Quote ID Quote Number Quote Premium Premium offered in the quote document Quote Issue Date Quote issuance date Quotation Status Status of the quote Issuance Type Quote is new or renewed Policy ID...
Quote ID
Quote Number
Quote Premium
Premium offered in the quote document
Quote Issue Date
Quote issuance date
Quotation Status
Status of the quote
Issuance Type
Quote is new or renewed
Policy ID
Policy Number
Coverage ID
Coverage Number
Policy Issuance Date
Policy Issue
Date
Policy Expiration Date
Policy
Expiration Date
Policy Effective Date
Policy Effective
Date
Endorsement ID
Policy
Endorsement Number
Transaction Date
Policy
Transaction Date
Endorsement Type
Endorsement Type
( Add coverage, delete coverage, Cancel etc.)
Postal Code - Riskitem
Insured vehicle Postal Code
Country
Country of risk location
State
State where the risk is located
Policy Tenure ( in Years )
Duration of the policy
Gross Written Premium
Total premium
written and a-sumed by insurer before deductions. When a company closes a
contract to provide insurance against loss, the revenues (premiums) expected
to be received over the life of the contract are called gross premiums
written.
Net Written Premium
Insurance
companies often purchase reinsurance to protect themselves against the risk
of a loss above a certain threshold; the cost of reinsurance is deducted from
gross premiums written to arrive at "net premiums written".
Net Earned Premium
That portion of
a policy’s premium that applies to the expired portion of the policy.
Although insurance premiums are often paid in advance, the insurers typically
‘earn’ the premium at an even rate throughout the policy term.
Coverage Type
Type of coverage
being applied
Currency Code/ID
Policy or
Coverage currency
Sum Insured
Sum Insured
amount at Policy and Coverage level ( Indicates the value of the vehicle to
paid in case of total loss )
Deductible Type
Policy
deductible amount in case of loss or Excess amount
Sum Insured with Combined Single Limit Across Risk Items
A policy could
have multiple coverages or risk units and respective liability limits /sum
insured set for each coverage/risk unit. Combined Single Limit is the single
dollar limit that applies to any combination of damage liability claims
instead of split limits or as a maximum limit to otherwise applicable split
limits where separate dollar amounts apply to each coverage/risk unit.
Payment Method
Premium Payment
method ( office, branch, online etc. )
Discount
Premium discount
percentage offered
Commission
Comission amount
on the policy
Bonus Amount
Bonus amount on
the policy
Branch
Policy issued
branch
Service
Policy Service
as in the policy document
Pay Plan
Premium payment
plan ( monthly, quarterly, annual etc. )
Third Party Service
Third Party
Services utilized
Third Party Services Premium
Third Party
Services Premium amount
Reinsurance Indicator
Policy indicator
for any reinsurance contract
Reinsurer Name
Resinsurer
PERCENTAGE OF AMOUNT ALLOCATED FOR REINSURANCE
Chubb's share of
reinsurance contract
Acquisition Costs
Costs incurred
by Chubb in order to acquire/sell a policy
Underwriting Expense
Costs and
expenditures a-sociated with underwriting activity
Policy Fee
Flat fee to
offset any expense incurred for issuing or registering the policy
Installment Fee
Installment fee
charged for the policy
Issuance Type
Policy indicator
for new or renewal
Major Class Name
The type of
insurance coverage (ex. workers compensation, bodily injury, employment
practice).
Other Load Percentage
Accounts for
risks that are specific or unique to the insured for uncertainty that is not
already accounted for in the standard insurance rates.
Producer Type
Type of Producer
(Agent, Broker, Bank etc.)
Producer Type Description
Description of
the type pf producer
Producer
ID or number to
uniquely identify a producer
Producer Location ( Country, State, City, Postal Code )
Producer
Location information
channel
Channel (Branch,
Office, Online etc.)
Territory
Poducer's
territory name , region
SALES PERSON
Producer Account
or Sales Rep
Claim ID
Claim number
Claim Status
Claim status -
Open, Processing, Closed, Closed without payment etc.
Net Paid Loss
Loss amount paid
Loss Claim Amount Estimate
Reserve amount
set aside for the claim
Salvage amount
Salvage amount
determined for the loss
Recovery Subrogation Amount
Subrogration
amount for the claim
Incurred Losses
Total loss paid
for the claim
ALLOCATED LOSS ADJUSTMENT EXPENSES
Expenses that
are a-signable to specific claims.
