Data integrity is the foundation of a reinsurance analyst’s job. In a general setting, data integrity means maintaining and assuring the accuracy and consistency of data over its entire life-cycle. As it relates to the entire life insurance business operation, data integrity means ensuring there is no mistranslation of transactional data between the insureds, life insurance companies, reinsurance companies and retrocessionaires. Imagine having your life insurance application rejected because your stated income was not filled in correctly. Imagine being charged a higher insurance premium than expected because your insurance rating was not translated correctly into the life administration system. Imagine only receiving 10% of your stated benefits because a zero was missing at some point in time during the transmission of your information between insurance and reinsurance parties
If you are in the realm of business, regardless of your field, you’ve more than likely read about, discussed or researched the topic of data and its impact on you. I know I have more than a handful of times! In our digitally driven world, the topic of data has been prominent over the past few years. Recently, I came across an article that, at least for me, discussed data with a fresh perspective. The author described data as a language that is used to tell stories – and not just in the business world but in everyday life. Running an upcoming marathon? The distance, your level of fitness and goal for time will inform the amount of training you need to do. Saving for retirement? Your standard of living, current income and family size are just some of the data that will inform how much you need to save annually. I could go on, but the point is, almost everything you do involves some kind of data that is used to tell a simple story. But so often in business we can get overwhelmed and caught up in data overload. This inspired me to think about how you can use data to tell a simple story about your business.
Administrative audits are a certainty in today’s reinsurance industry. And whether you’re a seasoned veteran auditor or a first time auditee, you’ll likely have the same question crossing your mind; “What are the findings going to be?” In many cases, as a reinsurance auditor with new staff or an untested or unproven audit program in place, you want to ensure that your audit team is providing an appropriate attestation of the auditees control environment. Whatever the context, to help you prepare for that upcoming audit, I’ve included a list of five common control gaps that our team of administrative audit experts have come across when auditing on behalf of our Reinsurance clients.
Have you ever been asked to sign a Non-Disclosure Agreement or NDA? If you are in the insurance world, you’e likely had some degree of exposure to NDAs. But are you fully aware of what you are signing when it comes to these legal contracts? Or the impact it might have on you or your company? Regardless we’re breaking down the ABC’s of an NDA to ensure you know exactly what is expected when you sign an NDA.
As you know, approximately every four years we have what's called a leap year, a year with 366 days as opposed to 365. This additional day comes to us in February as the 29th day of the month. Intuitively, many of our clients would assume that 366 days in a year would affect the annual billing of their premiums, as one of the golden rules of annual premium calculation is to always divide by 365. So what happens in a leap year? Well, ultimately, I will address this question with this blog post, and share with you how leap years will not affect the calculation of your billed premiums. Let's learn more on how this is done.
There is an old saying that ‘Everyone is a rookie at least once’. For me, that’s exactly what I was last month when I attended my first RAPA Conference. Set against the backdrop of beautiful Phoenix, Arizona, we spent 2+ days exploring reinsurance topics ranging from data quality, client audits, post level term, and ending the final day with breakout sessions on best practices and lessons learned from our shared community of experts. I sat on a discussion panel with LOGiQ3's Brittainy Pratt, who has also shared her insights. What follows are some thoughts and reflections from that great event, in no particular order, from the perspective of a RAPA rookie:
Your company is in the business of reinsurance. You deal with mounds of data every day. You've turned to a professional reinsurance software to manage your reinsurance business process and it has been smooth sailing ever since. Today, the current regulatory and security environment is demanding increased protection for data centers and Personally Identifiable Information (PII) – which means it is time to consider an upgrade. From the calm skies above come the solutions of cloud services. To keep up with best practices, cloud solutions are the next step in streamlining customer implementation, speeding up the conversion process, and allow for smoother future upgrades. The cloud is the result of the progress of existing technologies, it aims to help users focus on their core business and leverages the product expert in the implementation process.
Being completely new to the concept of reinsurance, I only knew that reinsurance is insurance for insurance companies, but it was after joining LOGiQ3 was I able to understand the concept of one insurer ceding part or all of its own risk on a policy or group of policies to one or more reinsurers in a little more detail. However, reinsurance is a vast concept and can be overwhelming when exposed to all at once. As a reinsurance analyst, I very quickly learnt, that to fully understand and grasp the bigger picture, I had to understand the very basics of reinsurance first. So what is this basic information that I recommend you know if you’re new to reinsurance and reinsurance administration? Here it is:
It's been nearly a month since the TAI User Group meeting. We've been actively seeking feedback from attendees on how we can provide a greater and better experience to you in 2016! In the meantime, I've taken the opportunity to curate a list of top 10 highlights from the TAI team from this year's meeting. If you didn't get a chance to join us this year, be sure to check out our own version of David Letterman's Top 10 to see what you missed!
As a software provider, it is essential for TAI to stay up-to-date on the latest technology provided by the industry. We need to be far ahead of our clients in terms of technology adoption not only so that we can provide the adequate support for our products, but also think of new, innovative product ideas to bring to the market. If you haven’t already heard, Microsoft is ending support for Windows Server 2003 on July 14th, 2015. What does that mean for TAI clients? While your applications can still run on Server 2003, Microsoft will no longer issue security updates or provide technical assistance, which can leave you vulnerable to system attacks or incompatibility issues down the road.