Page 146 - Reinsurance Management IC85

The Insurance Times

their administrative work. The following are
the advantages:

i) E.D.P techniques have simplified paper work
previous involved in accounting purpose. Huge
volumes of papers were passed by insurer to
either the broker or reinsurer. This minimized
work load and subsequently cost involved in
producing this data.

ii) Quotations can be easily obtained with
electronic transfer of risk details. Hence
cover can be now easy placed with extensive
use of internet.

iii) Huge volumes of data can be stored and the
data can be used in a manner useful to the
insurer or reinsurer to calculate premium,
trends in the underlying risk or even claim
trends. Statistical calculations are made easier
with large volumes that are stored that can
be used for calculations.

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