Reports: Premium

BriteCore offers out-of-the-box premium reports as shown in Table 1. You can access these reports in the Reports module.

Select the report titles for sample reports.

Table 1: Premium reports.

Inforce Premium

The Inforce Premium report is an end-of-day report that calculates data as of a specified date rather than within a specified date range. This report shows the inforce premium, which is the total pro-rata term premium, for policies.

The Inforce Premium report is used to track premium growth or decline month-by-month. To determine the inforce premium at the end of the month, use the last day of the month for the date you choose for the report.

Premiums Receivable Balance Detail

The Premiums Receivable Balance Detail report was previously named the AR Detail 2 report. It displays details about the premium receivable balance within a specified date range.

Details displayed in the Premiums Receivable Balance Detail report include:

  • AR Balance: Displays the outstanding Accounts Receivable balances.
  • AR Balance Comparison: Provides a comparison between the Accounts Receivable balances calculated when written and the Accounts Receivable balances on the Accounts Receivable reports.
  • Written Premium Details: Provides a comparison between the Written Premium amount from premium records and the premium records on the accounting data frame.
  • AR Reconciliation Report: Displays the premium amounts from the Written Premium Details tab on the report and the AR Balance combined.
  • Details: Displays the individual line items grouped by policy term, transaction type, and accounting date that make up the balances.
  • Details Summary: The information included in the Details section above is displayed at the policy term level.
  • Accounting DF: Displays the data source for the AR Balance, AR Balance Comparison, Details, and Details Summary.
  • Fields: Displays the descriptions and formulas used in other tabs.

Premiums Receivable Trial Balance

The Premiums Receivable Trial Balance was formerly called the AR Trial Balance report. The Premiums Receivable Trial Balance displays changes to the premiums receivable balance by category. Premiums Receivable for the current year are compared to the prior year and Premiums Receivable for the current month-end are compared to the prior month-end.

The Premium Receivable Trial Balance displays the following:

  • Current Month: Detailed information about the financial activities on policies for the current month.
  • Current Year Activity: A summary of financial activity on policies for the current year.
  • Year Over Year: A comparison of the prior year’s balance with the current year’s balance and the amount of change.
  • Current Month Activity: A summary of financial activity on policies for the current month.
  • Month Over Month: A comparison of the prior month’s balance with the current month’s balance and the amount of change.

Premium Running

The Premium Running report displays the running premium by policy and policy type over a target date range. This report includes:

  • Premium Running By Policy: This displays the Written Premium and Earned Premium for each policy within a specific date range.
  • Totals By Policy Type: This displays the total Written Premium and Earned Premium by policy type within a specific date range.

Premium Written, Earned, and Unearned

The Premium Written, Earned, and Unearned report displays the Written Premium and Earned Premium by policy type up to the date chosen for the report. The report also displays the Unearned Premium as of the specified date.

The report includes the following:

  • Policy Schedule: This includes the Written Premium YTD, Earned Premium YTD, and Unearned Premium by policy. This also includes the Written Premium and Earned Premium for the current month.
  • Totals by Policy Type: This includes the Written Premium YTD, Earned Premium YTD, and Unearned Premium by policy type. This also includes the Written Premium and Earned Premium for the current month by policy type.
  • Totals by Agent/Agency: This includes the Written Premium YTD, Earned Premium YTD, and Unearned Premium by agent/agency. This also includes the Written Premium and Earned Premium for the current month by agent/agency.

Premium Written over a Date Range

The Premium Written report displays the total Written Premium for each policy and for each agency within a specific time frame. This report includes:

  • Premium Written: This displays the amount of Written Premium per policy within a specific time frame.
  • Total Premium Written by Agency: This displays the total amount of Written Premium for each Agency within a specific time frame.

Premium Earned to Losses Incurred

This report displays the Premium Earned and Losses Incurred by policy type and by agency, within a specific time frame. This report includes detailed schedules of policies and claims.

This report includes:

  • Earned Premium: This displays the amount of earned premium per policy within a specific time frame.
  • Incurred Losses: This displays the amount of loss incurred per claim.
  • Totals by Policy Type: This displays the total loss incurred, the total earned premium, and the total loss ratio per policy type within a specific time frame.
  • Totals by Agency: This displays the total loss incurred, the total earned premium, and the total loss ratio per agency.