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.
...
SICS makes it easy for you to structure businesses by letting you add on to and edit information as you go along. You may, for example, want to:
Edit the business classifications that you registered when the business was first created. Assign business partners to a business. Change insured periods, to name a few things. Handle Partner Roles # You can handle partner roles in SICS by assigning business partners, adding and editing business partners, and adding contacts to partners.
...
If an Assumed Business is protected by an Outward Cedents’s Contract (OCC) being proportional treaty business which indicator ‘Automatic bookings on OCC & ORP’ is selected, this can be selected only when this OCC protects one AB only, for below scenarios a Retrocession Calculation and a Retrocession Account order will be created and run automatically in sequence, without any user interaction. The orders are closed after they have been run and cannot be edit or rerun by the user.
...
Corresponding with Insured Period dates are buttons that indicate the business phases. These buttons indicate current status and history of a business.
The Life Cycle of a business begins as Offer, or Renewal Quote Requested or New Quote Requested. If the business begins with a quote request, there can be a Decline to Quote, or the request becomes Quoted, and the quote can be Taken Up or Not Taken Up. If the business begins with an offer, it could be either New Agreement Offered, or Renewal Offered.
...
You may handle formal changes to an agreement in a coherent and an accurate way by use of the SICS business amendments. They ensure that you for all terms and conditions always see the exact period for which they are valid. This and other amendment features allow your company to follow up also other administrative functions, such as accounting, in a correct and secure way.
This chapter covers the general processes involved in recording and maintaining amendments.
...
The Claim Status and sub status indicate whether further financial movements are expected, and allowed, on the claim. On the claim’s Section Specific tab you find the Status Information section.
SICS allows you to view the status history by navigating on the date of change.
You can change the status information either by creating new information. You can choose if you want to modify the status for the current claim section only, or to modify all sections of the claims simultaneously.
...
The Profit Commission window is where you define conditions that apply to the amount to return to the cedent based on the profit generated by the ceded business.
The Profit Commission calculated when running the Proportional Retrocession Calculation Order is calculated on an overall level. If bookings are made on different Accounting Classifications, the overall Profit Commission calculated will be split and booked on the different Accounting Classifications proportionally of the Premium booked for the Insured Period of the Accounting Classification.
...
For specific types of business and claims you may want to record the Claimants and/or the Insured. These parties can be maintained as Third Parties in SICS. As for the Claim Business Partners, payments can be made directly to them. Third Parties can also be used as extract criteria in Find Claim. The Third Party relationship is maintained on the Links Tab - sub tab Business Partner - in the Claimant/Insured display list.
...
Release date # December 13th. 2019.