LORAN is a powerful analytical tool that quickly transforms your loss run data into a visual, meaningful report meant to aid in decision making. With that, each LORAN report is only as useful as the data you provide it with.
During import, you will see a list of "Optional Fields". If your data does not have these fields, you can still print a report, but there will be insufficient data for certain graphs.
There is additional information on the "Edit Policy Data" page of LORAN that, if excluded, will subsequently exclude certain graphs.
Below is a list of every graph that will not show if one of these fields is excluded:
From Import | ||
Field / Category | Graph | Reason |
Date Claim Opened | Claim Handling - Opening | This graph will reflect how quickly claims are being opened once reported. If the data does not include opened dates, this graph will not show. |
Date Claim Closed | Claim Handling - Closing | This graph shows the percent of claims closed within certain time frames by period. If data does not include closed date, this graph will not show. |
Date of Hire | Loss Reduction - Tenure | This graph shows incurred losses as they relate to the number of years the employee has been employed with the company. If data does not include hired date, this graph will not show. |
Claim Type | Loss Run Summary - Claim Type | This section shows the number of claims and incurred losses by claim type and by period. If data does not include claim type, this section will not show. |
Breakdowns 1 - 7 | Loss Category Summaries and Breakdowns | LORAN summarizes categories by breaking them down by other categories. For a category to be summarized: 1. It must be included in the data. 2. If not overridden at the summary level, there must be at least a "minimum number (default: 5)" of losses of a certain type that are a "minimum percent (default: 2%)" of the total incurred loss. For a category to be a part of another categories breakdown: 1. It must be included in the data. 2. If not overridden, there must be at least one value in the breakdown category. that is between 10 and 90% of the total losses for the summary value. |
From "Edit Policy Data" page | ||
Field / Category | Graph | Reason |
Premium | Insurance Profits | For the insurance profits report, premium needs to exist for all periods for that graph to show and if it does, it will show for all graphs. |
Premium / Retention Level | Loss Run Summary - Cost Summary | Premium and retention level have to both exist for at least one period in order to show. |
Payroll / Number of Employees | Loss Run Summary - Reserve Amounts |
Information will be given per $100,000 and 1000 employees if the respective fields are entered. If not, these line items will not show.
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