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REPLAN A Robust General Insurance Planning Software

  • Combined Ratio
  • Assets Under Management (AUM)
  • Effective Tariff
  • Business Mix
  • Realized return and Investment Leverage
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REPLAN for General Insurance Business Planning

The only planning solution you need for operational and financial planning for your insurance business. Replan comes with intuitive UX and a robust structure for easy adaptation and business success.

Some Features of General Insurance ERP Software

Gross Written Premium (GWP)
Gross Written Premium is a fundamental metric in general insurance, representing the total value of premiums before deductions for reinsurance and other related expenses. It serves as the starting point for calculating the insurer's revenue. Accurate measurement of GWP is crucial for insurance companies to assess their market share, pricing strategies, and overall financial health. It is a key indicator of the company's ability to underwrite risks and generate income. As a cornerstone in revenue calculations, GWP guides insurers in strategic planning, enabling them to set realistic financial goals and allocate resources effectively. The meticulous tracking and analysis of GWP empower insurance companies to make informed decisions, refine underwriting practices, and adapt to changing market dynamics.
Reinsurance
Reinsurance plays a pivotal role in risk management for insurance companies. It involves transferring a portion of the risk to another insurer, reducing the potential financial impact of large claims. This strategic approach not only safeguards the insurer's stability but also influences revenue planning. By mitigating exposure to catastrophic events or large losses, reinsurers allow primary insurers to optimize their capital utilization, ensuring they have the financial capacity to underwrite more business. Effective reinsurance arrangements directly impact the bottom line, influencing net income and shareholder value. As an integral component of financial planning, reinsuring specific risks enables insurers to navigate uncertainties, enhancing their resilience and positioning them for sustainable growth.
Net Written Premium (NWP)
Net Written Premium is a crucial financial metric representing the total premiums earned by an insurer after deducting reinsurance costs and other related charges. NWP serves as a key determinant in assessing the actual revenue generated by the insurance company. This figure is essential for accurate financial planning, providing insights into the company's profitability and the effectiveness of its risk management strategies. The ability to calculate NWP accurately empowers insurers to evaluate their underwriting performance, optimize pricing structures, and align business strategies with financial objectives. NWP, as a measure of true income, guides insurance companies in making informed decisions on resource allocation, capital utilization, and overall financial sustainability.
Commission Charges
Commission charges represent a significant component of general insurance expenses, impacting both costs and revenue for insurance companies. Brokers and agents play a vital role in the distribution and sale of insurance products, earning commissions for their services. Accurate assessment and management of commission charges are essential in financial planning, directly influencing the insurer's bottom line. Effective commission structures can incentivize sales channels, driving business growth and market penetration. Simultaneously, excessive commission expenses can erode profitability. Insurance companies must strike a balance in commission structures, aligning them with strategic objectives while ensuring sustainable revenue growth. By incorporating commission charges into financial planning, insurers optimize their distribution networks, enhance customer acquisition, and maintain a competitive edge in the dynamic insurance market.
Net Earned Premium (NEP)
Net Earned Premium represents the portion of premiums earned by an insurer after accounting for reinsurance and other adjustments, reflecting the true revenue generated from underwriting activities. NEP is a critical metric in financial planning for insurance companies as it directly influences the company's profitability and financial performance. Accurate calculation of NEP enables insurers to assess the effectiveness of their underwriting strategies, pricing models, and risk management practices. It serves as a key input for evaluating the return on investment in policy underwriting. The ability to track and analyse NEP is essential for insurance companies to navigate market dynamics, respond to emerging risks, and maintain financial resilience in a competitive landscape.
Asset Liability Management (ALM)
General insurers collect premiums upfront but pay out claims over time, often years later. This creates a mismatch between cash inflows and outflows. Market fluctuations can further complicate this by impacting investment returns.ALM helps general insurers manage this risk by strategically aligning their assets (investments) with their liabilities (future claim payouts). It ensures the company has sufficient funds to meet its obligations while optimizing investment returns.

REPLAN - General Insurance Business Planning with Ease

Combined Ratio

Combined Ratio

Measures profitability by comparing underwriting losses and expenses to premiums earned. A ratio below 100% indicates underwriting profit, above 100% signifies a loss. It analyzes expense drivers and claim trends to identify cost-saving opportunities and improve profitability.

Portfolio Analysis

Assets Under Management (AUM)

Tracks the total value of the company’s invested assets (premiums collected). The business monitors AUM growth to assess premium collection and project future investment income. AUM is also considered when setting risk tolerance levels for investment decisions.

Effective Tariff

Represents the average premium rate actually charged to customers, compared to the base or published rate. It reflects how effective tariffs affect profitability alongside risk profiles. The business may identify opportunities to adjust pricing strategies for different customer segments or risk categories.

Region Wise Analysis

Business Mix

Refers to the distribution of premiums across different insurance lines (e.g., auto, property, health). The business can evaluate the profitability and risk associated with each business line within the mix. This helps optimize product offerings, identify areas for expansion, and manage overall portfolio risk.

Reserves

Realized return and Investment Leverage

Realised return directly affects a general insurer’s profitability. Strong realised returns can contribute to underwriting profitability by generating additional income and vice-versa. Investment leverage refers to the use of debt financing to amplify investment returns. In general insurance companies, this is less common than in other industries due to the need for solvency and regulatory constraints.

Key Benefits of REPLAN

  • Reduce Time of Implementation
  • Best Practices will be part of the Solution ​
  • Fully Configurable as per Customer requirement
  • Fully Integrated with Core FP&A Platform ​
  • Pre-configured Scalable solution
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Industry Specific Blueprints

Insurance ERP Software to Make Your Business Smarter

REPLAN offers a comprehensive enterprise planning solution for general insurance companies looking to streamline their financial planning and underwriting processes. With interactive features, REPLAN provides valuable insights to help companies make data-driven decisions and drive business growth.

Additionally, our software includes tools for managing gross written premium, reinsurance, net written premium, etc to provide companies with a complete picture of their financial health.

By implementing REPLAN, general insurance companies can improve their financial performance, enhance their risk management strategies, and stay ahead of the competition.

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