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Frequently Asked Questions: Best's Statement File: Overview
What is Best's Statement File?
Who typically uses Best's Statement File databases and why?
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?
Will I have online access to PDF files for annual statements and Management Discussion & Analysis?
Does A.M. Best provide predefined reports?
How does A.M. Best's Insurance Industry Financial Suite differ from products by other vendors?
If I need product support, how can I find it?
How can I order Best's Statement File?
What is BestAlert Service?
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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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 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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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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How does A.M. Best's Insurance Industry Financial Suite differ from products by other vendors?
Company identification: Each company whose data is collected is assigned a unique number that permanently remains within the A.M. Best database. This allows A.M. Best to track that company's data regardless of changes in group ownership, state of domicile, etc., and to establish reliable back-year comparability.
Consolidated data: Once the data has passed all cross-checks, we create group records by consolidating the data for all members of groups and subgroups. These consolidations, available exclusively from A.M. Best, are vital for performing market trend and peer analysis. Upon review, eliminations for inter-company ownership are performed to avoid double counting. Other unique, value-added total records are created for the following industry segments: stock companies, mutual companies, agency companies, direct writers, reciprocals, the total industry and much more.
Ownership structure: A.M. Best's standard products present group data on an "as is" basis rather than an "as was" basis. All prior-year group data is restated based on the current group structure as well as for companies that have merged, allowing you to track the historical performance of the currently existing group or company. "As was" data is available on a custom basis.
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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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What is BestAlert Service?
BestAlert Service is the notification and tracking system offered to customers of select A.M. Best products. Registered customers can track and receive notice of selected insurance companies' rating changes, related news and other company-specific information.
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