ULDF Incurred
Loss Development
Factor
UNALLOCATED LOSS ADJUSTMENT EXPENSES
Expenses those
are general in nature, which cannot be a-signed to a particular claim
Deductible
Claim deductible
amount
RiskLocation ID
Loss Location
reported
LOSS DESCRIPTION
Loss Type
information
Cause of Loss
Cause of Loss
Claim Occurance Date
Date the
incident occurred
FIRST NOTICE OF LOSS DATE
Date the
incident was reported to Chubb
Claim Registered Date
Date the
incident was registered to Chubb
Claim Transaction Date
Claim
Transaction time
GAAP Reporting Year - Month
Accounting year
- month
Underwriting YYYY-MM
Underwriting
year - month
Claim Transaction Type Description
Claim
description
Payment Date
Date of Loss
payment made to customer
Adjuster
Adjuster a-signed to the claim - Individual, Company
Total Loss
Claims total
loss indicator ( Y/N )
Currency ID
Claim currency
Customer ID
ID to uniquely
identify a driver
Gender
Driver's gender
or Name Insured in case of SME and Res
Age
Driver's age or
Name Insured in case of SME and Res
Occupation
Driver's Occupation
Marital Status
Driver's marital status or Name
Insured in case of SME and Res
Country
Driver's Country
or Name Insured in case of SME and Res
State
Driver's state
or Name Insured in case of SME and Res
City
Driver's City or
Name Insured in case of SME and Res
Postal Code - Insured
Driver's Postal
Code or Name Insured in case of SME and Res
Prior Loss History
Driver's Prior Loss information
Group
Sales office group information
Zone
Sales office
zone information
Region
Sales Office
region information
Sales Office
Sales office
number
Branch
Sales Office
branch information
Sales Point
Sales office
point information
Country Code
MY - Malaysia,
SG - Singapore, ID - Indonesia
Claim Type
Type of claim.
PAYMENT DATE
Date Claim
Settlement Offer authorized
Franchise Type
FP=Franchise
Panel, FA-Franchise Authorized,F=Franchise Holder
Appraiser Type
ADJ = External
Adjuster, INJ = Internal Adjuster (use adjuster module), INS = Inhouse
Surveyor (use insurer module), Blank = None
Desktop A-sessment
Y=Lablel as
desktop a-sessment
Claim Handler Name
Claim handler
name
Rate ID
Mexico Specific
- Premium rates offered to customers in Quote and Policy. Premium rates are
revised on periodic basis by local Actuarial team.
Sub-branch
Producer
sub-branch information
Agent Name
Producer or
Agent Name
Account Manager
Sales team
executive or account manager
Contract Type
Type of Policy
contract (Comprehensive, Limited etc. )
Operational Expense
General
operational expenses incurred by Chubb during quotation and policy
registration process. This could be monetary amounts or % of Written Premium.
Policy Source Type
Type of Policy
source ( Personal, Fleet, Fleet-Bulk etc. )
Compensation Plan
Compensation
plan provided to each producer - This could be code like "gold",
"platinum", "silver" etc.
Surveyor Fee
Fees paid to the
surveyor for a given claim
Adjuster Fee
Fees paid to the
adjuster for a given claim
ADJUSTER ARRIVAL DATE
Date adjuster
arrives to work the claim
PACKAGE TYPE
ABA has 301 types of
"packages" (can be grouped in 60 high level groups)
Coverage Name
Name of the coverage
ENDORSEMENT EFFECTIVE DATE
Date when the endorsement is in effect
ENDORSEMENT END DATE
Date when the endorsement ends
LINE OF BUSINESS
Line of Business
e.g. SME, Residential, Auto
Municipality
Municipality where the risk is located
Policy Status
Status of the policy
THIRD PARTY SERVICES INDICATOR
Indicator showing if third party
services is present.
