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NJAIRE Data Reporting. Overview of Current Reporting Requirements Quality Reviews. Reporting Requirements. Call Forms: Form # 4 – Accident Year 2001-present. Sample Form. Call Forms – Required Data - PowerPoint PPT Presentation
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A.Overview of Current Reporting Requirements
B.Quality Reviews
A.A. Reporting RequirementsReporting Requirements
Call Forms:
Form # 4 – Accident Year 2001-present
Sample FormSample Form
Call Forms – Required Data
Accident Year 2008 & subsequent – Earned Exposures by threshold – current account quarter only, in car years
Reporting RequirementsReporting RequirementsCOMPANY/GROUP NAME: NJAIRE CALL FOR STATISTICS: FORM # 4COMPANY/GROUP NUMBER: Return to:CONTACT PERSON: Please check one: ( ) Voluntary (incl. A.R.) ( ) CAIP Insurance Services Office, Inc.ADDRESS: NOTE: Separate forms must be completed for voluntary (including assigned risks) and Special Data Initiatives
CAIP business. Completed forms for voluntary business must be returned to the 545 Washington BlvdTELEPHONE NUMBER: address at right. CAIP forms must be sent to the applicable association. 17-2
Jersey City, NJ 07310ACCIDENT YEAR 2010
TOTAL NUM OF BI LIAB. TOTAL NUM OF BI LIAB. REPORTABLE CLAIM INFORMATION DATE OF SUBMISSION:EARNED EXPOSURES PAID CLAIMANTS* PAID BI LIAB. TOTAL NUMBER PAID LOSS ADJUSTMENT EXPENSES
(CAR YEARS) AGAINST POLICIES IN WHICH REPORTABLE OF BI LIAB. COMBINED** __/__/__TERR. BY TORT THRESHOLD: INSURED CHOSE THRESHOLD: LOSS AMOUNT REPORTABLE ALLOCATED UNALLOCATED ALLOC. & UNALLOC. MO DAY YRCODE ZERO DOLLAR VERBAL ZERO DOLLAR VERBAL (DOLLARS ONLY) CLAIMANTS (DOLLARS ONLY) (DOLLARS ONLY) (DOLLARS ONLY)001 002003 ACCOUNT QUARTER:004 1st Qtr: Due 5/15 ( )005 2nd Qtr: Due 8/15 ( )006 3rd Qtr: Due 11/15 ( )007 4th Qtr: Due 2/15 ( )008010 RECORDS MAINTAINED ON A:011 ( ) CLAIMANT BASIS012 (NO CONVERSION NECESSARY)013 ----------------------------------------------014 ( ) PER CLAIM BASIS015 CONVERSION FACTOR:______
TOTAL 50 1,000 * INCLUDE ALL BI PAID CLAIMS REGARDLESS OF THE CLAIMANT'S TORT THRESHOLD OR WHETHER THE CLAIM IS A "REPORTABLE" CLAIM.
