An analysis of re-insurance software and its impact on Green Delta Insurance Company limited

Abstract

This internship report is based on a three-month internship program that I successfully completed as part of my BBA program at BRAC University from 25.02.2021 to 24.05.2021 with GDIC’s Finance & Accounts division. As someone who is new to working in a corporate environment, every hour spent in the Finance & Accounts department provided me with valuable experience that cannot be expressed in words. Nonetheless, they were all beneficial for my career development. Working for an insurance company has always been a privilege for me. I realized that one might require practical knowledge, skills, and professionalism when it comes to dealing with clients and accomplishing a job within the deadline. Therefore, the corporate world is a difficult journey, but an employee can always collect and take creative skills and experience in their daily activities. GDIC is one of Bangladesh's most well-known insurance firms. The corporation was formed as a public limited company under the Companies Act of 1913, with a paid-up capital of more than 100 million dollars. The company also maintains an idle commercial relationship with the foreign enterprise, thanks to its prestigious reputation and vast money. Green Delta Capital Ltd, Green Delta Securities, GD Assist, and Professional Advancement Bangladesh Limited are the company's four subsidiaries that operate the company's 43 branches. The report is based on an “Analysis of Reinsurance Software and its impact on Green Delta Insurance Company Limited”. This topic mainly focuses on Reinsurance activities and how it is managed using the reinsurance core software of GDIC. Reinsurance is a mechanism in which insurers agree to pass over a percentage of their risk portfolios to other parties in exchange for a lower risk of having to pay a large payment because of an insurance claim. Several chores of GDIC’s reinsurance processes are integrated into their own software. As a result, most of the tasks of the 43 branches are carried out efficiently by the managers and employees. After analyzing GDIC’s reinsurance processes, I found out that most of the Reinsurance business functions and activities are carried out on their own private Bespoke software. However, some of the things are still managed manually on a regular basis.