Claims Count
Count of the number of claims
Indicator for Auto (0) or P&C (1)
Indicator to
identify the Line of business
Policy Count
Count of the
number of policies
Address
Address of the risk location
BUSINESS UNIT
Business Unit
CLAIM CLOSED DATE
Date of closing
the claim
CLAIM CLOSED INDICATOR
Indicator
describing if the claim is closed
CLAIMANT ID
Unique ID
identifying a claimant
CLAIMANT NAME
Name of the
Claimant
COVERAGE PERIOD IN DAYS
This field
contains the coverage period
COVERAGE CLASSIFICATION
Breakdown of
specific coverages being offered
ENDORSEMENT CAUSE DESCRIPTION
Description of
the specific Endorsement
ENDORSEMENT CAUSE
Reason for
Endorsement e.g. ABA has 65 different endorsement causes
INCURRED LOSS AMOUNT NET OF DEDUCTION
Incurred Loss
amount excluding the amount which was deducted.
INSURED NAME
Name of the
insured
POLICY DAYS COVERED TILL DATE
This field
calculates the number of days the policy has been in force
RECORD EFFECTIVE DATE
Record effective date
PRODUCT CLASSIFICATION
MIX of Product names and
Coverages. ABA has 23 type of classes (BRIO, ABASIF, THEFT)
PRODUCT NAME
The specific
product name that is being offered i.e home, auto, business owners etc
PRODUCT ORIGIN
There are
different types 1. Channel, 2. Intermediary and 3 The actual Salesman
PRODUCT TYPE
EXAMPLE -
PACKAGE or FLEXIBLE
ACE SHARE
Share of Risk
retained by ACE
ACQUISITION COST RATIO
Ratio of
Acquisition costs to Net Earned Premium
ADJUSTER SHIPMENT DATE
Date claim a-signed to an adjuster
ADJUSTMENT DOWN AMOUNT
Adjustment to
reserves
ADJUSTMENT UP AMOUNT
Adjustment to
reserves
AGGREGATED SUM INSURED AMOUNT
The maximum dollar amount limit
that insurance company will pay to the insurer in a given policy period to
settle claims.
AGGREGATED SUM INSURED INDICATOR
Indicator for Aggregated Sum
Insured
ALLOCATION TYPE
Allocation type
for Reinsurance
APPLICATION NUMBER
This is very
specific to ABA where each policy registration might have front end
application information a-sociated and business process management (BPM)
information added. Not sure if this is applicable to all countries and
systems.
AVERAGE EXPENSE PER CLAIM
Average amount
of expenses incurred to investigate and settle losses.
AVERAGE PAID PER CLAIM
Average amount
of settled losses per claim.
BOOKING DELAY
A metric that
tells how long it takes to issue a policy from the inception/effective date
time of a given policy.
BUSINESS PROCESS MANAGEMENT
ABA system (Business Process
Management System)
CALCULATION TYPE
ABA uses this
field to show how premium is earned or refunded in cancellation (pro-rata,
direct, short term)
CANCELLATION RATIO
Ratio of no. of cancelled policies during
the time period to no. of in force policy at the start of the time
period.
CAPTION MCC TYPE
Used for
PeopleSoft reporting in CIPL datamart
CATASTROPHE CODE /
CATASTROPHE DESCRIPTION /
CATASTROPHE ID
The code,
description and ID of the catastrophe
CLAIM CLOSED WITH
PAY
Indicator
describing if the claim is settled after payment.
CLAIM TRANSACTION TYPE
Transaction type
for the claim movements
CLAIM CLOSED WITH PAY
Indicator
showing if the the claim was closed with payment
CLAIM NOTES
The notes taken
while recording the claim
COMBINED RATIO
The Sum of Loss
Ratio, Acquisition Ratio & UW Expense Ratio used to help measure
profitability.
CUSTOMER SERVICE OFFICE
Where the
quote/policy is serviced
CUSTOMER TYPE
Customer type
could be individual, SME etc.
CYCLE TIME
Cycle times are
used to measure the rate at which claims are processed
DEFERRED ACQUISITION COSTS
For a policy,
acquisition costs are usually expensed evenly, with the amount to be expensed
in future periods recorded as Deferred Acquisition Costs in the balance sheet
DIRECT A-SUMED CEDED CODE
PCW codes
indicating if the business is direct, ceded, retroceded, global treaty,
multinational, direct placement etc.
FINANCIAL LINE OF
BUSINESS
Financial Line
of Business
FRAUD FLAG
Fraud Flag Y or
N
GEOGRAPHIC LOCATION
risk Location
HIT RATIO
Ratio of number
of issued policies to number of new quotes
IBNR
Incurred But Not
Reported factor used for calculating Ultimate Losses
ICE PAYMENT AMOUNT
State Tax in
claims activity.