NJAIRE PAGE 1 ** THIS COLUMN MUST COMPLETED ONLY BY COMPANIES UNABLE TO SEPARATE ALLOCATED FROM UNALLOCATED LOSS ADJUSTMENT EXPENSES
Exhibit 2
Reporting RequirementsReporting RequirementsCOMPANY/GROUP NAME: NJAIRE CALL FOR STATISTICS: FORM # 4COMPANY/GROUP NUMBER: Return to:CONTACT PERSON: Please check one: ( ) Voluntary (incl. A.R.) ( ) CAIP Insurance Services Office, Inc.ADDRESS: NOTE: Separate forms must be completed for voluntary (including assigned risks) and Special Data Initiatives
CAIP business. Completed forms for voluntary business must be returned to the 545 Washington BlvdTELEPHONE NUMBER: address at right. CAIP forms must be sent to the applicable association. 17-2
Jersey City, NJ 07310ACCIDENT YEAR 2010
TOTAL NUM OF BI LIAB. TOTAL NUM OF BI LIAB. REPORTABLE CLAIM INFORMATION DATE OF SUBMISSION:EARNED EXPOSURES PAID CLAIMANTS* PAID BI LIAB. TOTAL NUMBER PAID LOSS ADJUSTMENT EXPENSES
(CAR YEARS) AGAINST POLICIES IN WHICH REPORTABLE OF BI LIAB. COMBINED** __/__/__TERR. BY TORT THRESHOLD: INSURED CHOSE THRESHOLD: LOSS AMOUNT REPORTABLE ALLOCATED UNALLOCATED ALLOC. & UNALLOC. MO DAY YRCODE ZERO DOLLAR VERBAL ZERO DOLLAR VERBAL (DOLLARS ONLY) CLAIMANTS (DOLLARS ONLY) (DOLLARS ONLY) (DOLLARS ONLY)001 50 1,000002003 ACCOUNT QUARTER:004 1st Qtr: Due 5/15 ( )005 2nd Qtr: Due 8/15 ( )006 3rd Qtr: Due 11/15 ( )007 4th Qtr: Due 2/15 ( )008010 RECORDS MAINTAINED ON A:011 ( ) CLAIMANT BASIS012 (NO CONVERSION NECESSARY)013 ----------------------------------------------014 ( ) PER CLAIM BASIS015 CONVERSION FACTOR:______
TOTAL 50 1,000 * INCLUDE ALL BI PAID CLAIMS REGARDLESS OF THE CLAIMANT'S TORT THRESHOLD OR WHETHER THE CLAIM IS A "REPORTABLE" CLAIM.
NJAIRE PAGE 1 ** THIS COLUMN MUST COMPLETED ONLY BY COMPANIES UNABLE TO SEPARATE ALLOCATED FROM UNALLOCATED LOSS ADJUSTMENT EXPENSES
Exhibit 2
COMPANY/GROUP NAME: NJAIRE CALL FOR STATISTICS: FORM # 4COMPANY/GROUP NUMBER: Return to:CONTACT PERSON: Please check one: ( ) Voluntary (incl. A.R.) ( ) CAIP Insurance Services Office, Inc.ADDRESS: NOTE: Separate forms must be completed for voluntary (including assigned risks) and Special Data Initiatives
CAIP business. Completed forms for voluntary business must be returned to the 545 Washington BlvdTELEPHONE NUMBER: address at right. CAIP forms must be sent to the applicable association. 17-2
Jersey City, NJ 07310ACCIDENT YEAR 2010
TOTAL NUM OF BI LIAB. TOTAL NUM OF BI LIAB. REPORTABLE CLAIM INFORMATION DATE OF SUBMISSION:EARNED EXPOSURES PAID CLAIMANTS* PAID BI LIAB. TOTAL NUMBER PAID LOSS ADJUSTMENT EXPENSES
(CAR YEARS) AGAINST POLICIES IN WHICH REPORTABLE OF BI LIAB. COMBINED** __/__/__TERR. BY TORT THRESHOLD: INSURED CHOSE THRESHOLD: LOSS AMOUNT REPORTABLE ALLOCATED UNALLOCATED ALLOC. & UNALLOC. MO DAY YRCODE ZERO DOLLAR VERBAL ZERO DOLLAR VERBAL (DOLLARS ONLY) CLAIMANTS (DOLLARS ONLY) (DOLLARS ONLY) (DOLLARS ONLY)001 8 100002 0 12003 3 35 ACCOUNT QUARTER:004 4 26 1st Qtr: Due 5/15 ( )005 2 14 2nd Qtr: Due 8/15 ( )006 0 4 3rd Qtr: Due 11/15 ( )007 7 50 4th Qtr: Due 2/15 ( )008 3 17010 4 39 RECORDS MAINTAINED ON A:011 2 18 ( ) CLAIMANT BASIS012 2 22 (NO CONVERSION NECESSARY)013 1 9 ----------------------------------------------014 6 15 ( ) PER CLAIM BASIS015 4 80 CONVERSION FACTOR:______
TOTAL 50 1,000 * INCLUDE ALL BI PAID CLAIMS REGARDLESS OF THE CLAIMANT'S TORT THRESHOLD OR WHETHER THE CLAIM IS A "REPORTABLE" CLAIM.
