Finance & Accounting

Finance and Accounting departments must comply with many external requests for information, as well as be prepared to provide greater depth to their financial information. i4's customized business intelligence solution enables the Finance and Accounting areas with the tools necessary to easily access all needed data, view the data by nearly any measure, and "drill down" to detail levels.

In addition to the company's internal reporting requirements, Finance & Accounting must comply with a number of external requests for information from organizations such as NAIC, Analysts, Regulators, Board of Directors, Statistical Agencies, Fair Market Plans, Guaranty Funds, etc. These diverse requests require a comprehensive yet flexible data model, so information may be provided by calendar year, accident year or policy/rate year. In addition, earned premium is a frequent request, so the underlying data warehouse must be capable of calculating this measure on a historical basis.

One of the difficulties that Finance & Accounting encounters on a frequent basis is providing greater depth to their financial information. Most Accounting departments can provide financial information by line of business and state, since the NAIC Annual Statement has long required this information. However, when asked to provide loss ratios by insured age and territory, for example, Accounting may struggle with this ad-hoc request without the appropriate data source. The i4 customized business intelligence solution provides extensive data to support all the needs of the finance and accounting area and is designed in such a way that the data is easily accessible by the users who need it.

If the data model and warehouse is in appropriate order, the following is a small sample of measures, reports and analyses that may be achieved for Finance & Accounting by implementing an i4 customized business intelligence solution:

  • Loss & LAE Ratios, Loss Costs, Written Premium, Earned Premium, Frequency, Severity, Claim Counts (Closed, Open), Average Paid measures by any combination of dimensions and time frame.
  • Current Year versus Prior Year, YTD versus Prior YTD, QTD versus Prior QTD, 12 Months Running Total Comparative Analyses.
  • Loss & LAE Ratio Analyses including and excluding "Shock Losses" and various other Loss Limits.
  • Direct, Ceded & Net categories for premium and claims; DCC, AOE, Salvage, Subrogation categories for claims.
  • Reinsurance reporting