Forums for the Business Analyst

 
  Modern Analyst Forums  Business and Sy...  Vertical Domain...  Life Insurance Important reports
Previous Previous
 
Next Disabled
New Post 7/26/2019 1:38 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 3:02 AM
User is offline Stewart F
98 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 3:06 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 3:04 AM
User is offline Stewart F
98 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 Disabled
  Modern Analyst Forums  Business and Sy...  Vertical Domain...  Life Insurance Important reports

Community Blog - Latest Posts

Anthony Horner
Anthony Horner
BPMN 2.0 is a modelling standard that has been around for 10 years now and although it has its foibles it has been recognised as the best for capturing the business logic behind real-life scenarios.  What most people don’t realise is that the standard itself is supported by an XML definition of its objects. What does this mean? Essent...
0 Responses
akshitavarma143
akshitavarma143
Different procedures are utilized for legitimate administration of IT administrations, yet ITIL is viewed as the best arrangement of practices for even administration of IT administrations. ITIL is the contraction for Information Technology Infrastructure Library.  In easier words, ITIL is many rules and arrangements for the effective admin...
0 Responses
Rajesh-N
Rajesh-N
What Everyone Must Know about AI in Testing Artificial Intelligence is the buzzword that we frequently keep hearing. Its widespread popularity and influence can be understood from the way industries adopting AI in their organization. Whether it’s Healthcare, Automobile, Banking & Financial Services, or Airlines, many industries have st...
0 Responses






Latest Articles

Product Owner vs. Business Analyst - Demystifying the Ambiguities
Feb 21, 2021
0 Comments
Agile projects, due to the short cycles of delivery, require a collaborative team, substantial leadership support, and a robust, agile culture to be i...
Copyright 2006-2021 by Modern Analyst Media LLC