NJAIRE PAGE 1 ** THIS COLUMN MUST COMPLETED ONLY BY COMPANIES UNABLE TO SEPARATE ALLOCATED FROM UNALLOCATED LOSS ADJUSTMENT EXPENSES
Exhibit 2
COMPANY/GROUP NAME: NJAIRE CALL FOR STATISTICS: FORM # 4COMPANY/GROUP NUMBER: Return to:CONTACT PERSON: Please check one: ( ) Voluntary (incl. A.R.) ( ) CAIP Insurance Services Office, Inc.ADDRESS: NOTE: Separate forms must be completed for voluntary (including assigned risks) and Special Data Initiatives
CAIP business. Completed forms for voluntary business must be returned to the 545 Washington BlvdTELEPHONE NUMBER: address at right. CAIP forms must be sent to the applicable association. 17-2
Jersey City, NJ 07310ACCIDENT YEAR 2010
TOTAL NUM OF BI LIAB. TOTAL NUM OF BI LIAB. REPORTABLE CLAIM INFORMATION DATE OF SUBMISSION:EARNED EXPOSURES PAID CLAIMANTS* PAID BI LIAB. TOTAL NUMBER PAID LOSS ADJUSTMENT EXPENSES
(CAR YEARS) AGAINST POLICIES IN WHICH REPORTABLE OF BI LIAB. COMBINED** __/__/__TERR. BY TORT THRESHOLD: INSURED CHOSE THRESHOLD: LOSS AMOUNT REPORTABLE ALLOCATED UNALLOCATED ALLOC. & UNALLOC. MO DAY YRCODE ZERO DOLLAR VERBAL ZERO DOLLAR VERBAL (DOLLARS ONLY) CLAIMANTS (DOLLARS ONLY) (DOLLARS ONLY) (DOLLARS ONLY)100 5 150105 7 105110 2 55 ACCOUNT QUARTER:120 0 30 1st Qtr: Due 5/15 ( )125 12 350 2nd Qtr: Due 8/15 ( )130 6 75 3rd Qtr: Due 11/15 ( )135 2 40 4th Qtr: Due 2/15 ( )140 4 75145 3 25 RECORDS MAINTAINED ON A:150 9 95 ( ) CLAIMANT BASIS
TOTAL 50 1,000 * INCLUDE ALL BI PAID CLAIMS REGARDLESS OF THE CLAIMANT'S TORT THRESHOLD OR WHETHER THE CLAIM IS A "REPORTABLE" CLAIM.
NJAIRE PAGE 1 ** THIS COLUMN MUST COMPLETED ONLY BY COMPANIES UNABLE TO SEPARATE ALLOCATED FROM UNALLOCATED LOSS ADJUSTMENT EXPENSES
Exhibit 2
Earned Exposures by Threshold and Accident Year (Individual insurers may vary)
0
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
2004 2005 2006 2007 2008 2009
Zero
Verbal
Exposure Thresholds for Accident Year 2009 (Individual insurers may vary)
5%
95%Zero
Verbal
Exposure Thresholds for Accident Year 2009 Individual Company (Actual Data: Minimum
10,000 Exposures)
14%
86%
ZeroVerbal
Exposure Thresholds for Accident Year 2009 Individual Company (Actual Data: Minimum
10,000 Exposures)
1%99% Zero
Verbal
Call Forms – Required Data (cont.)
