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Frequently Asked Questions: Best's Schedule P (Loss Reserves) - Property/Casualty - United States
What is Best's Schedule P?
What research will I be able to perform with this product?
Who typically uses Best's Schedule P and why?
What data does it include?
Can I create custom reports?
How is the data collected and validated for the financial products?
How long after the filing date is the product available?
What features does the software include?
What is BestLink for Excel?
What network options are available?
Can I use the data in other software?
How can I order Best's Schedule P?
If I need product support, how can I find it?
Is product training available?
What is Best's Schedule P?
Best's Schedule P is a detailed database that let users evaluate the impact of P/C insurers' reserving practices based on losses, Loss Adjustment Expenses (LAE), Incurred But Not Reported (IBNR) reserves, discounting and claims-made policy information.
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What research will I be able to perform with this product?
This software provides all the tools necessary to:
- Set adequate loss reserves
- Assess the adequacy of company loss reserves
- Certify loss reserves
- Compare results to those of other companies
- Analyze up to 10 years of reserving and payment patterns for the major casualty lines
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Who typically uses Best's Schedule P and why?
· Financial Analysts: as a reference for evaluating the impact of insurers' reserving practices
· Consultants: as a comprehensive source to assess the adequacy of company loss reserves, payment patterns and certifying loss reserves
· Actuaries: as a reference source for computing statistics used to assess a company's reserving and payment patterns
· Insurance Executives: to monitor loss reserves for insurance companies in the property/casualty industry
· Corporate Librarians: as a reference source for corporate libraries that receive research requests for Schedule P statement data
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What data does it include?
Best's Schedule P consists of information obtained from the Annual National Association of Insurance Commissioners (NAIC) Schedule P Statement pages. It includes data for up to 10 accident years and 19 lines of business, A.M. Best-calculated ratios and percentages (using Annual Statement data), accumulated prior-year totals and totals for all years. Earned-premium information from Part 6 is also provided.
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Can I create custom reports?
You can create custom reports by selecting companies, data fields and years from the database, then defining various criteria to focus your results. The program then generates reports based on the selections you make. These reports are available in a variety of layouts and formats.
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How is the data collected and validated for the financial products?
A.M. Best collects annual and quarterly statement data from thousands of companies (property/casualty and life/health companies, HMOs, alternative-market entities and others). The data is prepared and submitted on software programs (such as BestESP Services) in the manner defined by the requirements of the National Association of Insurance Commissioners (NAIC).
To ensure the accuracy and reliability of the data, we perform an exhaustive series of inter- and intra-page and current- to prior-year cross-checks. Major errors or inconsistencies that cannot be rectified by A.M. Best are reviewed with the insurer for further clarification when possible. We lead the industry in cross-checking calculations, devoting vast resources to the data-validation effort.
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How long after the filing date is the product available?
Best's Schedule P is first available in the second quarter -- approximately two months after the filing date -- with updates released as needed throughout the year. The ongoing data flows contain value-added group records and calculations of A.M. Best ratios.
A.M. Best performs an exhaustive series of cross-checks, even more extensive than those required by the NAIC, ensuring the most accurate data available.
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What features does the software include?
Our user-friendly, Windows-based software lets you:
· Access data from the software through an Excel Add-In feature
· Access data over the Web using BestLink for Excel
· Search company profile information
· Perform criteria searches on specific data fields
· Export or launch data and company profile information into various file formats for further manipulation
· Access updated information, including Best's Ratings, company reports, news and more via Internet links embedded in the CD-ROM (additional subscriptions may be required to access some online information)
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What is BestLink for Excel?
BestLink for Excel allows users of several products in A.M. Best's Insurance Industry Financial Suite to integrate the latest rating and financial data directly into their Excel-based research projects from the Web. This new offering is the first to use our new Web Services architecture, powered by A.M. Best's online Global Insurance & Banking Database.
BestLink for Excel features a series of Wizards and Quick Reports that let users download professional data presentations covering such items as Best's Company Profile Reports, Best's Ratings Profile Reports, Best's Executive Summary Reports, Best's Market Share Reports, Best's Insurance Expense Exhibit Studies and Statement Pages, depending on the product purchased. Users can also create Custom Reports, selecting the companies, data fields, years (up to 11) and, in some cases, the states and lines of business required for their research.
BestLink for Excel is available to purchasers of Best's Statement File (Property/Casualty, Life/Health and Health, including Separate Accounts), Best's Statement File - Canada (Property/Casualty and Life/Health), Best's Statement Fil e- Global, Best's State/Line (Property/Casualty Lines, Life Lines, A&H Lines and Health Lines), Best's Insurance Expense Exhibit, Best's Schedule D, Best's Schedule F, Best's Schedule P and Best's Schedule S.
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What network options are available?
Our financial data products are available in stand-alone or network versions.
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Can I use the data in other software?
You can access the data from the CD-ROM in customized spreadsheets using an Excel Add-In feature (or from the Web, using the new BestLink for Excel feature), or create a report in the application and launch it directly into Excel or Lotus 1-2-3.
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How can I order Best's Schedule P?
Please contact your local sales representative or our Sales Department at (908) 439-2200, ext. 5311 for pricing, including single-seat and multi-user options. Or e-mail your inquiries to sales@ambest.com.
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If I need product support, how can I find it?
· The online Product Support Center links you to the A.M. Best Web site, where you can access product updates, release notes and information on new products and enhancements.
· The Help Menu within the product offers field descriptions, a tutorial, tips for more efficient product usage and more.
· Our Technical Products Support Department is available exclusively to customers who have questions about A.M. Best's online and CD-ROM-based products and services.
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Is product training available?
Yes. A.M. Best offers a variety of training workshops for our online and CD-ROM-based products. You'll become familiar with product features, learn to navigate through the various screens and discover time-saving tips and shortcuts. To register for training or to arrange a session at your site, please call (908) 439-2200, ext. 5115. Or e-mail training@ambest.com.
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