Spatulas, baking pans, cookie scoops and stand mixers are amongst the essential items bakers must have in their kitchen. Similarly, there are a handful of essential tools that reinsurance analysts use in their day-to-day work. Whether you are submitting claims, querying data or trying to manage data errors, I've curated a list of tools for reinsurance analysts to use based off of my experience:
1. TAIB300 Claims Program
TAIB300 is an electronic claims program that streamlines the process of submitting reinsurance claims. It is a function of TAI's reinsurance administration software, so having the Claims Program in your toolbelt requires having TAI's base system (which is probably THE most necessary tool for ANY reinsurance analyst). Why is TAIB300 Claims an essential tool? It significantly reduces the time spent manually processing reinsurance claims while also mitigating the risk of data errors or inconsistencies. Read more about it here.
2. Microsoft SQL Server
Microsoft SQL Server is a client/server database engine, meaning queries are always processed on the server and the server will only return results to client applications. With the help of SQL Server, reinsurance analysts are able to retrieve data as requested from other software applications such as your reinsurance software solution of choice, in our case TAI. SQL Server was designed to have many users accessing it at any point in time, so 10 - 100 reinsurance analysts can be on the system at the same time without disrupting each other’s work. An added bonus!
3. TAI Ad Hoc Query
As a reinsurance analyst, you are constantly working with data. TAI's Ad Hoc Query tool will come in handy if you are looking for a way to quickly and easily find information within the TAI system. To use it, you simply define criteria and set parameters that tells the tool how to query the database. If you find yourself querying the data frequently, you can also save the query to run it in the future. Learn about a specific use case here.
4. Microsoft Access
Compared to Microsoft SQL Server, Microsoft Access is the more commonly seen member of the Microsoft Office suite of tools. It is a desktop data management system that can import or link to data stored in other local Access databases, Excel, Sharepoint and Microsoft SQL. Since Microsoft Access is usually installed in everyone’s desktop, Access databases can be easily shared through email and/or secure client sites. This tool is key for our team of reinsurance analysts at LOGiQ3 as we typically use MS Access to view transactional data and export premium reports to clients when needed.
5. Beyond Compare
Beyond Compare is a data comparison utility that can do side-by-side comparison of files, FTP and SFTP directories and archives. And why is this tool is essential for reinsurance analysts? Well, it comes in handy during reinsurance administration system upgrades as any difference between production data and testing data can be highlighted and resolved immediately. Data accuracy, integrity and reliability is ensured, thus creating a smooth transition from an old system to an updated one.
6. Test Region
Using a test region allows analysts to look at how changing one aspect of the policy record would affect other parts of it, without actually making changes to the live system. Think of it as a rehearsal. You can see the big picture impact of making the change, detect any red flags or identify problems that could occur. Giving you the chance to address any issues before making the change in the live system. It is a great training tool for new hires. In fact, all of our new hires use TAI's test region as a training ground during their onboarding phase.
7. Join.me Online Meetings
Join.me allows users to share screens with up to 250 meeting participants. It is a web browser-based tool that allows you to share your PC screen with anyone who has access to the web. The ‘share control’ feature on join.me allows access for meeting participants to the analyst’s desktop, should they need to make changes to the current project. This collaborative working tool makes data error management easy as all users can be viewing the same screen, whether they are working in the office or offsite.
Bonus Tool: Songza
Songza is a free music streaming and recommendation service for U.S. and Canadian users. It comes highly recommended by LOGiQ3 reinsurance analysts as it offers playlists for activities such as concentrating, commuting, waking up and entertaining :)
So, as a reinsurance administrator, what are some of the tools that you are currently using? Are you currently using any of the ones mentioned here? I’d love to find about some extra tips and tricks you might have to help increase efficiency for our whole team. Feel free to share them in the comment section below!