Accident Year 2008 & subsequent – BI Paid Claimants against private passenger type autos subject to the No-Fault law by insured threshold and accident year
Accident Year 2007 & prior – BI Paid Claimants against private passenger type autos subject to the No-Fault law by insured threshold, territory and accident year
Report:
Out of state claimants against NJ insured autos subject to the No-Fault law
Intra-Family claimants
Claimants involving only economic losses
A BI claimant for a claim that is not yet closed may be reported once initial payment is made for that particular claimant. These claimants are not to be reported again even if additional payments are made to that claimant.
2004
Exposures(Insurers may vary)
BI Paid Claimants (Insurers may vary)
7%93% Zero
Verbal
6%94% Zero
Verbal
Call Forms – Required Data (cont.)
Accident Year 2008 & subsequent:
Reportable Claimant loss amounts and number of Reportable Claimants by accident year
Loss Adjustment Expenses for Reportable Claimants, allocated and unallocated (separately or combined)
Call Forms – Required Data (cont.)
Accident Year 2007 & prior:
Reportable Claimant loss amounts and number of Reportable Claimants by territory and accident year
Loss Adjustment Expenses for Reportable Claimants, allocated and unallocated (separately or combined)
A Reportable Claimant is...
One that could not be made had the claimant selected the Verbal Threshold, and
One where the claimant selected or defaulted to the Zero Dollar Threshold and the insured selected the Verbal Threshold
...the basis for establishing NJAIRE
How are Reportable Claimants identified?
NJ AIRE REPORTABLE CLAIMANT DETERMINATION FORM(For Accident Years 1999 and subsequent for policies issued or renewed on or after 7/1/99)
Claimant's Name Claim Number
1. Date of Closure (if claim is not yet closed for this claimant, do not fill out form.) / /
2a. Date of Accident (if prior to 1/1/99, STOP - this form does not apply.) / /
2b. Policy effective date (if prior to (7/1/99), STOP - this form does not apply) / /
3. Was the insured automobile a PRIVATE PASSENGER AUTOMOBILE as defined in the New J ersey YES NONo-Fault Bill? "Automobile" means a private passenger automobile of a private passenger or station wagon typethat is owned or hired and is neither used as a public or livery conveyance for passengers norrented to others with a driver; and a motor vehicle with a pickup body, a delivery sedan, a van, or apanel truck or a camper type vehicle used for recreational purposes owned by an individual or by ahusband and wife who are residents of the same household, not customarily used in theoccupation, profession or business of the insured other than farming or ranching.
(If "NO", check "NO" on Line 11 and STOP)
**PRIVATE PASSENGER AUTO ALSO INCLUDES A COMMERCIAL VEHICLE THAT MEETS THEDEFINITION OF A PRIVATE PASSENGER AUTO AS DEFINED IN THE NEW J ERSEY NO-FAULTBILL.
4. Is this an Uninsured Motorists (UM) or an Underinsured Motorists (UIM) claimant? YES NO(If "YES", check "NO" on line 11 and stop)
5. Is the claimant a New J ersey resident? YES NO(If "NO", check "NO" on line 11 and stop)
6. Is the claimant a person who is required to maintain PIP insurance YES NO(i.e., does he own a private passenger auto registered in New J ersey),or is he eligible to collect PIP benefits as a result of the accident?(If "NO", check "NO" on line 11 and stop)
7. Is the accident state New J ersey? YES NO(If "NO", check "NO" on line 11 and stop)
8. Did the insured choose the New J ersey verbal tort threshold? YES NO(If "NO", check "NO" on line 11 and stop)
9. Did the claimant choose the New J ersey zero tort threshold or did the the zero tort threshold YES NOapply due to the default provided by law (i.e., for people not owning an automobile)?(If "NO", check "NO" on line 11 and stop)
10. Do any of the following characterize this injury? YES NOa. deathb. dismembermentc. significant disfigurement or significant scarringd. displaced fracturese. loss of a fetusf. permanent injury within a reasonable degree of medical probability
other than scarring or disfigurement
(If the answer to #10 is "YES", check "NO" on line 11 and stop)
11. Is this a REPORTABLE CLAIMANT? YES NO(If "NO" has not already been checked here, this is a REPORTABLE CLAIMANT.)
12. If the answer on line 11 is "YES", this is a REPORTABLE CLAIMANT. Fill in the dollar amount $of that portion of the BI Liability settlement which reimbursed noneconomic losses.
