Policy-level Written Premium numbers may not always be captured in every AMS system, and frequently it is out-of-date, wrong or misleading. To correct this, the ennabl platform generates a calculated written value for Premium and Revenue (i.e. Commission and Fees) for each policy record. The intent of this calculation is to generate a premium and revenue figures that are a closer approximation of a broker’s book value.
The following written numbers are stored on the ennabl platform
a) Exported from the AMS system:
Source_Written_Premium
Source_Written_Commission
Source_Written_Fee
b) Derived by ennabl:
Written_Premium
Written_Commission
Written_Fee
Determining ennabl Written Values
For every policy record and depending on the product segment and policy term, our process first determine the Premium, Commission and Fee for following:
Inforced-Written - Here the AMS policy estimated values are used to populate the Inforced-Written-Premium, Inforced-Written-Commission and Inforced-Written-Fees.
Inforced-Billed - The sum of billings for the policy record is used to determine the Inforced-Billed-Premium, Inforced-Billed-Commission and Inforced-Billed-Fee
Prior-Billed - This is the sum of billings for the prior term and is leveraged when the inforced policy record has no written or billed values.
Expired-Billed - For expired policy, use the sum of billings for the policy, and we determine the Expired-Billed-Premium, Expired-Billed-Commission and Expired-Billed-Fee
Annualized-Billed
Benefits -
Group - we annualize the sum of billings to date to determine the ennabl Written numbers. There are various method to get there
(sum of the billings + (last month billings x remaining month))
(last month billing x 12)
(average monthly number x 12)
Individual - this is the sum of the last 12 rolling months
Continuous policy (policy with no end date) - we use the yearly sum of billings number. This is the sum of prior 12 months
After that we determine the ennabl written numbers based on the following rules:
P&C (with a policy term, i.e. there is a start and end date)
| Inforced Policy | Expired Policy |
Written_Premium Written_Commission Written_Fee | Max of
| Expired-Billed |
P&C Continuous Policy (no expiration date, or dated with year 9999, or some distant future date)
| Inforced Policy |
Written_Premium Written_Commission Written_Fee | Annualized-Billed values |
Benefits
| Inforced Policy | Expired Policy |
|
Written_Premium Written_Commission Written_Fee | Annualized-Billed values | Expired-Billed |
|