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Bancassurance is a relationship between a bank and an insurance company [1] that is aimed at offering insurance products or insurance benefits to the bank's customers. In this partnership, bank staff and tellers become the point of sale and point of contact for the customer.
VP/MS (Visual Product Modeling System) is a family of software components developed by CSC that support product development and product lifecycle management. [1] Insurance companies (among other users in business and IT [2]) use VP/MS to manage the rules, clauses, formulas and calculations associated with savings and both life and non-life insurance products.
Dynamic financial analysis (DFA) is method for assessing the risks of an insurance company using a holistic model as opposed to traditional actuarial analysis, which analyzes risks individually. Specifically, DFA reveals the dependencies of hazards and their impacts on the insurance company's financial well being as a whole such as business mix ...
In December 2020, it collaborated with RBL Bank and formed a bancassurance partnership with a plan to offer portfolio of life insurance products to customers. [26] In January 2021, the company collaborated with PhonePe so that users can get term life insurance instantly via the app without any health check-ups and paperwork. [27]
Specialist software can be used to model the effects of such an event, and to help calculate the potential loss of life. Some organisations use the risk outputs to assess the implied cost to avert a fatality (ICAF) which can be used to set quantified criteria for what is an unacceptable risk and what is tolerable.
PCMS’ software, Atlas, was launched in 1999 and re-architected in 2020. Atlas is a cloud-based platform designed to handle all core processing needs for small to mid-size property & casualty insurance carriers from; underwriting, claims adjudication, billing & accounting, reporting, along with maintaining communication between key insurance stakeholders via a flexible portal. [5]
LexisNexis Risk Solutions is a global data and analytics company that provides data and technology services, analytics, predictive insights, and fraud prevention for a wide range of industries. [2]
Willis Towers Watson plc, branded as WTW and stylised in its logo as wtw, is a British-American multinational company that provides commercial insurance brokerage services, strategic risk management services (such as contingency planning, security audits, and product tampering plans), employee benefits and compensation management, and actuarial analysis and investment management for pension ...