Annual reports in a brokerage office
Annual reports in a brokerage office are a very important process that not only allows you to check and assess the condition of the company, but also to define realistic goals for the coming year. Processing data for such a long time is not one of the easiest tasks. Hence, it is important to take care of their proper collection for the year. Consistency and a meticulous approach are the keys to systematically writing down the most important information. Without good data, there will be no good reports. However, remember that every process can be improved by using the right tools.
What reports must a brokerage office create?
The most important and obligatory report for law offices is the report for the Polish Financial Supervision Authority (KNF ). It must include, among others, information on the number of policies concluded, premiums written and cashed and data on commissions. Therefore, creating such a file requires much commitment and checking of all the company’s activities in a given time. It’s best not to postpone it until the last minute.
Law office employees who use the VSoft Insurance Broker system can generate such a report automatically. Additionally, after exporting the report to Excel, apart from a sheet with basic data, the user will find a sheet with detailed data. In contains, among others, information on specific payments that make up the final report or policy details. We have described in detail the scope of the report in the VIB application in the article “KNF Report”.
In addition to the mandatory report for the KNF, it is also worth analysing the office’s internal data. Such data includes, among others, reports about the current and forecasted premiums and commissions. Users with appropriate authorisation can also obtain a report showing the number of contracts concluded, customer rankings or the degree of achievement of the goals set for the company and its employees. It all depends on what data is collected within the organization and what you want to analyse.
Creating your own reports doesn’t have to be difficult. With the VIB application, it will be enough to use commonly known and available tools, such as Excel or Power BI. You also don’t need to know the database structure, because all the data are prepared in an accessible form. If you want to know how to quickly create your own diagram, check out our tutorial video on creating reports.
The visual form of reports, being presented to other people, is important, as well as collecting data and preparing summaries. Not every team member has an analytical mind. Sometimes the scheme is so complicated that getting through it requires a lot of commitment and simply consumes time. It is worth considering whether it is better to present the report in a different, more attractive form. Comparing the same data over two different periods will be much easier, e.g., in the form of diagrams.
We hope that the awareness of the obligation to create quarterly/semester/annual reports will not haunt our readers. We can refer users of our brokerage office system to the reporting module. You can find there all the necessary diagrams and generate the necessary reports automatically.
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