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
92 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
92 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

Jason White
Jason White
With time, we have evolved from oiled lamps to ever-present electricity, printing every page manually to now producing thousands of copies a day and so on. But what is the one thing these distinct things have in common? Yes, technology.One such branch of technology that has crossed leaps and bounds and turned into a  working technology fr...
1 Responses
Digital Business Analysis
Digital Business Analysis
Nowadays, companies like Audi and HSBC, use IT systems in everything they do. Does that make them to be IT companies rather than banks? Most would probably agree that HSBC is a bank, just as Audi is a car manufacturer. But what about digital banks such as Chime or companies offering digital products? In digital companies, most of the employees work...
1 Responses
Digvijaybook
Digvijaybook
IT companies are rapidly looking or adapting modern methodologies, so the business analyst role is increasing day by day. Offline is shifting to online, and this is why today, companies can easily garner important data in any aspect. But, data itself has no meaning hence, organizations look for a business analyst who can analyze the data and draw a...
3 Responses






Latest Articles

An Introduction on Artificial Intelligence and Machine Learning
Feb 23, 2020
0 Comments
After some research, I was taken back with so many machine learning applications already in use: weather forecasting, medical diagnoses, law enforceme...
Copyright 2006-2020 by Modern Analyst Media LLC