INITIAL NET PREMIUM
Original premium
on a policy when issued
INSURANCE LIMIT TYPE
Aggregate
limits, indemnity limits - how the claims are totalled and paid. In Mexico
(ABA) are MaxLiabLimit, 1st Loss and Normal.
1st loss is when we pay the loss amount up to the limit on the policy
regardless of the actual exposure (applicable for Loss of money or belongings when these fluctuate
widely), Normal is when we pay up to the limit of the policy but at the time
of the claim, if we determine that the insured property had a higher value
than reported it is deemed underinsured and therefore we adjust the indemnity
amount down.
IS CO INSURED
Indicator
showing if the coinsurance is applicable
ISR PAYMENT AMOUNT
Federal Tax in
claims activity
ISSUANCE AND LEGAL FEES
Issuance and
legal fees
LOSS EXPENSE WAGES
Expense wages
related to claim activity .
LOSS EXPENSES
Expenses related
to claim activity.
LOSS OUT STANDING
Business to
confirm - Losses that have been reported to the insurer but are still in the
process of settlement.
MCC CODE
MCC
NET EARNED EXPOSURE SUMINSURED
Exposure is the
potential for losses. This is also the measure of the rating units or premium
base of a risk. Earned exposure are the Exposure Units actually exposed to
loss during the period in question.
NET EARNED EXPOSURE UNITSOFRISK
Exposure is the
potential for losses. This is also the measure of the rating units or premium
base of a risk. Earned exposure are the Exposure Units actually exposed to
loss during the period in question.
OTHER REVENUE
Revenue other
than premium related to cover of risk. Examples of ‘Other Revenue’ are given
below:
a. Late Payment Fees
b. Extra charges levied for premiums paid in instalments
c. Third Party Services
POLICY ITEM COUNT
Count of items
covered by a policy
POLICY RISKITEM
Risks/Items
covered in a Policy
POLICY TRANSACTION TYPE
Type of Policy
Transaction
RANGE FROM ARGENTINA
DOLLARS
Sum Insured Band
RANGE FROM US
DOLLARS
Sum Insured Band
RANGE TO ARGENTINA
DOLLARS
Sum Insured Band
RANGE TO US
DOLLARS
Sum Insured Band
RCC CODE
Reinsurance
Contract Code
REASON FOR CANCELLATION
Reason for cancellation of Policy
REINSURANCE CONTRACT
Type of
Reinsurance contract
REINSURANCE COMMISION
Reinsurance
commission
REPORT MCC CAPTIONS
Used for
PeopleSoft reporting in CIPL datamart
REPORTED CLAIM AMOUNT
Incurred Loss
amount
RETENTION RATIO
Ratio of No of
issued policies to No of Policies available to Renew during the specific time
period.
RISK ITEM DESCRIPTION
Description
about the risk which is covered by the policy
RISK ITEM ID
Unique
identifier for the risk Item
RISK ITEM NAME
Name of the Risk
which is covered by the policy
RISK ITEM STATUS
Status of the
risk item
SALVAGE AMOUNT BASE PRICE
Base price of
item to be sold as salvage. Aids in setting first estimate
SOURCE COVERAGE KEY
Coverage Key in
local source systems
SOURCE COVERAGE NAME
Coverage name in
local source systems
SUB INDUSTRY TYPE
Further
breakdown of the type of the business
SUBTOTAL PAYMENT
SUBTOTAL SALVAGE
SURCHARGE AMOUNT
surcharge
applied to a policy or coverage
TAX ALLOCATION
Tax allocated
TAXES
Financial charge
or other levy imposed upon a taxpayer (CHUBB as a legal entity) by a state or
the functional equivalent of a state such that failure to pay, evasion of, or
resistance to collection, is punishable by law.
TOTAL PAYMENT
Total payment
made to settle the claim
ULTIMATE LOSS RATIO
Ratio of
ultimate losses to Net Earned Premium
ULTIMATE LOSSES
Ultimate losses
are the sum of Incurred Losses along with Incurred But not reported
losses.
UNDERWRITING EXPENSE RATIO
Ratio of
underwriting expenses to Net Earned Premium
UNDERWRITING OFFICE
Underwriting
Office working on a policy
VAT AMOUNT WITHHOLD
Value Added Tax
withold in claims activity.
