Forums for the Business Analyst

 
  Modern Analyst Forums  Business and Sy...  Vertical Domain...  Life Insurance Important reports
Previous Previous
 
Next Next
New Post 7/26/2019 12:38 AM
User is offline shelzag
2 posts
No Ranking


Life Insurance Important reports 

Hi

Can someone please help me with the important reports (report names and their content) for life and group insurance products? Region - US and carribean.

 
New Post 8/1/2019 2:02 AM
User is offline Stewart F
112 posts
7th Level Poster


Re: Life Insurance Important reports 

Hi Sheizag, 

Can you just clarify for me - from what perspective do you want the reports to be from? In other words, are they management reports to understand sales, margins etc or are they regulatory reports - e.g. Product take up, liability totals, restricted policies v standard policies....?

 
New Post 8/6/2019 2:06 AM
User is offline shelzag
2 posts
No Ranking


Re: Life Insurance Important reports 

Hi Stewart

Will be great if you can advise on both - Management and Regulatory reports - from Life and group Insurance perspective.

 

 

 
New Post 8/12/2019 2:04 AM
User is offline Stewart F
112 posts
7th Level Poster


Re: Life Insurance Important reports 

Hi Shelzag,

OK, I am based in the UK, so regulatory reports might be slightly different for you (Not sure where you are based). I would suggest speaking to your Compliance team if you have one, as they will be your stakeholders for this.  Compliance teams will love you for coming to them, as they often feel a bit un-loved!

For Management Reports, I would suggest speaking to the Sales Manager and seeing what figures would be useful to him or her. If you have access to them, maybe ask a Board member of the Company if they wish to see such reports as well, and if they do, what would they like to see. 

Bear in mind that Board members have a very short amount of time to discuss anything, so lots of graphs and charts are good for them (Think dashboards that are clear and obvious - if you cant see the latest trend/figure in 5 seconds it's too complicated). 

Typically though, you will probably want to see these figures:

These all depend on what sort of policies your company sells

Regulatory Reports:

  1. Sales - amount of total new policies for month/quarter/year
  2. Total of Company exposure - The amount the company would have to pay out if every policy holder suddenly dropped dead at the same time.
  3.  The length of each policy - by this I mean the longest/the average length and the shortest
  4.  The number of policies to be repaid in the next month/quarter/year
  5.  The number of regulatory issues that month/quarter/year
  6.  The number of complaints raised in that month/quarter/year - this should also be split into the number for each category. Make sure you include those that have been resolved.

Management Reports

  1.  The number of new policies for that month/quarter/year
  2.  The total Company exposure for that month/quarter/year
  3.  The current revenue per month/quarter/year
  4.  The difference between months/quarter for each figure above and below - i.e. what's the trend
  5.  The company costs of administering those polices
  6.  The Resource (Staff) costs for the month/quarter/year
  7.  The expected year end profit based on current trend and its own trend over the Quarter/year.

There are plenty others that may be required, but that's the basics. 

Regulatory reports should be figures, tables and charts.

Management reports should be charts and graphs.

 
Previous Previous
 
Next Next
  Modern Analyst Forums  Business and Sy...  Vertical Domain...  Life Insurance Important reports

Community Blog - Latest Posts

A business analysis checklist helps you stay organized while you work through projects. It includes questions that will help you identify problems in your current processes, and suggest improvements for future projects. Understand the Problem Before you start writing code, you need to understand what problem you're solving. This means u...
I’ve heard “The End is Near!” for Business Analysts for almost 20 years.  Waterfall project management, with its need for formal requirements, is dead…a dinosaur…so 1990’s.  To be honest, that’s mostly true.  With the publishing of the Agile Manifesto in 2001 there was no need for a 2-inch-...
Business analysis is used to identify and articulate the need for change in how organizations work, and to facilitate that change. As business analysts, we identify and define the solutions that will maximize the value delivered by an organization to its stakeholders. We look for opportunities for new business models and new ways to work together. ...

 






 

Copyright 2006-2022 by Modern Analyst Media LLC