Bill & Ted's Excel-lent Functions
Looks for a value in the leftmost column of a table, and then returns a value in the same row from a column you specify.
What is VLOOKUP?
This is the value of an insurance policy.
What is the policy premium?
The amount of money a carrier has given to a customer for a claim.
What is the paid loss amount?
This report provides drivers, vehicles and prior insurance information for all states.
What is Lexis Nexis Prefill?
This metric measures the relationship between incurred claims and earned premium.
What is incurred loss ratio?
Adds the cells specified by a given set of conditions or criteria.
What is SUMIF or SUMIFS?
The sum of policy premiums from all active policies at a specific point in time.
What is in force premium?
The amount of additional money a carrier expects to pay a customer on for a claim.
What is the loss reserve amount?
This expensive report provides adjudicated driver violations.
What is an MVR report?
This metric measures the relationship between incurred claims plus expenses against earned premium.
What is combined ratio?
Multiplies corresponding elements in one or more arrays and then sums the products.
What is SUMPRODUCT?
The portion of the premium the carrier has collected for which it has already provided coverage.
What is earned premium?
The total amount of money a carrier already paid, plus the additional amount they expect to pay for a claim.
What is the incurred loss amount?
This free report provides information on drivers, vehicles, prior insurance, violations and claims, but only in Massachusetts.
What is an RMV report?
This metric indicates the percent of customers that accepted a policy renewal offer.
What is renewal retention?
A function that returns the current date.
The total amount of premium a carrier has added to their books in a particular period.
What is written premium?
The amount of money a carrier can collect from selling total loss vehicles or collect from other carriers.
What are salvage and subrogation?
This report, commonly used by law firms, provides non-adjudicated driving violations.
What is a DHI report?
This metric indicates the percent that a specific group of customers stayed with a carrier over a 12-month period.
What is persistency?
A function that calculates the number of working days between two given dates, excludes weekends and optionally, a list of specified holidays.
What is NETWORKDAYS?
The premium amount that corresponds to the time period remaining on an insurance policy.
What is unearned premium?
The amount we expect to pay for past losses not yet reported to us.
What is IBNR (incurred but not reported)?
These two scores, used in rating, are ordered in the Comp Rater.
What are Insurance Score and Vehicle History Score?
This denotes the size of a carrier in relation to its competitors by comparing the carrier's size to the total industry.
What is a market share?