reinsurance administration professionals association data initiative – callout to members for...
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Reinsurance Administration Professionals Association
Data Initiative – Callout to members for feedback & participation!
July 7, 2014
Genevra Pflaum - Data Initiative Lead for RAPA
Contact information:Manager, Client Data Quality Hannover Life Reassurance Company of [email protected] 720-279-5018
The RAPA Data Initiative is excited to start on Phase II of our Guidelines for Reinsurance Reporting document.
We wanted to share what we have planned for Phase II and solicit feedback and see if there’s any interest in joining one of our sub groups. There are several topics so we have split into sub groups in order to tackle them more efficiently and effectively.
Please email [email protected] with any feedback, questions or interest.
Reinsurance Administration Professionals Association
Data Initiative: Phase II
Conversions Reporting Issues Data Quality Treaty
Sub-Groups
√ Completed guidelines for most traditional conversions.
Next steps:
• Round out traditional conversions by addressing Partial Conversions – language regarding whether or not they lapse or continue with the treaty
• Incorporate inter-company best practices such as Mergers & Acquisition components
• Incorporate exchanges best practices
√ Completed guidelines for late reported transactions and the impacts of missing key data.
Next steps:
• Address change in policy number
• Partial reporting – issues/solutions
• Transaction/Inforce files not reconciling
Notifications
√ Completed outlining some data quality best practices.
Next steps:
• Pick about 20 key fields to review, creating definitions and defining allowable values
√ Completed creating examples of reinsurance reporting that can be used by companies that are new or have limited systems.
Next steps:
• Include items such as Acquisitions /Mergers, Legal Name Changes, Disbursement/Payment Information, E&O notifications, recaptures, increase in retention but no intent to invoke recapture privileges at the time, and data cleanup
√ Completed a flow of taking a treaty from paper into the systems for ceding companies, reinsurers and retrocessionaires.
Next steps:
• Create a document indicating the acceptable lag for reporting
• Create a document for end-to-end process map including touch points with various departments, and action taken (share’s don’t match, etc)
Purpose
Create a document for Guidelines for Reinsurance Reporting, in essence a document of best practices for specific areas of reinsurance administration and data quality. The document will include information, samples and realistic scenarios. Topics: Reporting Issues Communication/Notifications Data Quality Conversions Taking a Treaty from paper to system implementation Samples of typical reinsurance reporting, i.e. Policy Exhibit,
Transaction files, etc
Deliverables & Milestones
1) We have 5 sub groups tackling different topics. Each sub group is working on 2-3 topics to complete Phase I documentation by April 2014. Other topics will be noted for future target dates.
2) Any additional topics will be decided on in the later part of 2014
Data Initiative: Overview of Group
Members (sub-groups)Þ Genevra Pflaum, Hannover Re
Þ Rhonda Nielsen-Jackson, HannoverÞ Ellen Fedorowicz, Jackson NationalÞ Rajesh Kavuru, Swiss ReÞ Betsy Russell, Munich ReÞ Lisa Sher, Scor ReÞ Melinda Bynoe, Hannover ReÞ Robert McCloskey, RBC insuranceÞ Par Kambo, RBC InsuranceÞ Clay Fowler, Scor ReÞ Lynne Martone, Swiss ReÞ Laurie Barrett, AmicaÞ Duane Pfaff, ING ReÞ Diana Aversa, Pacific LifeÞ Grace Sirianni, Munich ReÞ Evelyn Bradanovich, Pacific ServicesÞ Lisa Clarke, Logiq3
Guidelines
Reinsurance
Reporting