VAT PAYMENT AMOUNT
Value Added Tax
in claims activity.
VAT SALVAGE AMOUNT
Value Added Tax
related to claim activity .
XLEVENT ID / XLEVENT NAME
XL Reinsurance
is a method whereby an insurer pays the amount of each claim for each risk up
to a limit determined in advance and the reinsurer pays the amount of the
claim above that limit up to a specific sum
XLEVENT TYPE
Type of the XL
event
Sub Line
Fire, Machinery breakage, Glass, etc.
Annual Aggregate Limit
Applies when multiple locations are involved
Annual Revenue
Business to confirm - Total
annual revenue of the risk item in case of SME
Coverages count
Count of the
number of coverages
Department
Area
Direct Supervisor
Direct
Supervisor of the user who raises premiums & claims on the system
Frequency of payment
Frequency of
Premium payment - Monthly, Yearly etc.
Frequency of payment group
ABA has about 10 groups
Is ACE the lead?
Is Ace the lead
for Reinsurance
Losses in Last 5 Years
Total paid loss
in last 5 years
Max Acceptable Limit
Max Deductible
Business to confirm - How is
this different from deductible ?
Min Deductible
For Risk Control
Origination
ABA system (Business Process Management System)
Prior Carrier
Prior carrier of insurance
Regional Manager
Regional manager
of the branch
Reinsurer type
ABA has 2 levels: Broker and Reinsurer
VAT original amount
Value added tax
Zone Manager
Business to
confirm - Zone manager in the branch
User Number/ID
ID of the CHUBB
emplyee creating the record
Premium Related Services
Premium for
"servicios conexos" (Third party services)
Coverage Base Premium
Business to
confirm - Base premium of the coverage upon which the reinsurance premium is
based
Policy Base Premium
Business to
confirm - Base premium of the policy upon which the reinsurance premium is
based
Premium_without_TPS
Premium without Third Party Services
Security Measures
Indicator showing if security
measures are present or not
INDUSTRY ID / INDUSTRY TYPE / INDUSTRY TYPE KEY
primary business activity code
NAICS
Classification
used for segregating Industry Type
Primary Occupation
Industry where
the risk Item is in operation. Based on Country-Specific Occupation Database
Percentage of discount from Sum Insured with Combined Single
Limit
Percentage of discount from the
Combined Single Limit
offer
Authorized Date
The date loss payment to claimant was authorized
Reinsurance Recovery Amount
Reinsurance
amount recovered from reinsurer for each accepted claim.
Claim Recovery Amount
Amount recovered
from the Claimant or litigant in case excess loss amount is paid. This could
happen in case of fraud or the loss payment a-sessed was erroneous.
Claim Transaction Adjustment Amount
Adjustments
to claim reserves, expenses, payments. These adjustments could be positive or
negative. ABA - importemto
Policy Type
Type
of policy. In case of Auto to determine if policy is for Individual, Family,
Commercial, Fleet, Bulk and non-bulk etc. Bulk and Non-bulk policies are
specific to ABA. Logic to identify a bulk or non-bulk policy is in SAS
process. Logic is as follows:
if upcase(claveid) in ('XO','BK')
or (rlob = 'Agn' and alob = 'Mod')
/*underwriter class is 'Special'*/
or (rlob = 'Agn' and alob = 'Carr') /*underwriter class is 'Highway'*/
then policy_bulk = 1;
else policy_bulk = 0;
Surveyor Fee
Fees paid to the
surveyor for a given claim
Adjuster Fee
Fees paid to the
adjuster for a given claim
Loss Location ID
Reported
location where loss occurred. Usually in case of Auto, the loss location is
different from risk location (location where vehicle is garaged).
Discount Type
Structure of the
discount in source system: $ or %
Deductible
Policy
deductible amount in case of loss or Excess amount
Deductible Type
Type of Policy
deductible: $ or %
Claim Deductible
Claim deductible
amount idetermined during settlement.
Claim Deductible Type
Type of claim
deductible: % or $
TPS Retension Share
Portion of the
TPS Premium retained by Chubb
Claim Reinsurnace Outstanding Balance
Claims
Reinsurance reserve outstanding balance amount
Brokerage Fee
Fee paid to
broker for each policy sold. This is in addition to commision amount.
Lives and Works in Hyderabad, India.
Will love to answer to your comments over a cup of tea.
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