Advanced Relational Software

Risk Management (Property/Casualty) Software and Actuarial Services for Large Corporations - Insurance Budget Samples

 Contact:Jim Postilion
(847) 956-1453

Insurance Budget Samples
These "Insurance Budget Samples" require the "Claims", "Exposure", and "Insurance Budgeting" software components to be populated with relevant data in order to be produced.
Insurance Budget Export This is the Insurance Budget Excel spreadsheet that gets distributed annually to the business units in preparation for the up-coming budget process. It has a fairly detailed break-down of all the insurance cost components. Portions of this document have been omitted and/or changed due to confidentiality.
Budget Variance Export This is another flavor of the above Insurance Budget Export that also gets distributed annually to the business units. This version has less components, but includes a comparison to last year. Portions of this document have been omitted and/or changed due to confidentiality.
Estimated Costs Formulas Export This Excel spreadsheet contains all the top level cost estimates and formulas that make up the Insurance Budget. The "Estimated Loss" figures come from an Actuary. The rest of the "Estimated Costs" come from your insurance broker, insurance carrier, Accounting Department, and/or the vendors themselves. The "Allocation Formulas" usually come from the Risk Manager based on how he/she would like to allocate the costs.
Claim Budget Detail Report This report is used whenever questions regarding "IBNR" arise. It portrays how "IBNR" is calculated and how "Current Year Claims",  "Prior Year Claims" and "IBNR" relate to the "Actuarial Accrual Balance". Portions of this document have been omitted and/or changed due to confidentiality.
Insurance Budget Detail Export This Excel spreadsheet is used to facilitate mid-year projections. Because it breaks out all the insurance components by month, it can be used to project where a particular organizational entity might be at year end, based on where they are currently. Portions of this document have been omitted and/or changed due to confidentiality.
Actuarial True-Up Export This Excel spreadsheet is used quarterly to revise the "CYR / PYR Claim Budgets" and to adjust "IBNR" contributions. The figures in "green" come from an "Actuary Study". The resulting "yellow" development factors get plugged into the software. Portions of this document have been omitted and/or changed due to confidentiality.