8.5. Revised EPI Mass Update
If you want the Revised EPI in the Limit & Premium conditions to reflect the actual booked premium, you can run the Revised EPI Mass Update.
The Revised EPI Mass Update is available in the Mass Update Functions folder on the SICS Desktop. The Mass Update will update Revised EPI on a business section with the total booked premium, if a specified Estimated Item in Period Estimates is set to Complete. This will typically be an Estimated Item for Premium
Setup: #
In System Parameters for Business/Miscellaneous, Revised EPI Mass Update section, the following parameters must be set/considered:
- Select an item in the Estimated Item drop down. The Revised EPI Mass Update wil only update Revised EPI on Insured Periods where this Estimated Item is set to Complete in Period Estimates.
- Select an Entry Code Group in the Entry Code Group drop down. The Mass Update will update Revised EPI with the booked amount on Entry Codes within the selected Entry Code Group.
- Select parameter Include Previously Updated Businesses if you want Revised EPI to be updated again, even if it has previously been updated by the Mass Update.
Functionality: #
- The Mass Update will extract business sections where the Estimated Item selected in point 1 above is set to Complete. If a section does not have Period Estimates, the system will check if the relevant Estimated Item is Complete on all underlying sections. The business section will then only be extracted if the Estimated Item is Complete on all underlying sections.
- Only Business Sections owning the Limit and Premium condition will be updated. This means that the Mass Update will not break inheritance on sections where the Limit and Premium condition is inherited.
- Revised EPI will be updated with the total booked amounts on Entry Codes within the Entry Code Group defined in point 2 above. Only Non-Estimate bookings on closed worksheets will be included. Only bookings on the current section will be included. Bookings in different currencies than the Main Currency will be converted using the Exchange Rate rules defined on the Mass Update Order.
- If the Premium & Limit Condition has been amended and has multiple effective periods, only the last effective period will be updated. It will be updated with the total amount retrieved from booked figures for the entire Insured Period.
- When Revised EPI is updated on an Insured Period, a flag is set on the relevant Estimated Item in Period Estimates. When this flag is set, Revised EPI will not be updated the next time it is run, unless the system parameter mentioned in point 3 above is selected. However, if the Complete flag is removed from the Estimated Item, and then set again later, the flag is cleared, and Revised EPI will be updated again next time the Mass Update is run.
Create a Revised EPI Mass Update Order #
- In the Mass Update Functions folder on the SICS Desktop, select Revised EPI Mass Update. the Find: Revised EPI Mass Update Orders window is opened.
- Click Create New or select New from the pop-up menu. the New Revised EPI Mass Update Order window is opened
- Enter your order selections and press OK.
New Revised EPI Mass Update Order window
Field Description: Revised EPI Mass Update Order #
| Field | Description |
|---|---|
| Title | Description: A short description to identify the order Values: Free Text - maximum 40 characters Mandatory: No Functional Impact: None |
| Currency Conversion - Exchange Rate Type | Description: Exchange Rate Type to be used for converting bookings to Main Currency. Values: Day Rate, Period Rate, Year Rate Default: Day Rate Mandatory: Yes Functional Impact: Conversion of bookings to Main Currency in Revised EPI Mass Update |
| Currency Conversion - Exchange Rate Category | Description: Exchange Rate Category to be used for converting bookings to Main Currency. Values: Depending of selected Exchange Rate Type Default: Daily Rate Mandatory: Yes Functional Impact: Conversion of bookings to Main Currency in Revised EPI Mass Update |
| Currency Conversion - Exchange Rate As Of Type | Description: Exchange Rate As Of Type to be used for converting bookings to Main Currency. Values: Current, Fixed, Sliding, Inception Default: Inception Mandatory: Yes Functional Impact: Conversion of bookings to Main Currency in Revised EPI Mass Update |
| Registration | All fields are set by the system and displayed as output only. Order Type: Revised EPI Mass Update Order. Created: Shows the date the Order was created. -by: Shows the name of the user who created the Order. |
| Actual Run | This box shows when, and by who, the order was run (processed). Date and Time: Shows the date and time the Mass Update Order was last processed. Ordered by: Shows the name of the user that processed the order. |
| U/W Year From | Description: The first U/W Year to be included in the Mass Update. Values: A Year or blank Default: None Validations: Must be lower than or equal to U/W Year UpTo Functional Impact: If a year is defined, only Insured Periods with an Underwriting Year higher than or equal to the defined year will be included Mandatory: No |
| U/W Year UpTo | Description: The last U/W Year to be included in the Mass Update. Values: A Year or blank Default: None Validations: Must be higher than or equal to U/W Year From Functional Impact: If a year is defined, only Insured Periods with an Underwriting Year lower than or equal to the defined year will be included Mandatory: No |
| Filter Businesses by Classification | Here the classification for which portfolio that should be included in the order is defined. |
| Level of Business | Values: Assumed Business Default: Assumed Business Functional Impact: Only Assumed Businesses can be updated by the Revised EPI Mass Update Mandatory: Yes |
| Type Of Business, Main Class Of Business, Base Company, Reporting Unit | Values: You can select all values defined in the system Default: None Functional Impact: System will include all values if NO selection. If you select one or more values only the Insured Periods with selected values will be included by the order. Mandatory: No |
Run a Revised EPI Mass Update Order #
You can run the Revised EPI Mass Update Order directly as described here, or process it as a scheduled job.
- Open an existing Revised EPI Mass Update Order
- Select Run now from the menu.
- The system processes the order and updates Revised EPI on the selected businesses.