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Data Management Initiative

Reporting Guidelines

 

Reporting Guidelines: Recommendations that help direct a course of action but can vary by Ceding Company and Reinsurer

  1. Partnership Start Guide White Paper
    The partnership start guide was developed to ensure collaboration between ceding companies and reinsurers when onboarding new clients.
       RAPA Data Quality Partnership Start Guide White Paper PDF
  2. Late Reported Transactions
    Late reported transactions impact users of the data. These delayed transactions may be due to company mergers or acquisitions, changes in administrative systems, or poor cedent controls that result in errors and omissions reporting. Late reported transactions may have impacts on sales, financials, company credibility, reserves and capacity.
       Late Reported Transactions Document
       Late Reported Transactions Spreadsheet
  3. Missing Fields
    Completeness of data reporting is very important to the submitting company as well as the receiving company. If key fields are missing when the data is reported to the Reinsurer/Retrocessionaire, the data may be misinterpreted. This can lead to more time in answering questions or incorrect assumptions, potentially resulting in financial impacts to the bottom line. Complete data reporting is one method to ensure the business is processed efficiently and correctly.
       Missing Fields Document
       Missing Data Fields – Scenarios Document
       Missing Fields Impact Grid Spreadsheet
  4. Conversions
    This guide has been created as a reference to assist with the handling of conversions. Policy conversions occur within the life insurance industry with regularity and can follow different processes as needed to support various consumer needs. Additionally, each reinsurance agreement typically contains the negotiated terms for covering the converted policies. Therefore it is important that the conversion activity be reported to the Reinsurer(s) and Retrocessionaire(s) in a manner to ensure the contractual terms are honored.
       Conversions Document
       Conversion Guidelines Matrix Spreadsheet
  5. Partial Reporting
    The accuracy of data reporting is very important to the submitting company as well as the receiving company. Some companies have multiple systems that compile reporting or use third party administrators for reporting. It is important the submitting company confirms all reporting is created when expected and sent to other parties. A system error may also occur that would result in partial reporting. It is important the submitting company confirms files are correct or develop a process to confirm this.
       Partial Reporting Document
  6. Policy Number Changes
    Policy numbers are typically a static data element, it is a key reporting field used to identify and apply policy changes to correctly represent the risk and the treaty terms under which the policy is covered. An unreported change in the policy number potentially leads to overstatement of reserves and assumed NAR as it may appear to be two separate policies in the systems. Conversely, policy number changes which are communicated in advance of the reporting, or reported as a change, provide an opportunity for the business partners to make modifications to accommodate the change and avoid any appeared duplication or financial overstatements.
       Policy Number Changes Document