The view message window displays everything there is to know about a single message. It defaults to the highlights tab, which shows a summary of the message. Other tabs show additional information. Highlights # This tab is composed of three parts. The first part. Message identification, tells you about the sender and receiver, the dates the message was created and loaded into SICS, the life-cycle status and the include/exclude flag. This part is constant for all message types. ...
Proportional Protections # | | From an inward business, click the Proportional Protection Assignment button in the Navigation bar. | This opens the Proportional Protection Assignment window. The window is split into two parts: the upper part is for the proportional protection, and the lower part for the non-proportional protection. When a protection is assigned for the business, the protection is displayed in this window. In the ID column you can see the business ID. ...
Business Cover Excess AB Limit 3 000 000 500 000 OCC Limit 3 000 000 500 000 Inwards Claims and Bookings Claim HL Claim cover Claim xs Paid FGU Res.FGU Inc.FGU Paid layer Res.layer 123 700 000 100 000 250 000 600 000 850 000 150 000 568 HL A 150 000 550 000 700 000 - 569 HL A 650 000 800 000 1 450 000 150 000 570 Risk B 750 000 400 000 1 150 000 250 000 571 Risk B 500 000 60 000 560 000 - 145 575 000 250 000 825 000 75 000 Recovery calculation: ...
The Accrual Accounting on Inward Order is booking figures from Underwriters Estimate, Adjusted Estimates tab into a Technical Worksheet. You define one order for each portfolio that you want to the system book estimates for. The Account Order calculates and books both Estimate and Accrual: The up to the respective date Estimated Written Premium [Commission, Brokerage, Other Costs respectively] = Underwriters Estimate (* Time Elapsed, if applicable). The Accrued Written Premium = Estimated Written Premium minus Actually Accounted figures booked on Business Ledger with Entry Codes in Entry Code Sub Category Premium, Premium Portfolio Entry, Premium Portfolio Withdrawal, Original Premium Portfolio Entry and Original Premium Portfolio Withdrawal, with Booking Period <= Booking Period in the order window. ...
Accumulation Control Button A reinsurance company often finds itself insuring the same single objects, like buildings or vessels, again and again, so it is important to keep track of their cumulative effect. SICS offers a facility for controlling the exposure to these cumulative effects. Control Accumulation of Insured Object # Select the Insurable Objectcs icon. Select the Insurable Objects sub icon. Search for the insurable object that you want to do accumulation control for. ...
In order to validate that the claim is recoverable under an assumed business, and for other purposes like reporting, accumulation control, and recovery it is necessary to record the Loss Location. You can also register the Area of Jurisdiction the claim falls under, and in addition you may want to link the claim to a specific Risk Zone for informational and reporting purposes. Define Loss Location # SICS allows you to record the Location as an Area, for example World Wide, a specific Country (United States), State Groups (Western States), specific State (California), City (San Francisco). ...
EDI LIMNET supports the handling of bulk claims messages. A bulk claim consists of a bulk header and a number of bulk component claims. The bulk header is created as a claim in its own right, but there is a new indicator on Claim windows that shows the claim is a bulk header. Claims where the EDI bulk claim check box (on the Section Specific tab) is selected must have a claim disposition of Informational. ...
SICS offers several means of assisting you in determining and monitoring the financial situation of your business partners. It assists you both in evaluating the partners’ general financial situation, as well as the particular financial situation with your company. Analyse Key Figures of Business Partner # SICS lets you register annual financial figures published from your business partners’ accounts. Examples of key figures are Gross Premium Written, Premiums Earned and Claims Incurred. ...
SICS lets you create different types of groups. These groups are created from different business windows and include: Merger Group Business Group Master Treaty Group, Bouquet Calculation Group, Offer Group Bifurcation Group Find Business Group # The Find Business Group lets you search for already created groups. Select the Business icon on the desktop Select the Group icon Enter your search criteria Select Find Now Field description - Find Business Groups ...
To get an overview of the estimations done on the Assumed Business you can use the Underwriters Estimates window / Period Estimates tab on the Portfolio Program. You can also make adjustments to these estimations. On the Period Estimates tab of the Portfolio Program you can see the sum of estimations of all Assumed Business connected to the Portfolio Program section. You also see the various estimation currencies used on the business. ...