It can be useful to maintain loss information on a claim record without linking this to accounting. These ground up loss figures can, for example, be used as basis for quotation and pricing upon contract renewal. Open the individual claim for which you want to register the quotation figures. Open the From Ground Up tab/Quotation Figures sub tab Select New from the menu. Define the quotation information as required, and click OK. ...
EDI LIMNET CLASS New Claim and Existing Claim Messages contain From Ground Up (FGU) information. This information is for each currency provided on incurred basis and is automatically added to the Incurred FGU field of the EDI FGU Figures section upon processing. You may also record this FGU information manually. The EDI FGU information is held on an overall level of the claim meaning that the same information applies for all sections of the claim. ...
In order to study loss trends, frequency of losses, as well as develop size of loss distributions, it is necessary to register the true “Ground Up losses”. SICS allows you to maintain the latest Market GU Loss figures for a claim, provided your System Administrator has enabled this functionality. Whenever FGU figures are registered, the system defaults the amounts from FGU into the Market Ground Up Loss figures. You can at any time modify the Market GU Loss figures manually, but the “Market Ground Up Loss Review” checkbox is only enabled when at least one of the claim-to-section links is open. ...
View the Claim Ledger # The claim ledger gives you an overview of all bookings created for a specific claim-to-section link on a Claim Worksheet, sorted by the As of dates or Date current status of worksheet was set, if this has been chosen by your System Administrator. Opposed to the Business and Business Partner Ledgers, which only include worksheets transferred to the ledger, the Claim Ledger will also include those that were not transferred. ...
Joint Contracts (often referred to as Dual Stamps or Twin-Band/Tri-band contracts) cannot hold claims, and all claims handling must be performed directly from the Joint Contract’s Assumed Business Placements. Create Claims on Joint Contracts # To ensure that all claims are created for all placements, manual claim creation can only be performed on the Assumed Business where the Reinsurer is the Administrator. SICS automatically creates the corresponding claim on all other assumed businesses linked to the same Joint Contract. ...
A Claim Group is a grouping of claims (various, interlocking, or individual) that can be used for any other purpose than accumulation control. You could for example use a Claim Group to easily view claims and related bookings for Environmental Claims. Since the purpose of the Claim Group is entirely user defined, there are no validations.
When you decide that you want to link the claim to a Claim Group, the first step would be to search for any existing Claim groups in the system. The Claim group consists of a Category and a Name, and can be active or Inactive. Double-click the Claim Group icon in the Claim folder on the SICS desktop. You see the Find Claim Group window. Select category from the drop-down list. ...
If your search for the existing Claim Groups did not retrieve any suitable match, you must create a new group. This can be done from the Find Claim Group window or from the Claim itself. Both processes are described below. Create Claim Group from the Find Claim Group window # Double-click the Claim Group icon in the Claim folder on the SICS desktop. You see the Find Claim Group window. ...
After some time you might decide that a Claim Group no longer serves a purpose, or was actually created in error. SICS allows you to easily delete the Claim Group. Double-click the Claim Group icon in the Claim folder on the SICS desktop. You see the Find Claim Group window. Click Find Now to list all Claim Groups in the display list. Select the Claim Group you want to delete. ...
If you for some reason do not want to delete the Claim Group, but at the same time do not want it to appear on all lists, you can select to Inactivate it. Open the Claim Group from the SICS desktop. Find the Claim Group you want to Inactivate, and select Properties from the pop-up menu. Click the Edit button. Clear the Active check box. Click OK.