11/99
How are Reportable Claimants identified? (cont.)
Reportable Claimants should be reported consistent with the facts involved in the settling of the claim.
Reportable Claimants to Verbal BI by Accident Year (Individual insurers may vary)
05,000
10,00015,00020,00025,00030,00035,000
2004 2005 2006 2007 2008 2009
Reportable
Verbal
Reportable Claimants to Verbal BI Accident Year 2005 (Individual insurers may vary)
10%
90%Verbal/Reportable
Verbal
Loss Severities by Year (Individual insurers may vary)
$0$5,000
$10,000$15,000$20,000$25,000$30,000$35,000
2005 2006 2007 2008 2009
AVG NJAIRE Reportable Claim Loss Amt (By Accident Year)
AVG NJ BI Claim Loss Amt (By Calendar Year)
Due Dates: to ISO (other than CAIP) or AIPSO (CAIP only):
ACCOUNT QUARTER DUE DATE
FIRST QUARTER MAY 15
SECOND QUARTER AUGUST 15
THIRD QUARTER NOVEMBER 15
FOURTH QUARTER FEBRUARY 15
B.B. Quality ReviewsQuality Reviews1.Use of the Data
a. Provisional Financial Transactionsb. Annual Cash Settlement (ACS)
2.Financial Impact on Companies
3.Cost of Late, Erroneous Data
4.Detecting Errors at the Call Form Level
1.1. Use of the DataUse of the DataThe Call Form data is used to calculate:
Provisional Financial Transactions
Each company’s quarterly assessment (monthly payments)
Each company’s quarterly reimbursement, plus share of investment income
Provisional Financial Transactions:
Quarterly Assessment - The quarterly assessment is determined by multiplying the number of Zero Dollar Exposures reported by your company, from two quarters prior, by the Assessment per Exposure determined by the Actuarial Committee for that Accident Year.
Example (Exhibit A) – 3rd Quarter 2010 Assessment:
Assessment per Exposure = $90Zero Dollar Exposures reported for 1st Quarter
2010 = 100Quarterly Assessment = $9,000Monthly Payments = $3,000
Provisional Financial Transactions (cont.):
Quarterly Disbursement – The quarterly disbursement is determined by multiplying your company’s share of the Industry-wide Verbal Exposures, from two quarters prior, by the total amount collected via the monthly payments.
Note: Your company’s share of Investment Income is calculated similar to above except it is multiplied by the amount of Investment Income earned on those funds collected via the monthly payments instead.
Example – 3rd quarter 2010 Reimbursement:
Company Verbal Exposures reported for 1st Quarter 2010 = 500
Industry Verbal Exposures reported for 1st Quarter 2010 = 1,000,000
Total amount collected via the 3rd Quarter 2010 monthly payments = $9,000,000
Investment Income earned on 3rd Quarter 2010 monthly payments = $100,000
Quarterly Reimbursement = (500/1,000,000)*$9,000,000 = $4,500
Share of Investment Income = (500/1,000,000)*$100,000 = $50
Total Quarterly Reimbursement = $4,550
The Call Form data is also used in:
Annual Cash Settlement (ACS):
Purpose Using the latest available accident year data:
Evaluates provisional financial transactions performed in previous calendar year
Re-evaluates assessment and reimbursement calculations for all other prior years (typically 10 accident years included in each ACS)
Accounts for all previous financial transactions for each member company as well as the time value of money
Annual Cash Settlement (ACS):
The “Pot” of losses to be reimbursed for each accident year being evaluated
Determined by NJAIRE Actuarial Committee using Reportable Loss and Loss Adjustment Expense data reported by all member companies
Each company’s Assessment* per accident year , accounting for the time value of money – based on zero dollar threshold data
* Calculated at the territory level for accident years 2007 and prior. For accident years 2008 and subsequent, this is calculated at the statewide level.
