After having performed a search amongst the existing claims in the system, you might decide that you have to create a new claim record. Note that claims cannot be created on Pending or Declined Business. They must always be linked to a business that is either Informational or Definite. There are three different types of claims in SICS:
Individual Interlocking Various Claims can be created in numerous ways in SICS - either by creating an entirely new claim “from scratch” or by using an existing claim as a template, and copy this to another business or another section.
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Underwriter’s Estimates # The Underwriter Estimates enables you to enter your own estimated figures for premiums,deductions claims etc. on a business basis. The fields are user-defined. These ‘user-defined’ fields, called Estimation Items, are maintained in the System Parameters Maintenance folder. The Estimation Items created in the Underwriter Estimates are the base for analysing the business as follows:
Analyse the technical profitability of the business, and to be able to compare the underwriter estimates from one underwriting year to another.
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SICS lets you set preferences that affect your daily working environment within the system. There are default values that affect the Create New Business wizard, the Find Business, Find Claims window, and Accounting Worksheets. Your default values for the classification on the Create New Business wizard depend on the class of business, base company, and reporting unit(s). Setting these default values can speed up the registration process for you, but they are different for all users, which is why each user can set them individually.
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When required it is possible to restrict accounting for the claim (all sections) to users with specific authorization level only. When a claim has been marked as requiring additional security; an additional check within the Accounting module will validate that the accountant has appropriate authority when booking on the claim; regardless of the amount that is booked. This additional security may be linked to the Complexity level of the claim; ensuring that all claims which are deemed as complex require such security.
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SICS lets you update many balances or worksheets at once by using the mass update facility. You can access this from the Periodic Functions folder on the SICS desktop. In that folder is a folder called Accounting Mass Update. Click this folder and you see seven (or eight) icons : ‘Business Partner Mass Update on Balances, Closed Balances, Last Completed Booking Year, Open Balances, Open Worksheets’, ‘Reporting Classification Detail Mass Update’ and ‘Reserve and Deposit Detail Mass Update and Accounting Balance Pairing Status Mass Update.
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Having performed all the calculations of limits and claim figures, and taking into consideration amounts already booked, the system calculates and displays the result in the Suggested Distribution Display List.
Field description 42. - Suggested Distribution Display List Field Description Location Business ID The unique identifier generated by SICS by which the business linked to the claim is known. FGU Recording Section The name of the section the claim is linked to.
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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.
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If your System Administrator has enabled this function, SICS allows you to create Event Groups on a Headline Loss. The purpose of such Event Groups is to extract and group claims which are linked to the Headline loss, and calculate and book the IBNR for the subset, using pre-defined calculation rules. The Event Group contains criteria identifying which claims are to be considered in the calculation of the group’s Event IBNR, linked claims, and Calculation Data, including Loss Development Pattern.
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