INSURANCE
The reserve is a judgement. Its inputs are not.
Gloree lands claims, premium and reinsurance data from your policy administration, claims and actuarial systems in one live grid, with the source and extract time attached to every cell.
The estimate is reviewed. The data behind it is audited.
The triangle is only as good as its extract.
A development triangle is rebuilt each quarter from claims data that keeps moving. A claim reopened after the extract changes the tail, and nothing records which run it entered.
Actuarial and finance close on different numbers.
The reserving run and the ledger are reconciled by hand, in a workbook that exists to explain a difference neither system will admit to. The explanation is rewritten every quarter.
Recoveries are found late or not at all.
Reinsurance recoveries depend on treaty terms applied to claims coded months earlier. A recovery missed in the quarter it arose is a recovery argued about a year later.
Connections
A stale source says so.
Every connection shows when it last returned data and raises a banner when it goes quiet. You find out a feed is behind before the reserving run is signed off, not a year later when a recovery is argued about.
The systems an insurer’s finance, actuarial and claims functions already report out of
Every figure names its extract.
Open any reserve input and Gloree names the system it came from, the time of the extract and the formula that produced it.
A reconciliation that survives the quarter.
The difference between the reserving run and the ledger stays as rows against their own sources, rather than being resolved in a workbook nobody reopens.
A log you cannot quietly edit.
Every accepted change is recorded with the value it replaced, the person who accepted it and the minute it landed.
Not every number is an estimate.
Retail answers to a buying meeting on Monday morning. Oil and petrochemicals publishes figures a joint-venture partner re-audits line by line. Neither is holding money against claims nobody has reported yet.