Financial Performance
Fill in the Blanks: The P&C Insurance Industry is unique because we don't know our cost of
_________ _________.
Goods sold
True or False:
Aside from certain Auto file types, self Reviews are completed on open files.
False. The self-review guidelines call for reviews to be completed on closed files. Certain Auto file types can be a mix of open and closed files.
True or False:
APL (Auto, Property and Liability) claims must have reserves set within 30 days.
True.
Fill in the Blanks:
We are required to follow
____ ____ for all licensing components.
State Regulations
What was Travelers' net income in 2017?
$2 Billion
Fill in the Blank:
Aside from Auto Non-WOAs (wholly owned appraisals), UMs are required to complete ___ self review(s) per claim professional each month.
1
Note: Auto Non-WOAs require 3 reviews per quarter.
Fill in the Blank:
WC claims must have reserves set within ___ days.
14
Fill in the Blank:
Manual checks must be entered into the Claim Platform system within ___ business day(s) of being written.
1
Since 2005, which CAT event did Travelers have the highest payout on?
Hurricane Irene - 2011
(Also SE and MW storms during Q2 that year)
True or False: The LOB Director/2VP selects the files that the UMs review for the Claim Professionals.
False. The files are randomly selected and identified on The File Review Claim List.
Why should we continue to follow up on duplicate payments until the funds are recovered or the item is resolved through a UIL (Uninsured Loss/Self-Insured) file?
We should pay what we owe - nothing more, nothing less.
True or False:
A salvage form, is only needed for jewelry salvage.
False. A salvage form is required on all types of salvage.
What does ROE stand for? Define it.
Return on Equity (ROE) is a percentage that reflects how much a company has earned if its net income is pitted against the money invested by its shareholders. A high percentage usually indicates that the company is highly profitable.
What is a Financial Significant Item?
A Financial Significant Item is an error identified during a file review that has a financial impact on the file such as insufficient reserves, an underpayment or an overpayment.
True or False:
All CounselLink/LMA bills should be released within 30 days of Travelers’ receipt.
False - 60 days.
What is an exception?
An exception is an indicator that we’ve failed to comply with procedure/regulation as outlined in the FSA.
Name at least 2 of the 3 markets that Travelers was the number 1 writer of in 2017.
Commercial Multi-Peril
Workers' Compensation
Surety
Name at least 3 file review categories.
National (QM)
Self-Review
Managerial
Focus
Commentary
Note: Managerial, Focus and Commentary reviews cannot be completed in lieu of Self Reviews.
Fill in the Blanks:
There must be a ____ ____ ____ for any Strata Ware bills that are not released within ___ days of receipt.
Valid Business Reason - 30
How much has our office (all LOBs) paid in claims within the last 12 months?
$634 million
What does ODAR stand for and what are its 2 main components?
Office Daily Activity Report
Reserves and Claim Registration