Annual Cash Settlement (ACS) (cont.):
Each company’s Reimbursement* per accident year, accounting for the time value of money – based on verbal threshold data
Re-distribution of investment income per accident year – based on verbal threshold data
Each company’s share of the NJAIRE administrative expenses – based on zero dollar threshold data
* Calculated at the territory level for accident years 2007 & prior. For accident years 2008 and subsequent, this is calculated at the statewide level.
2.2. Financial Impact on CompaniesFinancial Impact on CompaniesThe magnitude of the financial
transactions:
Approximately $6.5 million every quarter via the monthly payments and quarterly disbursements (the provisional financial transactions)
Approximately $412 million every year via the Annual Cash Settlement True-up
3.3. Cost of Late, Erroneous DataCost of Late, Erroneous Data
The costs can be significant:
Late Data - $50 per work day
Resubmissions - $250 per account quarter
Undetected Data Errors – can be over $1,000,000!
How can it be that much?
The ultimate Annual Cash Settlement formula assesses and reimburses based on BI Claimants: by Threshold, Territory* & Accident Year
BI Claimants reported incorrectly can potentially have a real financial impact
*For accident years 2007 and prior
4.4. Detecting Errors at the Call Form LevelDetecting Errors at the Call Form Level
What is done today?
ISO performs high level data checks upon receipt and in the financial transaction process
Companies are contacted regarding unusual data
AIPSO performs completeness checks and detailed checks on claim samples in the compliance audit process
This covers about 10 companies per year
The ISO and AIPSO checks alone can not catch everything
What can companies do? What kind of reviews will be useful?
What types of errors are commonly made?
How many can be caught by expending a reasonable amount of company resources?
Common errors:
Exposures: Car months, Written, Cumulative, Threshold
BI Claimants: Threshold, Territory *
* Territory errors apply to accident year 2007 & prior
COMPANY/GROUP NAME:Company B NJAIRE CALL FOR STATISTICS: FORM # 4COMPANY/GROUP NUMBER: #CONTACT PERSON: Please check one: ( X ) Voluntary (incl. A.R.) ( ) CAIPADDRESS: NOTE: Separate forms must be completed for voluntary (including assigned risks) and
CAIP business. Completed forms for voluntary business must be returned to theTELEPHONE NUMBER: address at right. CAIP forms must be sent to the applicable association.
ACCIDENT YEAR 2008TOTAL NUM OF BI LIAB. TOTAL NUM OF BI LIAB. REPORTABLE CLAIM INFORMATIONEARNED EXPOSURES PAID CLAIMANTS* PAID BI LIAB. TOTAL NUMBER
(CAR YEARS) AGAINST POLICIES IN WHICH REPORTABLE OF BI LIAB.TERR. BY TORT THRESHOLD: INSURED CHOSE THRESHOLD: LOSS AMOUNT REPORTABLECODE ZERO DOLLAR VERBAL ZERO DOLLAR VERBAL (DOLLARS ONLY) CLAIMANTS001 0 0002 0 0003 0 0004 1 0005 0 0006 1 1,071007 39 5008 0 77010 0 126 11 0011 1 116012 0 36
Common errors:
Reportable Claimants: All BI Paid Claimants included
ALAE, ULAE: Reported separately and combined
CONTACT PERSON: Please check one: ( X ) Voluntary (incl. A.R.) ( ) CAIPADDRESS: NOTE: Separate forms must be completed for voluntary (including assigned risks) and
CAIP business. Completed forms for voluntary business must be returned to theTELEPHONE NUMBER: address at right. CAIP forms must be sent to the applicable association.
