An insured peril is an insured risk of catastrophe in a certain risk zone. The insured peril cessions features in SICS enables you to effectively maintain the risks of your business and also to form the basis of accumulation control. Note! If your system administrator has set up your system to allow for business with To be Advised insured periods, your assumed businesses might not have any insured period at all. ...
To maintain an overview of your partner’s organizational structure (current and historical) and common characteristics, SICS allows you to link partners in numerous ways. Merge Partners # Open the business partner for whom you want create a link to a merged company or merger parent and open the Details tab. In the Properties display list select Merged Companies or Merger Parent In the Merged Companies/Merger Parent display list select New in the pop-up menu. ...
Terms and conditions regarding the maximum liability of a reinsurance agreement and the monetary amount to be received in return for the cover comprise, in SICS, the limit and premium conditions. The limits range from the agreed monetary limitations and deductibles to more informational items, like run passenger miles and turnovers. The premium conditions include items such as the estimated premium informed by the cedent, pre-agreed premiums, premium rates, and premium invoicing schedules. ...
Losses within the same category often develop in similar ways over time. Specific patterns of loss development can help the underwriter to e.g. calculate IBNR reserves. Loss Development Pattern selected on Portfolio Program is inherited to linked Assumed Businesses. Inherited Loss Development Pattern can be overridden on Assumed Businesses - values can be changed or a completely different Loss Development Pattern can be selected. Register Incurred Development Curve: # Open Underwriters Estimates and select the Loss Development Pattern tab Select to open the Incurred Development Curve subtab in edit mode Click the edit button next to Loss Development Pattern field and select wanted pattern Save the selected Loss Development Pattern If required, make changes to Number of Months and values Save Register Paid Development Curve: # Open Underwriters Estimates and select the Loss Development Pattern tab Select to open the Paid Development Curve subtab in edit mode Click the edit button next to Loss Development Pattern field and select wanted pattern Save the selected Loss Development Pattern If required, make changes to Number of Months and values Save Register a second Incurred Development Curve: # Open Underwriters Estimates and select the Loss Development Pattern tab Select to open the Incurred Development Curve 2 subtab in edit mode Click the edit button next to Loss Development Pattern field and select wanted pattern Save the selected Loss Development Pattern If required, make changes to Number of Months and values Save Register a second Paid Development Curve: # Open Underwriters Estimates and select the Loss Development Pattern tab Select to open the Paid Development Curve 2 subtab in edit mode Click the edit button next to Loss Development Pattern field and select wanted pattern Save the selected Loss Development Pattern If required, make changes to Number of Months and values Save Your system may have been set up to automatically update Loss Development Curves whenever an update is made in system parameters. ...
The Claim Basis defined on the Claim Condition determines how losses shall be validated against the Insured Period. In SICS the validation of claims against the Insured Period considers the following: Claim Basis Extended Reporting Period Date Loss Portfolio Condition Insured Period Date of Loss From Claim Trigger Date Original Policy Period (OPP)From Parameter “Do Not Validate OPP for Losses Occurring” Define Dates of Loss, Trigger Date, and Original Policy Period # Open the Claim Properties window. ...
LIMNET messages are processed in two main steps, which are message validation and the update of SICS. The validation stage, which can be activated for individual messages by selecting validate from the message pop-up windows, comprises of referencing to various SICS objects and field validation. The update of SICS (applying), which comprises of the update of business share and EDI Information, claims and worksheets. Further validations are performed (pre-applying and applying) at this stage. ...
Create Recovery Calculation Order for Stop Loss / Aggregate XL # The Recovery Calculation order for Stop Loss / Aggregate XL is started from the OCC Claim List or from the Find Accounting Order window, or from the Protection Program Stop Loss / Aggregate XL part if the OCC is structured in a program. Claim List Open the OCC Claim List Select Create Recovery Order from the popup menu. ...
You may find that you are in the process of recording a new business offer and wish to record it in SICS. However, this offer is part of a co-insurance policy where several insurers are independently sharing the liability. You wish therefore to indicate that you are a participant in such a policy. In some cases your company has also been given the responsibility to administer this co-insurance policy on behalf of the other co-insurers, (e. ...
If your company have activated the Retrieve Business Info from External System and/or the URL Addresses on the business functionality for your business' base company and main class of business, the respective information is displayed on the External Info tab of the business. Note! This information is only enabled for the ‘Assumed Business’ and ‘Retrocessionaire Participation’ levels of a business. URL Addresses If your company is using the URL Addresses on the business functionality, URL links are enabled on the businesses belonging to the base company and main class of business with the URL parameter activated. ...