Kellie Halfpap

The second part of this installment will cover the remaining reports found under the Policy section. These reports can provide beneficial information, reduce E&O risk, and ensure policy workflows are being followed. Be sure to check out Part I of Policy Reports in case you missed it. As previously mentioned, make sure you have the new Report Pack downloaded from Applied to ensure you have access to all Reports available. We will not cover all reports found under this Policy section, but instead highlight the ones that are typically most used by multiple types of agency staff.

Expiration Report

This report can be very useful when shared with staff – either emailed monthly or sent to their Report Quickview. The Expiration Report lists policies that are due to expire within your set desired time range. This report will also show policies that already expired and were never renewed, allowing servicing staff to catch up on missed renewals. To prevent E&O risk, it is crucial to check each policy on the report to ensure there are no gaps in coverage. If a policy should remain cancelled/expired, the cancellation Service Summary Row should be entered with the line status changed.

New Business – Multi Layouts*

If you want to track policies with the NEW line status, use this report which will help track agency revenue. The multi-layouts option allows you to select how you want this report sorted – by ICO, PPE, Policy Type, Department, Producer, First Producer, or Branch.

Policies With No Transactions

It is important that all Agency Bill policies are transacted in order to ensure accurate reporting, revenue, and commissions. Use this report to find those policies that do not have transactions entered. This can also be a helpful report to regularly send to servicing staff, either emailed or sent to their Report Quickview.

Retention Report – Multi  Layouts*

If you want to track your agency’s retained business from the past year, use this report which will calculate your retention percentage by diving retained business by overall total business. The multi-layouts option allows you to sort by Premium Payable, Producer, Branch. This is useful report for management to be able to track how the agency performed for the overall year.

Verify Policy Commissions- Premium Payable Agreements & Producer/Broker Agreements

If a policy has an outdated agreement, or an agreement missing, this will cause out of balance commission reports. To ensure the correct agreements are being applied to a policy or account, use these two separate reports to help you find gaps in data or data that needs to be updated. The Premium Payable Agreements will compare the premium/commission on existing policies to the commission agreement that is listed on that policy. The Producer/Broker Agreements report does that same thing, only with producer and/or broker agreements on a policy.

While not every report under the Policy report section is highlighted on this two-part series, we recommend checking out all reports found under this section in case they can prove useful to your agency’s needs. In the next Reports installment, we will highlight Transaction reports which will also be a multi-part series, so be sure to check back as we conclude this series. If you have any questions regarding reports, we would love to help! Contact us at consult@kitetechgroup.com today!

In this installment of our Applied Epic reports series, we’ll go over some of the most helpful reports found under the Policy Reports tab. When you want to find specific information regarding a policy, the reports found under the Policy section will provide a myriad of data depending on what you are looking for. Many of these reports will help reduce your E&O risk and find gaps in data on an account. Since there are so many reports in this section, we will be splitting our review of Policy reports into two parts. As a reminder, if you do not already have the latest Report Pack installed, contact Applied to get those uploaded to your Epic database. Many of the reports we will review are from that pack.

*Audit Workflow – Expired Policies, Not Renewed*

This report provides a great resource to locate the policies that were never reviewed in Epic. Assuming that these policies should have been renewed, this report lists the expiration dates in the past. It can also point out rewritten policies that were not processed correctly. If a client’s policy was never renewed in Epic, it could mean the renewal process was never started causing a lapse in coverage. Use this report to reduce your E&O risk and find those missed renewals to ensure coverage has not lapsed by mistake.

Audit Data – AB policies with 0% Agency Commission*& Audit Data & DB policies with 0% Agency Commission*

Though these are two separate reports, the information they provide is similar. These reports will list policies that have been entered into Epic but are missing the Line commission (the agency’s commission) on the policy application. If the agency’s commission is zero, then the calculation for the producer/broker’s commissions will also be zero. This will cause your Production reports, Income statement, and any other transaction reports to be incorrect. Depending on the volume of your agency, this report should be run quite frequently.

Audit Data – Policies with Blank Pr/Br*

This report will identify policies where the line Pr/Br tab is blank. Blank Pr/Br will impact your Producer Commission Reports, and if your agency pays producer commission, it is crucial that there is a producer and/or broker commission amount listed on the Line Pr/Br tab. *Bonus Tip – if you are entering Pr/Br on a package policy, be sure to click ‘Apply to All Lines’ so that it is displayed on each line. This will ensure that, no matter the line selected when reconciling commission for that policy, the commission will be included.

*Audit Workflow – Policies with In Process SSRs* & Audit Workflow – Policies with Submitted SSR’s*

Again these are two different reports that provide similar information. To make certain that a workflow has been completed, you want the Service Summary Rows (SSRs) to end in Issued or Not Issued stage. When a SSR is left in the In Process or Submitted stage, it raises the question on whether that workflow has actually been completed. It will also prevent Download from updating a policy if left In Process. While Submitted stage typically mean that an application has been sent to the carrier (maybe for a quote or change in coverage), some agencies consider Submitted stage as Bound coverage. Depending on the date that it was submitted, that SSR could probably be moved to the Issued Stage. Reduce your E&O risk and make sure workflows are being fully completed with these reports.