ACCIDENT YEAR 2006REPORTABLE CLAIM INFORMATION
PAID BI LIAB. TOTAL NUMBER PAID LOSS ADJUSTMENT EXPENSES
REPORTABLE OF BI LIAB. COMBINED**
TERR. LOSS AMOUNT REPORTABLE ALLOCATED UNALLOCATEDALLOC. & UNALLOC.
CODE VERBAL (DOLLARS ONLY) CLAIMANTS(DOLLARS ONLY)(DOLLARS ONLY)(DOLLARS ONLY)
001002003 15 100,000 15 4,000 4,500004005006007008 1 8,000 1 750 1,250 2,000010011012013014015
Review needs:
Current & previous quarter’s data
Knowledge about your company
About 15 minutes per quarter
Exposures by Threshold:
Data needed: Statewide totals
General expectation: Volume +/- 5%
Zero Dollar Exposures as % of total: +/- 2%
Company A:Earned Exposures by Quarter
0
10,000
20,000
30,000
40,000
200903 200906 200909 200912 201003
Exposures
Company B:Earned Exposures by Quarter
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
200903 200906 200909 200912 201003
Exposures
BI Paid Claimants by Insured Threshold:
Data needed: Statewide totals, all Accident Years
General expectation: Similar volume per Accident Year, allowing for development
Claim Frequencies per Threshold similar, averaging 0.5 – 1.5 per 100 Car Years
Company A:BI Paid Claimants by Quarter
0
50
100
150
200
250
300
350
201003 201006 201009 201012 201103
BI Paid Claimants
Company B:BI Paid Claimants by Threshold and Quarter
0
10
20
30
40
50
201003 201006 201009 201012
Zero
Verbal
Reportable Claimants & Losses:
Data needed: Statewide totals, all Accident Years
General expectations:
Percentage of Verbal: 4 - 28%, average 12%
Reportable Losses: $3,000 - $15,000, average $ 7,900
Company A:Verbal and Reportable Claimants by Quarter
01020304050
201003 201006 201009 201012
Reportable
Verbal
Loss Adjustment Expenses:
Data needed: Statewide totals, all Accident Years
General expectation: 5 – 35% of Reportable Losses (Note: may lag)
Company Methodology: Formula?
More difficult errors to detect:
Territory errors *
Completeness
Checks that could help:
Territory errors *
Visual Checks
* Territory errors apply to accident year 2007 & prior
Visual Checks by Territory *:
Possible problem areas –
Large change in Exposures by Quarter
Exposures in Other than Current Accident Year for the Current Quarter
Zero Dollar Exposures > Verbal Exposures
* Territory applies to accident year 2007 & prior. Same checks can be performed at Statewide or Territory level for accident year 2008 & subsequent depending on how each company opts to report their data.
Visual Checks by Territory *:
Possible problem areas –
BI Paid Claimants vs. Zero Dollar > BI Paid Claimants vs. Verbal
Reportable Claimants > BI Paid Claimants vs. Verbal
Reportable Losses w/o Reportable Claimants, and vice-versa
* Territory applies to accident year 2007 & prior. Same checks can be performed at Statewide or Territory level for accident year 2008 & subsequent depending on how each company opts to report their data.
Checks that could help:
Completeness
Other Existing Internal Data
Special Reports
SummarySummary
Poor data quality can have a large, hidden impact on your company’s bottom line
With a reasonable effort you can help ensure that your company is properly assessed and reimbursed
REMEMBER,REMEMBER,ISO is here to help make your reporting of NJAIRE
data as easy and accurate as possible.
If you have any questions, you can email [email protected] or contact:Mike McAuley, [email protected] (201-469-2323)Pat Lloyd, [email protected] (201-469-2326)Katrine Pertsovski, [email protected] (201-469-
3841)
You can also visit the NJAIRE website at www.njaire.org. It contains a Frequently Asked Questions section, copies of all reporting forms, seminar information including the PowerPoint presentations, Plan of Operation, Procedure Manual, etc.