The Multi GAAP module consists of several components. First there is a level of business called Portfolio Program. With the Portfolio Program you can structure your business and group it into portfolios. This is done by assigning individual sections of the assumed business to a hierarchical structure of the Portfolio Program. The hierarchical structure of the Portfolio Program is built using the section structuring facility. The reason for using the Portfolio Program is to:
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The Reinsurance market increasingly uses electronic methods to transfer data between business partners. This not only increases the speed at which data can be transmitted but also improves accuracy by avoiding hand written documents. High volumes of transactions can be simply and efficiently distributed using EDI (Electronic Data Interchange) messages, and SICS includes an EDI interface to allow you to receive and validate them. If a message checks out, then it can automatically update SICS.
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You may have received a new offer that should recorded and need to check that it is not already in the system, or you want to find an existing agreement that you need to update. Whatever the reason might be, the starting point of underwriting functions is typically finding a business.
The Find Business feature in SICS offers a variety of searches, all from quick searches for specific businesses to more advanced searches.
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SICS lets you register and search for detailed claims information. The Claims folder on the SICS desktop includes four icons: Claims, Claim Groups, Claim Programs and Headline Loss.
Claims in SICS must be linked to at least one business, and can be linked to more than one business and/or section. All Claims therefore consist of two “levels”: One level being general for all the linked sections, and the other level being specific for one section only.
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View Business Highlights # When you open up a business, you see the Properties window. The Properties window lets you find out more detailed information about a business, and is also the window from which you can add more detailed information when registering a business.
As mentioned earlier, you can access the Properties window by:
Selecting a business from the Business display list by double-clicking it. Selecting a business in the Business display list and selecting Properties from the pop-up menu.
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You can create period estimations on individual Assumed Business by using the Multi GAAP functionality. In SICS, you access the functionality by clicking the ES-button in the Business Properties window.
When you click the ES-button, SICS opens the Underwriters Estimates window. On this window you see the Period Estimate tab, which enables you to maintain your estimations. (You specify the estimation items that appear on the Period Estimation tab on the Multi GAAP tab in the system parameters-System Administration folder/System Parameter Maintenance) For each of the Estimation Items estimates are calculated from rules that are specified with the Estimation Items.
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How the Period Estimates on Proportional OCCs are populated, depends on Multi GAAP system parameter Period Estimation Calculation on Prop Outward Contracts
A: When system parameter Period Estimation Calculation on Prop Outward Contracts is cleared
The Period Estimates on a Proportional OCC are fed by the estimations of the protected Assumed Business. You get an overview of these estimations on the Period Estimates tab of the Proportional OCC. (Click the button on the Navigation bar of the OCC to access the Underwriters Estimates window.
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Companies that you have a direct or indirect business relation with are in SICS handled as Business Partners. A direct relation is for example the one you have with a cedent or a broker, whereas an indirect relation is the one you have with an insured or a bank handling the money transactions.
SICS lets you register and handle detailed and comprehensive information about your existing and potential partners.
A reinsurance company often finds itself insuring the same principal risks again and again through multiple reinsurance/insurance contracts. Whether these risks are single objects, like buildings or vessels, or they are risks of catastrophe, like earthquake in a certain zone, it is important to keep track of their cumulative effect and to know as much as possible about them individually. SICS offers a detailed catalogue of both insurable object information and peril of zone information, as well as a facility for controlling the exposure to these.
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This document describes how to use the eMessaging module to import and process ACORD RLC xml messages.