TUFS is the Technical Underwriting Financial System and was the biggest distinct outlay in IT by the Northern Insurance Company. They faced the difficulties in first few months and the team found very hard to finish it. The concerns are related with the efficacy and the upcoming prospects for the top notch evolution in underwriting process. Then it converted in to the key commercial coinage quarry. TUFS had the income and resources from Northern and to resolution the underwriting inaccuracies and the
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or an aspect of operations or management requiring special technical knowledge. An insurer’s core functions are typically marketing and distribution‚ underwriting‚ and claims. These core functions represent the lifespan of the insurer’s business operations‚ from getting the business (marketing and distribution)‚ to pricing the business (underwriting)‚ and then to administering the business (claims). Insurers perform additional functions that are designed to support these three core functions. An insurer
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I. DEFINITIONS VENTURE CAPITAL a 1. The financing provided for start-up‚ often high-risk‚ private business enterprises is called: a. venture capital. b. junk bonds. c. flotation costs. d. initial public offerings. e. financial futures. REGISTRATION STATEMENT b 2. The document(s) filed with the SEC disclosing all material information relating to the firm making an offering of public securities is called the: a. offering prospectus. b. registration statement. c. red
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there is no bottleneck resource‚ however‚ Underwriting Team #1 is operating at the highest capacity. When the data in Exhibit 6 is analyzed‚ it is obvious that there was been a dramatic increase in the number of lost renewals beginning in 1990. This is a result of the 1990 underwriting department reorganization‚ specifically‚ the assigning of agents to specific underwriting teams. Exhibit 7 reveals the nature of the problem: individual underwriting departments can have too many policies to process
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branch deals with the commercial property insurance and has three underwriter teams that cater to 3 geographic territories. On an average‚ the Fruitvale branch receives around 39 requests per day (22 requests for new insurance and 17 renewals). The underwriting teams are supported by distribution clerks‚ the rating team‚ and the policy writers. ’Requests for New Policies-RUNs’ are considered to be the most profitable business‚ followed by ’Requests for Price-RAPs’. ’Requests for Additional Insurance-RAINs’
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Case Manzana Insurance: Fruitvale Branch Manzana Insurance is one of the largest property-liability insurers in California (USA). Fruitvale is one of Manzana’s smaller branches‚ with three underwriting teams supporting 76 agents in three geographical territories. Fruitvale is at this moment facing deteriorating profits due to operational problems. The effect of these operational problems is (particularly in comparison with competing insurers like Golden Gate) a high Turnaround Time (TAT)‚ a high
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by Chase for the Disneyland project would have the following terms: 1. HK$300 million loan. 2. 15-year maturity. 3. A provision that allowed repayments to start as late as three years after opening. 4. Chase would underwrite the full amount. 5. Underwriting fee between 100 bp and 150 bp 6. Pricing: Initial spread of 100 bp over HIBOR‚ stepping up to 125 bp in year six and to 137.5 bp in years 11 to 15. 7. Allow Disney to use operating cash flow for expansion (capital expenditures). 8. Includes covenants
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Summary The main problem of Manzana Fruitvale is a significant loss in profits. It originates in operating performance failures characterized by a total throughput time of 8.2 days. This situation can be improved through structural changes in the underwriting process‚ reorganization of the incentive structure and redefinition of priorities concerning renewal policies. The total turnaround time (TAT) then decreases to 0.7 days. Industry Manzana Insurance is a leading player in the Californian commercial
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branch: “I’m giving a speech at a conference on property insurance‚ so I’ll be out of the office until next week. Please give this some thought while I’m gone.” The note was attached to a memo from Tom Jacobs‚ Manzana’s senior vice president for underwriting operations: To: John Lombard From: Tom Jacobs Subject: Second Quarter Performance The performance figures on Property Insurance for the second quarter have just been completed‚ and Fruitvale is at the bottom of the list again. More important
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Return Line vs Leverage 5. Liability Beta Figure 2: Equity vs Liability Beta Figure 3: Equity Beta vs Risk-Adjusted Discount Rate (After-Tax) 6. Underwriting Profit Margin Figure 4: Underwriting Profit Margin vs Loss Payout Figure 5: Underwriting Profit Margin vs Investment Yield Figure 6: Underwriting Profit Margin vs Market Risk Premium Figure 7: Underwriting Profit Margin vs Leverage 7. Conclusion Related Background Reference Reading Appendix - Example Exhibit I - Balance Sheet‚ Income‚ Cash Flow
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