The estimation bookings made on the Assumed Business are automatically transferred to the OCC as Original bookings. This is normal SICS functionality. In addition to this you can make adjustments to the estimations that come from the Assumed Business. These adjustments can be made at the OCC and at the Retrocessionaire level. This works only for Proportional OCC’s.
Non-Proportional OCC’s has no direct connection to Assumed Business. Consequently there are no estimation bookings that are transferred automatically to the Non-Proportional OCC’s.
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MGU Frame Agreements can be created and maintained as part of Business Partner Details for Business Partners marked as Paper Provider. Each agreement is linked to one Base Company (MGU).
As part of the premium bookings on the risk, the applicable MGU Frame Agreement is selected behind the scene, based on matching of the accounting classification and the classification of the MGU Frame Agreement. MGU Commission is calculated based on this matching
The estimations at the portfolio and business level are usually booked when preparing the book closing. An automatic calculation order called “Multi GAAP Accounting Order” does the booking of the estimates. The order does two things:
Books the estimates either on the business or portfolio ledger depending on where the estimates are entered. The booked estimates are also created as status As original on the ledger of an OCC if the business or portfolio program is connected to a Proportional OCC.
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SICS Search is a global searcher that search multiple SICS sources at once, such as
Business Partner Claim Worksheet etc… If SICS Search is setup in conjunction with Apache Solr, external documents can also be used as source. Supported formats for external documents is listed below.
Microsoft Word Document (DOC) Microsoft PowerPoint (PPT) Microsoft Excel (XLS) Office Open XML Document (DOCX) Office Open XML Presentation (PPTX) Office Open XML (XLSX) Portable Document Format (PDF) Text Document (TXT) SICS Search is NOT enabled by default.
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The SICS Task Management Module provides a process and task oriented way of working in SICS.
You can configure your own process templates, from which actual processes can be created. How to create a new a process template is described in the System Administration Guide / Set Up Task Management.
A process will contain one or more tasks, each task being a well-defined piece of work to be carried out by one SICS user.
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The accounting functionality in SICS lets you enter, store and retrieve relevant accounting information. All accounting information related directly to agreements (business), such as premium, commission, losses, reserves, deposits, are entered on Technical Worksheets. All accounting information directly related to a claim is entered on a Claim Worksheet. All payments between you and your partners are entered on Remittance Worksheets.
To retrieve and view existing accounting information for a business you can open the Business Ledger.
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SAP BusinessObjects is the reporting tool for SICS, and the reporting environment has been set up to reflect the structure of SICS.
The reporting environment is made up of universes describing the data in the database in more “everyday terms” by using a terminology of classes and objects. Since the database is quite extensive, a main universe covers the major part of the database for each system, while a number of smaller universes take care of the remaining part.
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| Most of the examples in this chapter are based on Proportional Treaty business. However, windows may look different depending on the type of business you are working with. | Most of the terms and conditions of an agreement in SICS, you open by clicking buttons on the navigation bar in the Business Properties window. The buttons that you see depend on the type of business that you have opened. Not all of the buttons are relevant for all business es, so only the ones that apply appear.
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SICS lets you automatically calculate Recoveriesby using the Non-Proportional Recovery System. Recoveries can be calculated on following levels: Protection Program, Single Outward Cedent’s Contract, XL CA Of Outward and Non-Proportional Facultative Protection. A simplified recovery calculation can also be made for proportional treaty Outwards Cedent’s Contract of type US Quota Share.
For Single OCC’s and OCC’s being linked to a Protection Program, system also calculates recovery on Sub Sections. The system will calculate recovery on the lowest Sub Section level of the OCC that matches the inward claim’s scope of cover.
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As a reinsurer, you sometimes purchase reinsurance protections for individual agreements or on a more global, corporate basis for certain classes of business(for example, worker’s compensation) or exposures (such as windstorms). SICS lets you register those protections at detailed levels.
After you define the classification of all the protected businesses in a protection program (SICS’s term for a retrocession), you can establish the Outward Cedent’s Contract (OCC). The OCC can also be established independently in SICS, and can be made up of the placements with retrocessionaires either on a direct basis, or through an intermediary.
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