Book of Business – Line Book & Book of Business – Policy Book

Depending on whether you want to see information by Line or by Policy, a Book of Business Report will detail an agency’s current book of policies. The Modify Criteria options allows you to filter information if needed or see everything on your book. While reports are typically run as PDFs, you can edit this layout to drop more information on the report and run as an Excel, which will provide an easier way of filtering information on the report and break down everything into its own column. Using a Book of Business report is a great way to find gaps in data by policy, like missing premium or commission, missing Producer/Account Manager, etc.

Binder Reports

There are multiple reports for Binder detail. The standard Binder Report will list all binders entered and will indicate their status. But if you want to find out the specific date a binder was closed, if binders were closed more than 30 days from system date, or confirm all open binders have been closed, there are specific reports filtered to find this information. Each of these reports can be found if you sort your screen by Based On, to bring these reports to the top of your screen.

Conclusion

While there are numerous reports available under the Policy section, the ones highlighted in this review can prove to be extremely valuable in finding gaps in data and reducing your E&O risk. Be sure to check back next month for Part II of the Policy Reports where we will highlight even more helpful reports. 

If you have any questions regarding the use of any of these reports or are interested in any of our other Agency Consulting Services, be sure to contact us today!

In this third installment of our Applied Epic reports series, we’ll go over some of the most helpful reports found under the General Ledger tab. The reports found under this tab are very helpful when it comes to month-end reporting and are recommended to run throughout a month to ensure you remain in balance. If you have a dedicated accounting person or department in your agency who handles bank reconciliation, it may be helpful to copy these reports to their My Reports so they can run them frequently and get them prepared to send to management for each month-end review.

Balance Sheet

Your GL accounts are broken out into different groups – Asset, Liability, Equity, Income & Expense, which are then broken down further into subaccounts. The Balance Sheet report will list the amounts that are in your agency’s asset, liability, and equity accounts for a specific period (you can modify the criteria to view the timeframe needed). Use this report to ensure that General Ledger is in balance. You can also modify the criteria on this report to include the subaccounts if needed.

General Ledger Register

If you want to see an overall view of what has occurred in the General Ledger area of Epic, run this report. It will provide a detailed overview of any receipts, disbursements, journal entries, voided entries, vouchers, etc. You can also set the criteria on this report to filter by specific GL accounts if needed.

Income Statement

While the Balance Sheet report reflects asset, liability and equity, the Income Statement report will provide details on agency net profit/loss, income, and expenses for a time period that you can filter in Modify Criteria. It will provide current and year-to-date figures and you can also choose whether to include or exclude the subaccount detail. It is important to note with this report that if the Income account(s) have a debit balance, the balances will display as a negative; if the Expense account(s) have a credit balance, the balances will also display as a negative.

Status of Accounts

As mentioned previously, there are multiple GL accounts within Epic to reflect deposits and disbursements. To ensure GL accounts remain in balance, we recommend running this report frequently. This report includes opening and ending balances, transactions affecting the balance, and the net change in the balance. For example, if you have recently migrated to Epic, you may still have outstanding transactions from your previous system. You would not transact on the client accounts again in Epic since they are already billed in your previous system, so you would take the outstanding balance for the Premium Payable Entity (PPE) and reflect that under an Opening Balance GL account in Epic. As you are paying funds to the PPE for those outstanding balances, you would apply those disbursements to that GL account which would chip away from that balance. You can then run this report, which would show you the opening balance, all the payments made so far, and what balance still remains.

Conclusion

The reports under the General Ledger tab will be very helpful for anyone who manages your accounting within your agency as well as for management to ensure that General Ledger figures remain in balance, especially when it comes to month-end reporting. We recommend reviewing all the other reports not mentioned as well by checking out our other articles about Account reports and Activity reports. If you have any questions regarding the use of any of these reports or are interested in any of our other Agency Consulting Services, be sure to contact us today!

Applied Epic offers an array of reports based on the Account Detail screens. While most reports are based on Client accounts, don’t forget that the Account report group consists of Employees, Companies, Brokers, and Vendors as well. Most data fields can be selected within the Modify Criteria selection of the report detail.

Data at the Account level enables agencies to aim their marketing to specific targets. The Account report group is useful for both cleaning up data and creating mailing lists. Export filtered lists into Excel for import into third-party email distribution platforms, or use Epic’s Marketing Options in the report’s Delivery Options section to both run the report and generate an email to clients.

Remember to always copy from the main report group to My Reports by clicking Actions > Copy Report To or right clicking the mouse.

Here are some useful Account Reports in Epic: