If you want to open a new account, you have to go through a check. If you want to rent a new place, you have to go through a check. We often get checked, but how often do we check others? In the insurance industry, we need to be extra weary of who we are dealing with.
The financial sanctions list names countries, persons or entities that might have potential harmful consequences or even have illegal implications if you were to conduct business with them. Sanctions Search provides a simple service to look up these named persons, to ensure you are safe.
Aladdin can now fully integrate with the Sanctions Search API to guarantee each and every client that is saved on the system goes through the screening process before business is conducted with them.
This search is performed automatically in the background to establish a shorter processing time by not having to conduct the search yourself. The list is updated frequently, ensuring you always check your clients against the latest version. We also save the results on the client to have a functional audit trail for compliance purposes.
To safeguard your business from potential sanctioned threats, please contact us.
In the modern times we live, our business activities are supported by various technologies and systems. Our cashbooks have been replaced with information systems and our checkbooks are online banking. But when it comes to crunching the numbers, the midnight oils are still being burned.
Aladdin Management Information System(AMIS) is an integral management information system that aids management with custom entity specific reports, that can be exported in formats like PDF, Excel, CSV and HTML for convenience of use.
A business is not just one person or one division, but a puzzle put together by management to try and create value, but sometimes this is not the case. AMIS has functionality to take existing financial information and allocate it to the puzzle pieces, giving management a clearer view of their picture.
The reports are set up using the structure of your entity to clearly allocate the income and costs per product, division or any other cost center. AMIS can then generate entity specific management reports for actual and forecast financial information. Budgeting is also no problem with AMIS’s rolling budged forecasts. The reports can also be visualized as graphs to indicate the performance better.
Other reports include deviation reports to specifically indicate problem areas within the business. Management can easily interpret the performance of the individual groups and products in the entity, as well as the overall performance of the entity.
AMIS is programmed to accept any other system’s information, making any information that the business has relevant in one convenient spot.
Contact us for more information on AMIS and how it can help you manage your puzzle more effectively.
We at Aladdin Software are proud to announce that we have been granted ‘CIMA Training Partner’ status by the Chartered Institute of Management Accountants (CIMA), the world’s leading and largest professional body of management accountants.
Our training program will be our interns’ stepping stone towards receiving the worlds most relevant qualification for a career in business. The CIMA Professional Qualification is divided into four categories to help students obtain the most relevant technical, business, ethical and people skills. Once all these skills have successfully been acquired and all the relevant CIMA exams have been passed, the designation Chartered Global Management Accountant (CGMA) will be granted.
We are dedicated in helping our interns receive their CGMA status and have implemented a well balanced study environment with internal support. We offer on the job training, which will mean that all our students work closely with both top management and other peers. We believe in an open door policy where we encourage questions and learning.
Aladdin understands the journey students undertake when deciding to work towards the CGMA designation and we want to help you reach this goal.
For more information on our program or to join our team please contact us.
Scripting sets are an old addition to the ever growing question types used in Aladdin, but they are all the more relevant now. Scripting sets allow for a ‘declaration’ of sorts to be captured by the system. Basically it is a statement that must be read and then agreed to by clicking on a confirm button. this then records which user clicked the button and saves that action with a time stamp for reference later.
Scripting questions provide versatile action, they can be used to ensure that the user has checked the data being input, or to ensure a call center user has made the required declarations to the client on the phone. They could also be used to ensure that a broker user is aware of certain special conditions or terms.
As usual these can be displayed based on criteria met in other questions, which allows the declarations to appear only when they are needed.
One of Aladdin Software’s listed clients, Indequity Group Limited, recently announced exceptional results for their financial year ending 30 September 2014.
They reported a pre-taxation return on capital of an outstanding 43.5% compared to 40.4% in the previous year. Their insurance operations managed to grow its profit before taxation by 17.6% from R6.8 million in 2013 to R8 million in 2014 and headline earnings per share by 19.4%, against the backdrop of a very tough year for the short term insurance industry which included severe floods in the Western Cape as well as two large hailstorms in Gauteng in October and November 2013. These hail storms had a material impact on the insurance industry and their financial results. It is estimated the two hailstorms cost the industry close to R2 billion.
Indequity managed to achieve a net claims ratio of 47.1% (2013:47.4%), significantly outperforming its industry sector peers who reported an average claims ratio of approximately 65%.
Bearing testimony to Indequity’s ever improving efficiency, the profit before tax margin as a percentage of gross written premiums for the financial year improved from 17.9% in 2013 to 19.4% for 2014.
We wish to congratulate Indequity on these results!
Recently it has been necessary to send out regular batches of information to clients in order for them to be prompt with reporting and feedback to underwriters. Luckily using SQL and SSRS this was easily achieved as they work hand in hand with the Aladdin System. Instead of looking at creating new code in the system to generate and save and send reports out I have implemented the SSRS subscriptions to automate the process.
SSRS allows us to generate reports that access data directly from the SQL database, this means that no additional applications are required. Logging on to the SSRS reports server one can go to the desired report and create what is called a subscription. The subscription can contain information about where you want to draw the report from which database to access and when you want it to trigger. This generates the report for us SSRS can then save the report to disk if desired and also has the ability to link into a mailbox and automatically send out these reports. Using this we could conveniently send out month end reports such as data on the accounting.
SSRS allows us to both schedule reports and draw them on demand, also the versatility of creating reports means that customised reports can be built in short periods of time. These factors make the marriage of SQL Server and SSRS reporting an invaluable setup to keep information at the ready and allow for easy analysis of a product or businesses statistics.
Any insurance company invests huge amounts into getting their quotes out to the public as fast as possible while trying to filter out all of the unwanted high risk clients. This process can often be quite cumbersome. But what if we could remove a large portion of the unwanted quotes from the list before it even hits the reviewer? This is one of many things we are trying to achieve with the Aladdin Wizard quoting system.
The Aladdin Wizard quoting system allows you to gather just the bare minimum amount required for a quote and generate multiple quotes based on selected criteria. This allows quotes to be generated very quickly without wasting time gathering data unnecessarily and also allows an opportunity to filter out any immediately obvious unwanted risk such as a car which is a rebuild. Once the preliminary quote is generated the client can decide if they wish to proceed. Here the wizard can then gather further information, such as detailed security information and types of use. The Aladdin Wizard can then rerate the client based on the new information and provide a new quote, at this stage one could also gather further required information such as banking details however this could also be done later depending on the requirements of the business or product.
At any point during this process certain criteria can be flagged as unacceptable risks which can immediately inform the user that an unacceptable set of criteria has been selected with the option of informing the user what these criteria are and preventing the user from proceeding with the quote while the criteria remain true. There may also be a set of criteria which would require human interaction, this can be flagged for review and have the quote be sent to a reviewer to intervene with a message describing what needs to be reviewed. Although human intervention is exactly what we are trying to avoid.
Aladdin has a very versatile back end rule system which can manipulate values in the system based on pretty much any data available to it. For example, if an insurer is willing to insure a house that does not have an alarm system but wishes to load the premium or influence the maximum value of indemnity due to theft payments that can be made. Allowing these to run in the background allows all the required adjustments to be made without human intervention.