r t e d b y C a p t i v e I n s u r a n c e
» Pricing
» Premium
allocation
» Insurance
contracts
» Certificate
management
» Premium invoicing
& payments
» Claims data
consolidation
» Claims
management
» Payment
processing
» Co-insurers &
reinsurance
recoveries
» Transaction
processing
» Management
reporting
» Sums paid &
received tracking
» Finance system
integration
» Actuarial data
utilization
» Regulatory filings
» Risk management
Corporate Finance Claims Underwriting
2. Processes
Insurance processes vary from capturing and analyzing huge amounts of
data to accurately assessing complicated risks. In addition, data is
consistently flowing through the multitude of processes needed to
support captive insurance (See Figure 1). Hence, effective data
management is now essential. Access to accurate, comprehensive
information is a prerequisite for an efficient captive insurance operation.
The real value comes from not just data management but the ability to
apply advanced analytics to explore and model the data.
THE CAPTIVE INSURANCE RENAISSANCE | 6
