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....?

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.