The Company’s branches are not connected to the Head office - their production would have to be rewritten at the Head Office into Premia. This distorts reporting since not all branch data are captured before cut-off. For this reason (and probably some others) the production
figures recorded by the Branches are always different from what is reported from Premia. Another effect of these delays is Credit Reporting. Entry of Receipts from the branches is also delayed and credit reports from the system would show erroneous outstanding debts when in fact the clients had paid, but pending entry into the system. A Wide Area Connectivity of the top 4 branches with the Head Office would afford the installation and usage of Premia in these Branches and hence a cut off would affect same and consequently reporting disparities would be largely eliminated. Premia The Underwriting Software used by the Company is Premia 9. It is a Client-Server application developed on Oracle. It handles Motor and all Non Motor underwriting. It has a very detailed but complex setup system, and though flexible, it is cumbersome. This system also handles re-insurance (Treaty and FAC). Financial results of all transactions in Premia are posted to Orion (the Accounting Software) upon approval. The initial setup of Premia was such that apart from Direct Clients, all intermediary businesses are posted into the account of the intermediary and hence such clients are not present in Orion. This made Credit reporting problematic as the Credit Unit had to manually sort out intermediary clients to be able to generate credit reports. In December 2012 this configuration was changed and transactions were posted to the accounts of actual clients of the intermediaries in Orion. Again Treaty setup in Premia is only in the base Currency. This means that all treaty agreements (which are mainly in USD) had to be converted to the equivalent during setup. However it is very tedious to be resetting this anytime the exchange rate changes.
We are happy to introduce to you our NEW international travel insurance product- the UNIQUE TRAVEL POLICY.
Our product is the first ONLINE International Travel Insurance to be offered by an Insurer in Ghana. Being online, our international assistance collaborators have real-time access to the details of all policyholders irrespective of which authorized outlet they purchase their travel policy from. This eases and quickens the assistance process to enable travelers access benefits as soon as they need it. The product has 24/7 assistance support with hotlines in USA, Canada, UK, Germany, France, China, Hong Kong, Taiwan, Singapore, Cyprus, Bahrain, and other international locations. UNIQUE TRAVEL POLICY provides benefits to travelers in case of any of the following; 1. Medical expenses arising from an illness / bodily injury 2. Hospitalization costs and Repatriation to Ghana after treatment 3. Repatriation of policyholder’s corpse or ashes to Ghana 4. Baggage loss/delay. 5. Delayed departure Abroad 6. Missed Flight connection Abroad 7. Travel Assistance services 8. Personal Liability, Legal fees & Bail bond, etc
This audit plan focuses on high risk and critical activities in the operations of Insurance underwriting and accounting processes of Unique Insurance Company Limited.
This audit plan focuses on high risk and critical activities in the operations of Insurance underwriting and accounting processes of Unique Insurance Company Limited. The risk-based audit approached, the audit activities and resources have been distributed as follows, Head Office operations 50%, Branches 38%; Investigations, Prior year audit report monitoring and other duties 11%. In 2019, 66% of the Departments’ time and effort would be allocated to the Branches and Finance Department, in view of the company wide automation of the Underwriting and Accounting systems. In view of the high risk associated with the under listed, we shall continuously monitor and review these activities throughout 2019. We shall focus on ensuring that procedures and processes are consistent with corporate policies, directives and guidelines. • Value Books Management: Ensure that books are adequately secured against lose and properly issued to insurance intermediaries and other sales representatives. • Premium Collection and Accounting: Ensure that sales are properly returned and proceeds accurately accounted for. • Insurance Underwriting and Claims Review: establish that direct insurance and reinsurance policies underwritten are consistent with approved guidelines. Evaluate insurance claims for adherence to loss assessment and processing standards. • Pre-Auditing Transactions: We shall under preliminary review of outward payments for accuracy and compliance operating procedures. In this activity, greater attention being given to significant amounts, technical and complex transactions. • Compliance Monitoring and Review: We shall continuously review transactions and operations for compliance with corporate and statutory guidelines, directives and regulations is satisfactory The department will vigorously pursue her mission of ensuring effective and efficient insurance operation and preventing, detecting, and deterring waste, fraud, and systems abuse. Our audit coverage was determined after assessing the risks associated with the audit, the general risk universe and identifying and prioritizing major management and operational challenges. The factors considered during the risk assessment process include potential waste, fraud, and abuse; significant changes in operations; internal controls; and customer impact.
We achieved 90% of the profit target for the year to September 2018 and management continues to work towards the achievement of the end of year profit target. Although the revenue target was not achieved there were significant achievements for the period which are summarized below
Premium growth continues to be a challenge not only for the company but the industry. Over the past three years, the industry growth has been on a decline from 32% in 2015 to 28% in 2016 and currently 11%. In order to sustain the profitability of the company, management sees the need to strategize and mobilize more premium despite the intense competition in the market. In order to increase the premium income from Motor Comprehensive, we have instituted two key strategies – 2-hour minor motor claims payment and free towing services to all comprehensive clients. In partnership with the Ghana Road Safety Management Limited, we are able to offer a free towing service anywhere in the country to a garage of choice of the client of a distance not exceeding 50 km. Management is optimistic that with these measures being implemented, the revenue for the last quarter of the year will be improved as we have given this initiative the publicity it deserves and the service provision of the 2-hour claims payment so far has been impressive. This will also set the pace for increased revenue in the coming year and the 2019 budget will detail the other marketing strategies management intends to undertake in the coming year to diversify the income mobilization and to generate and achieve the revenue target for the coming year.