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Frequently Asked Questions: Best's Statement File - Life/Health - United States
What is Best's Statement File?
How will I benefit from Best's Statement File?
Who typically uses Best's Statement File databases and why?
How is the data collected and validated for the financial products?
How long after the filing date is the product available?
What company information does the software provide?
What functions will I be able to perform?
What is BestLink for Excel?
What network options are available?
Will I have online access to PDF files for annual statements and Management Discussion & Analysis?
Does A.M. Best provide predefined reports?
If I need product support, how can I find it?
How can I order Best's Statement File?
Is product training available?
Can I get notification of rating changes and other developments affecting companies that interest me?
What is Best's Statement File?
Best's Statement File is a database of insurer financial information that captures virtually all the data you need to perform industry research. The information contained in these data-intensive CD-ROMs is obtained from annual and quarterly statements from thousands of insurers. Property/Casualty and Life/Health editions are available on separate CD-ROMs.
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How will I benefit from Best's Statement File?
With Best's Statement File, you'll benefit from:
-Thoroughly cross-checked data -- ensuring the most accurate information available
-A.M. Best's exclusive consolidated data -- vital for performing market trend and peer group analysis
-Data presented on an "as is" rather than "as was" basis -- allowing you to track the historical performance of a currently existing group
-The option to access data from the product or through the Excel Add-In -- allowing further manipulation
-The most timely release of financial data products in the industry -- keeping you as up-to-date as possible
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Who typically uses Best's Statement File databases and why?
-Market Researchers/Competitive Researchers (Business Development): as a source for detailed, comparative data for competitors' operations, results and performance; also, as a general reference to the insurance industry
-Corporate Planners: to reference peer groups and benchmark individual company performance
-Actuaries: to evaluate industry trends and perform analyses
-Research Librarians: as a reference source for corporate libraries (for insurance companies, banks, investment houses and consulting firms) detailing the financial state of the Property/Casualty and/or Life/Health insurance industry, peer groups and competitive analysis
-Consultants: as a financial and historical overview of individual insurance companies, specific peer groups, as well as the overall insurance industry
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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 Statement File is released in the first quarter -- a few weeks after the filing date -- with biweekly flows from March through June. Industry totals are released in June. A three-month quarterly data flow is offered in addition to six- and nine-month data, which are available in September and December, respectively.
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What company information does the software provide?
Many of the important components of the annual statement, such as Balance Sheet, Income Statement and Cash Flow, are included. Plus, users can select companies by identifying core items such as:
· AMB number
· Group number
· Federal Employer Identification Number (FEIN)
· Market and organization type
· State of domicile
· National Association of Insurance Commissioners (NAIC) number and more
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What functions will I be able to perform?
The easy-to-use software gives you the ability to:
-Save and import company lists from other A.M. Best products
-Create and print reports using any combination of companies, data fields and years
-View a selected company with all available records
-Export data into various file formats
-Search for data by single companies, consolidated/as-filed groups, A.M. Best-defined groups and composite records such as total stock, mutual and industry records;
-Print data in Statement Page format
-Access updated Best's Ratings, company reports, news and more via Internet links embedded in the CD-ROM
Also included:
-New for 2007: BestLink for Excel, which lets you integrate our data into your custom research projects directly from our online Global Insurance & Banking Database
-A link to the A.M. Best Web site to view a company's full annual statement. (Statement pages are complete with Details of Write-ins, Notes to Financials, Management Discussion & Analysis and all other vital statement pages.)
-Availability of separate three-month quarterly flow of data in addition to six- and nine-month quarterly updates
-A Report Wizard that makes it easy to create your own reports
-Enhanced online product support
-An Excel Add-In with improved speed and data-retrieval capabilities
-A feature that creates custom charts with up to five companies and five fields for individual companies.
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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 State/Line (Property/Casualty Lines, Life Lines, A&H Lines and Health Lines), Best's Insurance Expense Exhibit and Best's Schedule P.
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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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Will I have online access to PDF files for annual statements and Management Discussion & Analysis?
Yes. Registered users of Best's Statement File can gain online access directly through the CD-ROM. View a PDF file of a company's Annual Statement as filed with A.M. Best. Plus, view scanned copies of a company's Management Discussion & Analysis document to gain valuable insight into its prior-year operational results. All statement pages can be viewed, complete with Details of Write-ins, such as:
-Notes to Financials
-General Interrogatories
-Schedule P (P/C; Parts 2, 3 and Summary)
-Schedule Y organizational charts
-Schedule D
-Schedule F (P/C only)
-Schedule S (L/H only)
-All other vital statement pages and schedules
-Actuarial Opinion PDFs
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Does A.M. Best provide predefined reports?
Yes. Users of Best's Statement File have quick, convenient access to Best's Executive Summary Reports, which include information that provides insight into key aspects of insurance company operations. Select from the following individual segments to create a customized report:
-Balance Sheet Totals
-Income Statement
-Profitability Analysis
-Liquidity Analysis
-Bond Portfolio Composition (P/C only)
-Ceded Reinsurance Analysis (P/C only)
-Loss Reserve Analysis (P/C only)
-Leverage Analysis (L/H only)
-Capitalization Analysis (P/C only)
The Reports' comparison option allows for data and chart comparisons of up to five companies. The comparison can also be done against a composite of an unlimited number of companies (L/H and P/C Statement File only).
Best's Executive Summary Reports also present select performance ratios from Best's Key Rating Guide and Best's Insurance Reports.
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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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How can I order Best's Statement File?
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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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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Can I get notification of rating changes and other developments affecting companies that interest me?
Yes. Purchase of this product includes access to the BestAlert Service, which notifies you of changes in ratings and other developments for the companies you need to know about, at no additional cost.
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