Popular Policy Reports Applied Epic Product Webinar Webinar Topics: Obtaining a list of customers sorted by highest premium Factors that impact premiums on the Book of Business Reports Book of Business Line Book vs. Book of Business Policy Book Viewing Active Accounts and Premiums Automating the Policy List report to send a letter to clients whose policies expire in a specific number of days Running a Marketing Campaign p. 1
How do I get a list of customers sorted by highest premium? Production Ranking Report This report looks at transactions, not at policy premiums. The Production Ranking report lets you find your top producers, clients, etc. It sorts all your accounts by total commission or premium to see which accounts provide the most value to your agency Ranking options are: Billed Premium Agency Commission Amount Average Agency Commission Book of Business Line Book Report Order by Commission Layout This report is sorted by ICO by default The default sort can be changed to Account Lookup Code Sorts by Line Annualized Commission Note: This cannot be changed, it is a hard coded default Book of Business Report Sort by Account Lookup Code Set criteria accordingly for Active accounts Export to Microsoft Excel Use Excel for sorting and generating totals p. 2
Factors that impact premiums on the Book of Business Reports Transaction Codes How these are configured and how employees are entering transactions will affect how, when, and if the Billed and Annualized fields are updated on a Policy. Configure Accounting Transaction Codes Each transaction code can be set to update two fields of the Policy: Billed Add to or No Effect Annualized Add to, No Effect, Replace, or Zero Out How are Transactions being added? When transacting and selecting Policy, only the Policy section will update. When transacting and selecting Line, both the Policy and Line sections update. When adding a transaction and selecting Account, there is no impact at the policy or line level. Configure, Accounting, Transaction Code p. 3
Interface options and how downloads affect premiums on the policy level In this area you can select how you wish to update the premium on the policies being downloaded. Note: This option replaces the premiums with what the carrier sends. If Direct Bill Commissions or Automated Download Invoicing will be downloaded with the company configured, it is recommended to only choose Estimated here, since both DBCD and ADI have options to update the annualized premiums. Regardless of what premium options are selected, Policy Download will file the premium sent by the carrier in a display-only Downloaded Premium Control. This will display the raw premium as sent by the carrier and the data can be reviewed prior to selecting how you would like the premium to be updated. p. 4
Book of Business Report: Line Book vs. Policy Book Example: A Package Policy has an Annualized and Estimated Premium of $11,313. The lines of this package policy are broken down to have individual premiums that total $11,313. This example is of a BOB Line book report using both Line and Policy Premium variables The Policy Premium Annualized and Estimated are filled in on the policy for the amount of $11,313. This Policy has 3 lines. If you divide $11,313 by 3 you get $3,771. Also each line of p. 5
this package has a premium entered on the Line Annualized Premium and Line Estimated Premium. If you add these numbers together you get $11,313. This is the Book of Business Policy report with both Policy and line variables. Line variables would not work with this report, it will only list one policy and it pulls the first line premium variables. Additional Notes: The Policy Premium variables can be used on a Book of Business Line Book report to obtain accurate results. This is useful because this report has additional layouts as well as the Totals folder that has pre-canned totals such as # of Policies and # of Customers. Line Premium variables cannot be used on a Book of Business Policy Book Report for accurate results. Ask yourself: Where are my premiums held on my insured s policies? p. 6
Viewing Active Accounts and Premiums Book of Business Line Book Book of Business Policy Book Policy List Report Recommended Criteria: Client Type: Insured Account Status: Active Only Policy Effective Date: Range: Open Today s Date 1 Policy Expiration Date: Range: Today s Date Open 2 Line Status: EN, NEW, REN, REW, RI, RIN and any other code denoting an active policy 3 1 This Effective Date range pulls only the current policy term and will skip any future renewals already processed. 2 This Expiration Date range pulls only currently active policies. If a policy expires before today s date and was not renewed, it will have a date before today s current date. If it was renewed, it will have a date in the future. 3 The Line Status must be manually updated when renewing or cancelling a policy. Since this isn t something that automatically updates, it is best not to rely on this field alone. All other criteria options can be modified at your discretion. The Layout can be edited to alter the sort and include the appropriate premium fields. It is important to have an understanding of where your premiums are held on your policies. p. 7
Automating the Policy List report to send a letter to clients whose policies expire in a specific number of days Use Policy List as an Expiration List to generate a letter or activity: Select the aforementioned criteria previously mentioned to include active accounts only. Set the Policy Expiration Date to Include selections and System + the amount of days out you want the activity to be generated for the renewals that you are setting up. For example, for a policy expiring in 60 days: Include selections, System date +60 days Set the Line Expiration Date to Exclude selections and System + amount of days out...minus 1. For example: Exclude selections, System date + 59 days Change the Record Listing option to one of the following: Each Time Found - will include all policies that meet the criteria. The Primary Contact on the account will receive the letter multiple times if more than one policy exists. Also if an activity is selected to be added, it will be added for each instance found. Once Per Account will only show the first policy that meets the criteria. The Primary contact on the account will receive the letter only once for this policy. If an activity is selected to be added, only one activity will be created. Use the Marketing options to create the activity or letter desired. Schedule the report to run daily using the scheduling options. Note: Don t forget to generate the report to complete scheduling. p. 8
Running a Marketing Campaign through Marketing Options 1. Create the desired letter in Configure, Attachment, Templates: this is where you will input the data you want in the letter such as Name and Address information, using data variables. Save the letter. 2. Open Reports and select the report you wish to use. Copy it to My Reports. 3. Open My Reports and locate the report that was just copied. 4. Edit the report criteria to generate a list of who should receive the letter. 5. Print/Preview the report and review the data to make sure the list is correct. If not, modify your criteria until the correct client list is obtained. 6. Click Delivery Options. Report Recipient is who will receive the report, not the letters which means the printer selected here will not necessarily be the printer where the letters print. That is determined from Paper Type. 7. Click the box for Marketing Options Generate Letter. 8. Select the letter, Distribution Method, and fill in all pertinent information. Note: Paper Type determines where your letter prints. This is located in Configure, Attachment, Paper Type. 9. Select Actions, Generate to run the Marketing Campaign. A good practice is to perform a test run before launching the full marketing campaign, especially if the email option is selected. Use test clients that have been created and associated with your own email address. Alter the criteria to only include this test client. Launch the marketing campaign and you will receive the email as if you were the insured. p. 9