In this post I will describe some Reports that are frequently required by management and authority.
The following reports are frequently required by the management and Authority:-
ESSENTIAL REPORT(s) :
1 - 2nd, 3rd, 4th etc. lapse ratio by number policies and premium amount.
2 - Renewal Policy Quantity and Premium Income out of the policies issued in e.g. 2015 ...2023
3 - Number of valued Policies (Enforced and paid ups) as at 31st dec of prev year. e.g. 2023
4 - Number of new policies Issued during the year.
5 - Number of policies revived during the year.
6 - Number of policies matured during the year.
7 - Number of policies surrendered during the year.
8 - Number of intimated death claims during the year.
9 - Number of Death claim paid during the year.
10- Number of policies lapsed during the year.
11 - Plan wise policy qty and premiums.
Quarterly Report :
1 - Gross Premium :
a) Ordinary Life (1st year + Renewal)
b) Micro Insurance (1st year + Renewal)
c) Group
d) Islami Takaful
2 - Re-Insurance Premium during the quarter.
3 - First year Premium during the quarter.
4 - Second year Renewal Premium during the quarter.
5 - 1st Year agent commission paid during the quarter.
6 - 2nd year agent commission paid during the quarter.
7 - 3rd year and above agent commission paid during the quarter.
8 - Quantity and amount of claims intimated,settled during the quarter:
a) death
b) maturity
c) surrender
d) SB
9 - Number of policies inforced at the end of the quarter.
10- Number of new policies issued during the quarter.
11- Number of policies lapsed during the quarter.
12- Number of policies surrendered during the quarter.
13- Number of policies revived during the quarter.
14- 2nd, 3rd, 4th policy year lapse ratio by number of policies.
15- 2nd, 3rd, 4th policy year lapse ratio by premium amount.
16- Second Policy year persistency ratio= (Total number of inforce policies during 36 months preceding the evaluation date)/
(Total number of new policies issued during 36 months preceding the evaluation date)*100
17- Total Number of Inforce policies during 36 months preceding the evaluation date.
18- Total number of new policies issued during 36 months preceding the evaluation date.