Real-Time Reserving

The policy accounts within STEP are maintained at the policy level and accounting buckets can be set up as part of the product configuration for maintaining the attributes related to policy reserves, claim reserves, etc. The calculations and rules that are associated with these accounting buckets can be triggered as part of the Carrier/Product/Policy processing cycles or as part of the business transactions on the Carrier/Product during its life cycle. Since these calculations are run dynamically during the life cycle, the accounting buckets for the reserves’ accounts are maintained in real-time and can be reported as part of the normal financial reporting or on the STEP business analytics dashboard.