Unraveling Schedule F and Reinsurance Processing

in category

Sue Peirce Sue Peirce, AVP - Reinsurance Operations

Anyone who has been in the insurance industry for 10 years or more probably remembers some processes that were more manual and time-consuming in their early days. David Morales of our Reinsurance staff is no exception.

In his new thought leadership article called Unraveling Schedule F and Reinsurance Processing, David recalls how year-end duties many years ago generally began with requesting a stockpile of reports from the IT department. A few days later, reams of perforated computer paper would arrive on his desk. Reconciliations of reports to reinsurance ledgers required manually tallying up numbers from various large green ledger books. He had to attach the long strands of adding machine tape to reinsurance recoverable statements as backup support, indicating that all was in balance.

Once year-end numbers were finalized, they would begin the Annual Statement preparation. That too was a significant effort involving manual processes. But Schedule F was his nemesis. With each passing year, it grew in complexity and in the quantity of reinsurance data required.

Maybe that’s why David is such a proponent of automating reinsurance administration today. He has experienced the downside of no automation. Plus, he understands that today carriers must be able to produce a defensible audit trail for Schedule F transactions and for their reinsurer’s information, or they risk additional Schedule F penalties and may even be required to refile their financial statements. This would be a very costly outcome in terms of expense and reputation.

David speaks candidly about automation, so check out his article. And then let us hear from you. What’s your favorite story about past manual processes?

Your rating: None Average: 5 (1 vote)


Your fall unclaimed property

Your fall unclaimed property reporting cycle went well and you were done before there could be any possible impacts from Hurricane Sandy.

I really enjoyed this post. I

I really enjoyed this post. I spend little time and reading this topic. It's really interesting topic and then of well, that author decided to write about it. The person is really broad minded. I would like to read his posts with great pleasure. It can be my inspiration. Please visit this payday loans memphissite. It is really wonderful I thank that you will get festival. A lot of thanks………

You have made a few decent

You have made a few decent factors there. My partner and i looked on the net to learn more around the problem and also located most people will probably go with your own vistas on this web site. rumah kost bandung

I am not sure in the event

I am not sure in the event that this can be a format concern or maybe a thing about internet browser compatibility but We figured I'd personally publish in order to inform you. Your style and design seem excellent nevertheless! Expect you receive this problem resolved quickly. public speaking indonesia

Keep up the particular

Keep up the particular wonderful performs men I have an individual men in order to blogroll. | Howdy! Another person around my Facebook group discussed this particular site with us therefore i located look it over. I'm absolutely enjoying the knowledge. jual jersey grade ori

My spouse and i just couldn't

My spouse and i just couldn't leave your own site prior to indicating that we extremely loved the standard info an individual supply in your guests? Is gonna become again often in order to inspect completely new threads. pest control

prefer to send people the

prefer to send people the e-mail. We've got a number of ideas on your blog site you will be keen on ability to hear. No matter what, great site in addition to I count on discovering the item grow with time. hd iphone wallpaper

This is 7 olive oil for hair

This is 7 olive oil for hair benefits : 1. Prevents Hair Loss 2. Get Rids of Dandruff and Head Lice 3.Improves Hair Strength Naturally 4. Makes Hair Shiny and Soft 5. Improves Blood Circulation in Scalp 6. Promotes Scalp Health 7. Tames Frizzy Hair source : olive oil for hair