6.3.4 Product Tab

The Product tab includes reports that focus on the Key Performance Indicators for each Product. The filters for this tab allow the report results to be focused on selected combinations for comparison and targeted analysis.

The filters include:

• Time
• Company
• Product
• Region

The various reports available under this tab are detailed in the following sections.

Claim Ranking by Product

This is a tabular report that lists the products in the order of greatest value to least value based on the Ranking Grade Basis selected, these include Key Performance Indicators for Claim Performance eg; Claim Payments, claim ratio, expense ratio, Claim Counts and Litigation Counts. This report can be analyzed by various periods, companies, products, and regions as selected from the page level prompt.

Figure 6-163 Claim Ranking by Product

Catastrophe Claim by Product

This is a tabular report that provides a summary of the effects of a Catastrophe on the Claims Performance for the Product. The total Claim Payments and Claim Count are presented for each Product for each Catastrophic Event.

Figure 6-164 Catastrophe Claim by Product

Claim Ratio by Product

This report is a time-series line graph generated as the percentage of claims payments against premium income for each product. This report can be analyzed by various periods, company, product, and regions as selected from the page level prompt.

Figure 6-165 Claim Ratio by Product

Claim Paid by Product

This report is a time-series line graph generated for the amount claims payments for each product. This report can be analyzed by various periods, companies, products, and regions as selected from the page level prompt.

Figure 6-166 Claim Paid by Product

Claim Payments by Claim Type

This report is a time-series line graph generated by total or specific claims types like death, dismemberment, and so on for each product. The report has two report level drop-down values like “All Claim Types” and “Specific Claim Types”. The second drop-down menu list is displayed upon selection of “Specific Claim Types”, where an individual time series can e generated by selecting each claim type. This report can be analyzed by various periods, companies, products, and regions as selected from the page level prompt.

Figure 6-167 Claim Payments by Claim Type

Payments by Reinsurance Company

This report is a stacked Bar/Line graph that illustrates the relationship between the amount of payments made by the insurer and those that were received from the reinsurer for claim payments. Each stack of the bar represents each reinsurance company that the insurance company has an agreement with.

Figure 6-168 Payments by Reinsurance Company

Expenses by Claim Type

This report is a time-series line graph generated for claim expenses by total or specific claims types like death, dismemberment, and so on for each line of business. The report has two report level drop-down values like “All Claim Types” and “Specific Claim Types”. The second drop-down menu list is displayed upon selection of “Specific Claim Types”, where an individual time series can e generated by selecting each claim type. This report can be analyzed by various periods, company, product, and regions as selected from the page level prompt.

Figure 6-169 Expenses by Claim Type

Expenses by Expense Type

This report is a line graph that illustrates the monetary payment totals generated for Expenses on claims based on the categorization of the expense. Each Expense amount is categorized by the Product and type of Expense. Additional Details can be reviewed by selecting a specific Expense Type from the Expense Type selection field.

Figure 6-170 Expenses by Expense Type

Recovery Overview by Product

This report is a tabular representation illustrating the performance of Recovery Referral for each Product and the performance of those efforts.

Figure 6-171 Recovery Overview by Product

Recovery Payments by Product

This report is a stacked bar graph that illustrates the total monetary amount of Recovery Payments, payments received by an insurer that reimburse it for claims it paid, received during a reporting period. This report has a report level drop-down menu based on Product and Coverage Type.

Figure 6-172 Recovery Payments by Product

Average Days until Closed

This report is a line graph that illustrates the average number of days between the day a claim is opened in the system and the date that the status of the same claim is changed to "Closed". This average is shown over a time series for each Product.

Figure 6-173 Average Days until Closed

Claims Closed without Payment

This report is a time-series line graph that illustrates the count of claims that were closed during the reporting period without any claim payments generated for the claim.

Expenses may have been paid for these claims. Each Product is represented by its own line.

Figure 6-174 Claims Closed without Payment

Claims Closed Due to Fraud

This report is a time-series line graph that illustrates the count of claims that, after an investigation, were deemed to be fraudulent. In this report, the count is exhibited over a time series with each Product represented by its own line. This report can be analyzed by various periods, company, product, and regions as selected from the page level prompt.

Figure 6-175 Claims Closed Due to Fraud

Reopened Claims

This report is a line graph that illustrates the count of claims that were changed back to an "Opened" status after it was previously closed. This report shows affected claims during the reporting periods over a time series with each Product represented with its own line. This report can be analyzed by various periods, companies, products, and regions as selected from the page level prompt.

Figure 6-176 Reopened Claims

Litigation Claims

This report is a line graph that represents the count of claims where a judicial litigation case was initiated for the claim during the reporting period. This report illustrates the count of the affected claims for over a time series with each Product being represented by its own line. This report can be analyzed by various periods, company, product, and regions as selected from the page level prompt.

Figure 6-177 Litigation Claims