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Redesign of premium calculation according to GPW

Project duration: 5 months

Brief description

Previously, the insurance company reported its financial data in accordance with the HGB (German Commercial Code), on the basis of German financial accounting. Due to integration in an American insurance company, it is now necessary to create the financial statements in accordance with French and American financial accounting standards. To this end, all the insurance information (i.e. premiums, installment surcharges, commissions and taxes) has to be reported as per the “gross premium written” (GPW) principle.

Supplement

The project involves the technical data processing implementation of the specialist detailed specification with a design phase and an implementation phase. The GPW installments are calculated within the existing inventory management system; as such, it is implemented in PL/SQL.

Subject description

Determining the gross premium written on the basis of the gross premium invoiced. See http://en.wikipedia.org/wiki/Gross_premiums_written: “When a non-life insurance company closes a contract to provide insurance against loss, the revenues (premiums) expected to be received over the life of the contract are called gross premiums written. Insurance companies often purchase reinsurance to protect themselves against the risk of a loss above a certain threshold; the cost of reinsurance (reinsurance premiums) is deducted from gross premiums written to arrive at net premiums written.”

Overview

Project period01.10.2010 - 28.02.2011

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