Hey again! It’s been a while since my last blog post, and that’s because I’ve been putting together a series of pieces on just exactly what goes on around our office. Since my onboarding with LOGiQ3 this summer, I can’t tell you just how many times I’ve gotten the question: “So what does LOGiQ3 actually do?”, to which my response is: “We’re a consulting and outsourcing company for the Life Insurance and Reinsurance Industries” …. Which is normally followed by one (or both) of the following:
“But what does that even mean?”
“What is reinsurance?”
If the first thing that came to your mind is one of the questions mentioned above, then this series of pieces is for you.
LOGiQ3’s business operations can be infinitely divided and subdivided, so for the sake of keeping things simple, I’ve segmented them into three main categories, however, there are also other key services we provide which I'll have to dedicate another post to! Let start off with these:
When I first came on board, I had only JUST learned what underwriting was. To break it down for you here, think of underwriters are as people who determine, evaluate and analyze our applications for life insurance. Simple enough right? WE, the applicants, are looking to buy life insurance, so we fill out an application from an insurance company (this is not the only option PS – but it is the most common). THEY, the underwriters, are the ones who will analyze our application and physically write the policy based on the information we provided, i.e., age, gender, smoker/non-smoker, and determine our risk classification (just how risky are we?).
What’s more?! Not only do we have our own team of fabulous underwriters, but we offer training for newly hired underwriters at other companies or individuals looking to start their career in underwriting. We’ve even recently started offering our e-learning courses for purchase directly online on our New E-Store!
Reinsurance Administration 101:
Keep your eyes peeled for a good post I’ll be publishing next week on “A Day in the Life of a Reinsurance Analyst!”… But for now, let me extract some key highlights from a popular blog post of ours: A Career in Life Reinsurance – So this is Where I Belong that may help answer the question “What is Reinsurance?”
- Simply put, reinsurance is insurance for insurance companies.
- When an insurance company issues a policy, they don’t always take all the full risk amount (i.e. the full amount of insurance being issued). This is where reinsurance companies come in. A reinsurance company will take a percentage of that policy and share the risk with the insurance company.
- Reinsurance is a great way to learn about the insurance industry as a whole. Reinsurance companies perform the same and often times more complex tasks than any other insurance company might perform. The main difference is that in reinsurance you deal with the insurance company, not the policyholder.
|Nick Joly is Sales & Marketing Coordinator at LOGiQ3
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Au•dit (ˈôdət/) - Noun: an official inspection of an individual's or organization's accounts, typically by an independent body. Great, but who/what/where/when and why do we audit?
Who? Any insurance industry company that wishes to have their operations/processes audited
What? Operations administration audit, insurance claims audit and underwriting audits
Where? On-site! Our great team of auditors will travel on-site to the offices
When? All year round! We do like to take our national holidays to enjoy with our friends and family though (naturally)
Why? Because if we aren’t auditing, how do we know we’re making progress / doing things correctly?
For a very ROBUST whitepaper on our operations auditing services and study findings, I strongly urge you download it HERE… best of all, it’s completely FREE. Who doesn’t like free stuff?
I hope this post was useful to you, stay tuned for a part deux! Feel free to share it with friends if you think they might find it useful too! Or comment below to let us know what you think!