There is sometimes a need to record and view loss estimates for your total expected exposure for an individual claim, and to see the development of these over time. Together with the actual bookings, the estimates provide you with valuable information.
The Loss Estimates can be found as a separate tab on the Claim Properties and are available for Individual Claims only.
Create New Estimates # Estimates cannot be created through the claim wizard, and must therefore be created on an already existing claim.
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Access an existing Remittance Worksheet # You may want to access existing Remittance Worksheets in order to view existing details, record new information, or to make changes to the worksheet.
If a remittance is ‘In Progress’, ‘Planned’ or ‘Authorised’ (only for Paid Remittances), you can change existing information already recorded on the remittance. You can also change its status to ‘Inactive’, or you can close it, i.e. change the status to ‘Final’.
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In order to calculate recoveries using each Base Company’s proportion of the total incurred loss as the basis, you must first have created and booked the regular recoveries.
In the following an example of two Base Companies is used. The source claim details are
Source/assumed Claim Bookings
Policy Base Company WK ID Claim ID As of Date Ccy Paid Loss Sorting DIR3350 GRE Base CW5384 #2095 01.
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If you want the SICS to calculate Portfolio based on predefined reserve entry codes and if you want the system to reverse the Reserve on the current Insured Period and to rebook the Reserve into the next open Insured Period, the condition must be defined. Refer to the chapter Handle Portfolio of Reserve Calculation Conditions. Conditions on the Retrocessionaire Participation can be inherited from the Outward Cedent’s Contract or vary per Retrocessionaire’s (special Portfolio Calculation of Reserve condition).
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When your company represents two conflicting interests involved in the same loss occurrence, it may be necessary to prevent some users from accessing one specific claim. SICS allows you to register this conflict information. When a user has been registered as being in conflict for a specific claim, he/she can no longer access the claim, or create any bookings for that claim.
Register Conflict of Interest:
Open the claim for which you want to register a Conflict of Interest Open the Claim Properties Open the sub-tab Conflict of Interest Press the menu button, and the Edit Conflict of Interest window opens Select the Users which shall be restricted from accessing the claim Press OK Edit Conflict of Interest:
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| Portfolio Calculation Reserve button | You can define conditions enabling the system to calculate and book: |
Premium Portfolio based on Premium Reserve Loss Portfolio based on Loss Reserves Other Portfolio based on Other Reserve The conditions apply for Outward Cedent’s Contract (OCC) and Retrocessionaire’s Participation (RP). Running the Retrocession Calculation order performs the calculations. (Refer to the chapter The Retrocession Calculation order for further information.)
The Portfolio of Reserve is calculated for an RP 1) when the RP’s share has been changed from one Insured Period to the next or 2) independently of a change in share.
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Protection
Insured Period: 01.01.06-31.12.06
Aggregate Limit: USD 6.000.000
Cover: USD 3.000.000
Excess: USD 2.000.000
Claim Basis: Losses occurring
Claim Sequence: Date of Settlement
Assumption: The Per Event Per Risk Indicator for the Reinsurance Product is set to Per Risk, or Per Risk Or Event.
When you are looking for detailed accounting information for a business, you enter the Business Ledger. In SICS the Business Ledger window is divided in two parts. The fields presented in the upper part of the window vary depending on the Level of Business. The lower part of the window contains the detailed accounting information of the business.
You have several options for searching and sorting the information of the Business Ledger.
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When a claim is subject to Annuity Calculation it is important that the methodology applied do not deviate from the reinsurance contract’s conditions. The methodology applied by the cedents should therefore be verified by the Claims handler. The Claim properties of all assumed claims have an option to register whether any Annuity Calculation is in line with the contractual conditions or not.
To register Annuity Information on a claim:
Open Claim for which you want to register Annuity information Open Properties - subtab Annuity Press the edit button Record Annuity Calculation information, and add a comment if required, and press OK The Updated information is generated if Annuity Calculation field was updated.
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