7A Framework : The Organization of an Insurance Business

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7A Framework : The Organization of an Insurance Business
Kailash Chandra Mishra, Management Consultant, India

An insurance organization consists of the following components (7A Framework):
A1. Agency System (Agent, broking and distribution)
A2. Accounting System (Record keeping, cost disposal and management support)
A3. Actuary System (Assumptions, models and valuation)
A4. Adjustor System (Survey, assessment and loss adjustment )
A5. Assuror System (Underwriting, product packaging and risk pricing)
A6. Asset Management System (Fund management, asset allocation and churning)
A7. Administrative Management System (Boundary Management, Corporate Governance, Audit, Grievance redressal and Information Technology)



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