Main Content

From 2022, the FCA requires that brokers send updates about premiums and income regarding Consumer / Personal Lines clients; with a focus on splitting client base by tenure (how long each client has held their policy with you); for both motor and home insurance.

OpenGI provides a built in report, located in the Regulation Module, called "Pricing Information Report". This helps generate the data required by the FCA.

Upon clicking the Pricing Information Report program, you will be presented with the following screen. For users who do not have ReportNet functionality, the export options will not be available.

Enter the appropriate date range in the From and To fields; for the first ever REP021 return, the FCA have asked for the range of 01/01/2022 to 30/06/2022; future reports will instead cover a range of a full year, rather than 6 months.

It is recommended to leave the "Report Product" field blank, as this will run all 6 targets simultaneously.

Calculate Tenure from Account Records defaults to yes. This means that the policies will be assigned to their tenure group based on the contact records, rather than the policy "consecutive years" field. This improves the data on some brokers systems, preventing situations where all policies are grouped in T0 and no other year.

Count All Policies Live at End of Period defaults to no. This prevents policies that were not incepted/renewed within the period from being included in the statistics of "in force at end of period". This should be kept as no unconditionally for submission to the FCA.

Default Charge type if not set defaults to post-contractual. There's no right or wrong answer to this question, however post-contractual charges are more common than pre-contractual charges, and so post-contractual is the recommended option. Going forward, brokers should ensure that their charge codes are set and being consistently applied, so that this option becomes irrelevant.

If ReportNet is available, users may wish to set "Export Format" to yes, for the data to be made available via Excel, rather than via PDF printout via Open Print Manager

Export Type will in most cases be set to summary, to provide the data in an aggregate format as required by the FCA. It may be set to Detailed in order to see individual policies taken into account with calculations, however this will be unnecessary in most instances.

Upon clicking OK, the REP021 report will run and can be saved to your system or printed as appropriate, with the standard OGI printing workflow.

Known Errors and Workarounds

Certain settings and configuration may need to be adjusted on your system for the report to return accurate information, as follows:

Policies Only Appear in T0 Column
As of 27/09/30, this can be worked-around by setting "Calculate Tenure from Account Records" to yes, which is the new default behaviour from this date.

In some cases, the report may look similar to below, with all policies being contained within T0. 

01/09/2022 - 11:00                                  PRICING INFORMATION REPORT                  Page    1


Branch 0. Report Period from: 01/01/2022 to: 30/06/2022. Product: Motor - cars. 


Product By Channel            Motor - cars                            
                                                                             Tenure
                            T0        T1        T2        T3        T4        T5        T6




Direct                


Total Annualised          12345                                                                                                    
Average Annualised          678                                                                                                    
Average Last Year                                                                                                                  
Incepted/renewed            321                                                                                                    
In force at end             123

Unfortunately, this implies that the historical data has not been stored and cannot be automatically recovered. In order to ensure that the data is stored, the regulation module control settings must be updated.

In the Regulation Module Control application, on the "Other 2" page, should options should be set to yes, as per below.

Going forward to improve data accuracy on future reports, the tenure can then be updated manually on the level 2 policy information screen, provided that the options above are enabled.

Policies / Addons are not Being Included on the Report

It is important that metadata is set for your products in the Policy Amendment screen so that the REP021 report can identify the correct policies.

Policy Type Amendment can be found in the Maintenance Menu (Menu 4), and it is important that the highlighted fields are set correctly for all relevant policy types.

Unable to Select Date Range

If you are unable to change the "To" field to the required date, please update OpenGI beyond the April 2022 releases, which should allow you to do so. You may need to contact OpenGI directly via their support desk to receive this update.

Missing Policy Type Description Record

From 27/09/30, this error should no longer block the report from running. Instead, errors with individual policies will be displayed in the report output, and the report will skip processing erroneous policies.

In some cases, OpenGI will produce errors similar to the following when attempting to produce a pricing information report.

This error is caused by the pricing information report finding historical references to a policy type that has since been deleted. It can be worked around by creating a new policy type with the code shown in the error. The policy type does not need to be actively used, and so it is recommended to set the long description to "REP021 Policy Type Workaround" or similar.

For information relating to adding a new policy type, please click here.

Missing Home Insurance Policies

It is not required that all Home Insurance policies exist under the "HQ" code, however, in order to be correctly identified for the report, it is important that the policy type amendment screen is set correctly as in the "Policies / Addons are not Being Included on the Report" section above.

Importantly, Home insurance policies must involve Homewriter in order to be correctly identified. At the technical level, the H3 frame generated by Homewriter contains a hidden field, which specifies the subcategory (buildings/contents/both) of the insurance. Without this field, the pricing information report will skip over a policy for inclusion in report.