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IBM 305 RAMAC - the newest concept in data processing for
Fire and Casualty Insurance companies.
This booklet describes the technique of "In-Line Processing" in the daily flow
of premium and loss transactions and related entries in the areas of:
Premium and Loss Entry Controls
Annual Insurance Departments statements
Management Reports
Premium Rating and Renewal Policy document writing
Agents f Accounts Current Checking.
1
FEA TURES OF THE IBM 305 RAMAC FOR THE
FffiE and CASUALTY COMPANY
Large Scale Memory
RAMAC, with its 50 or 100 magnetic disks, is capable of storing 5 ,000,000 or 10 ,000,000
alphabetic and numerical characters. This large memory can be used effectively in many
ways. For instance, the daily premium and loss transactions, without any sorting,
will update cumulative totals for many separate reports, such as State, Agents',
and/or Producers' records, and premiums in force totals by line and class.
Complete Data Processing System
RAMAC is a self-contained, single-unit data processing system containing its
own input and output devices. Its stored program and vast memory enal?le
companies to furnish Management operating and statistical reports and figures,
available in seconds, and as up-to-date as the last transaction received. The
stored program enables RAMAC to execute, automatically, an entire series of
machine instructions. It converts company and association codes to RAMAC
address automatically for applicable record updating. This means that premium,
loss, and other accounting transactions can be handled with a minimum of human
intervention.
Interrogation
RAMAC may be interrogated when reference to specific information stored within
its vast memory is required or requested. This feature is similar in concept to
going to a file, selecting a record, extracting the desired information from the
record, and then refiling the record. Interrogation, in the case of RAMAC, however,
is accomplished while the machine is performing other operations, without dis-
rupting processing for more than the fraction of a second required to select the
desired record. The information as called for is automatically typed out.
This feature of RAMAC is of particular importance to Management, as the many
requests for up-to-the-minute figures can be rapidly fulfilled through interrogation.
Input and Output
RAMAC uses the company's regular 80-column punched cards as input. RAMAC
output may be a printed document from the 370 Printer, punched cards from the
323 Punch, or a combination of both. Punched card output lends itself to organization
and preparation of documents on conventional IBM equipment.
2
ACCOUNTING and STATISTICS
The requirements of Management for current data, production and experience
reports, premium rating, and the problem of accumulations of statistics and
figures for inclusion in the Annual Insurance Departments' statements, represent
one of the most challenging areas within the Fire and Casualty Industry.
The use of the IBM 305 RAMAC will:
Provide memory with rating factors and the calculating ability to perform
Premium Rating, coding and punching required statistics and collection
cards for each entry.
Provide memory for maintaining agents' and/or assured's experience.
Provide memory for other classification experience summary totals.
Permit checking agents' accounts current through the machine's logical
ability.
Advantages to Management
1. Current information available in seconds.
2. Better controls over all transactions and accumulated totals.
3. Monthly, Quarterly and Annual Reports compiled earlier.
4. Eliminates many separate job steps and duplications.
5. Releases Accounting and Statistical cards sooner for additional processing.
6. Automatic Premium Rating and Printing Premium Renewal Notices
(on-line, or off-line printing).
7. Machine checking of agents' accounts current.
8. The status of a particular distribution or record, such as agency production,
may be "interrogated" and the required information furnished in seconds
by the typewriter.
3
FIRE AND CASUALTY INSURANCE RECORDKEEPING
Daily "In- Line" Processing
PREMIUM L.OSS
ENTRIES
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