Under pressure from new regulatory and accounting demands, no general insurance/property and casualty firm can afford to rely on manual processes for reserving calculations.
Spreadsheets may have served you well in the past, but the time has come for a more tailored and automated approach using powerful, intuitive technology.
Face facts: modernization will make a world of difference to key aspects of your reserving process.
GET READY TO MODERNIZE RESERVING FOR INCURRED CLAIMS
©2022 FIS FIS and the FIS logo are trademarks or registered trademarks of FIS or its subsidiaries in the U.S. and/or other countries. Other parties’ marks are the property of their respective owners. 2060948
linkedin.com/company/fis
twitter.com/fisglobal
www.fisglobal.com
Reserving data is fragmented across sources and managed with disconnected processes. There’s little oversight and control of what numbers are being used and where.
With
spreadsheets
RESERVING, COVERED
FIS General Insurance Reserving provides the modern end-to-end platform you need for incurred claim reserving calculations and associated processes, with prebuilt functionality for multiple reporting bases and user-friendly, intuitive tools for reserving, reviewing and analysis.
Learn more
The right data is automatically loaded into the calculation engine using predefined, repeatable, controlled processes and is always easy for authorized staff to access and interrogate.
With modern tech from FIS®
Enhanced data structures allow you to make equally rapid calculations in high and low volumes. Different results are easy to navigate, view and blend in collapsible tiles that you can compare side by side.
With modern tech from FIS®
Calculations for different reporting bases and development patterns are performed on separate worksheets, so they are hard to compare. Higher volumes take proportionately longer to process.
With
spreadsheets
Standard out-of-the-box ratios, patterns, etc. can be selected, configured and added with ease. An intuitive interface makes it simple to create multiple versions of patterns and blend multiple methods.
With modern tech from FIS®
In the absence of pre-built functionality, you have to set up your own link ratio bases, development pattern processes, curve fitting methods and so on, which can be difficult to adapt and roll forward.
With
spreadsheets
The solution can be set up to authorize and log each action with robust user permissions and audit trails. You can undo and redo processes, add comments and lock calculations ready for review.
With modern tech from FIS®
There’s limited control over which users can configure, perform or adapt calculations, or review and approve results – and no proper audit log either. It’s like the Wild West, but on computers.
With
spreadsheets
Authorized reviewers only can load workspaces for each line of business, review results and either accept calculations or unlock them for changes and comments before centrally signing them off.
With modern tech from FIS®
With no distinction between reserving calculations and reviewing processes, and no record of any revisions, it isn’t always clear whether results have been approved or what, if any, changes have been made.
With
spreadsheets
Powerful 3D graphing visualizations, format and scaling options, and out-of-the-box reports accelerate analysis and allow you to drill down through results to source patterns and triangles.
With modern tech from FIS®
Limited graphical capabilities, little control over formats and poor access to underlying data can frustrate attempts to quickly analyze results and make informed decisions.
With
spreadsheets
You have the day off – and you can spend the day offline, confident that your payments solution is handling everything, your team will spend the day focusing on important tasks – rather than manual payment interventions – and any decisions will be made based on accurate, real-time information.
With a centralized payments solution
You have the day off, but you get an urgent phone call – the team has discovered that the two payments processed yesterday afternoon were suspicious. You spend the morning on the laptop helping the team investigate.
Without a centralized payments solution
NEXt day
ANALYSIS
ANALYSIS
REVIEWS
REVIEWS
CONTROL
CONTROL
CONFIGURATION
CONFIGURATION
CALCULATIONS
CALCULATIONS
DATA MANAGEMENT
reserving, covered
REVIEWS
CONTROL
CONFIGURATION
CALCULATIONS
DATA MANAGEMENT
ANALYSIS
reserving, covered
ANALYSIS
REVIEWS
CONTROL
CONFIGURATION
CALCULATIONS
DATA MANAGEMENT
Under pressure from new regulatory and accounting demands, no general insurance/property and casualty firm can afford to rely on manual processes for reserving calculations.
Spreadsheets may have served you well in the past, but the time has come for a more tailored and automated approach using powerful, intuitive technology.
GET READY TO MODERNIZE RESERVING FOR INCURRED CLAIMS
Face facts: Modernization will make a world of difference to key aspects of your reserving process.
RESERVING, COVERED
