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All UK based general insurance providers are expected to maintain claim equalization reserves or CERs in order to service the claims arising against the home and general insurance sectors. Every year, or periodically, the insurance companies need to review their requirement for reserves to be maintained and adjust any shortfalls to make sure that they are, at any time of the year, in a position to service their clients when the claim arises. But due to the fluctuating economic and financial conditions, it is found that many insurance companies violate this and use up the previous years’ reserves to meet current year’s operational expenses. The government has come up with strict regulations to make sure that ever insurer in the UK, who is required to maintain the CERs, maintains the same without fail.
Our Reserves validation solutions help the insurers to periodically check for the available reserves against the actual required. We analyze the situations in detail and come up with the required details as far as the reserve validations are concerned.
We have a group of industry experts specialized in validating reserves for the insurance companies and undertake the task with utmost care and accuracy. Availing our services makes sure that the insurance companies always know the expected reserve amount to be maintained by them and their currently available reserves. This further helps them prepare better for the remaining months of the year and particularly to bring the reserves to the required position by the end of the financial year. It also makes sure that you do not keep extra reserves when the requirements are lower than what you actually have.
Validating reserves periodically prepare your company for any unforeseen circumstances when more than a few clients simultaneously come up with a claim on their insurance. Depending on the market conditions, sometimes, you may be able to release some funds from your reserve which you can utilize for other operations and expansions without violating the regulations. At the same time, the most important requirement of maintaining the CERs is also complied when you avail the reserve validation services from us. We provide you with the details of the total value of the insured properties and the claims that are expected to be raised for the current year based on the previous year’s data and the market situations. We also draw up a forecast of the reserve requirements to prepare you for the next year’s reserves.
We use the latest and the best software for insurance companies to validate reserves. Our experts keep up with the changing policies and market trends to make sure that they are competent with the latest regulations with the reserve requirements for insurance companies. When you enter into a contract with us for Reserve validations, we also make sure that any change in reserve requirement regulations is particularly notified to you. Once you are convinced of a reserve validation requirement, you can contact us with your details and we shall conduct the validations. Our reports will be comprehensive and we will be available during the office hours for any clarifications and corrections.