Reinsurance Product
comprehensive reinsurance software solution for the reinsurance industry to manage the entire range of reinsurance contracts and activities for all lines of business including accounting functionality and reporting capabilities.
Our reinsurance solution offers functionally-rich, flexible and user-friendly support for insurance operations. The solution is operated through an easy-to-use web-based interface, supporting multiple languages and currencies, and is customizable to suit specific business needs.
Key business benefits
- Easy Integration - our reinsurance system is scalable, flexible and easily integrates with third party systems.
- Multi-currency, multi-national - including extensive multi-currency support and multi-language capabilities
- Integrated document management system :
You can attach documents (scanned) to the System, example, customer related, claims supporting documents / evidences, etc., alternatively the ability to reference documents from a Document Management System.
- Automatic/ Manual - Email and SMS notification - which can be configured based on client requirements.
- Black box available for audit logs :
and printing of important documents from the system. Audit Logs - system captures the person name who created, modified or deleted a document and keeps track of all such activities for printing as well.
- Dynamic reporting tool :
able to provide departments the ability to develop ad hoc reports at their discretion and have output flexibility i.e. can be printed or exported into several industry-standard formats such as Adobe PDF, XML, XLS, XLSX, CSV, TXT etc.
- User Interface :
system provides an intuitive, user-friendly, and easy–to use interface that minimizes the need for training. The simple and efficient interface allows users to define new and innovative reinsurance programs, treaties, risk types, classes, and accumulation parameters.
- Dashboards - Profile based dashboards for different users.
Architecture: Our Reinsurance system is a fully browser-based administration solution and comprised of Service-Oriented Architecture (SOA). It supports multiple platforms and database-independence, as well as seamless integration with all Policy, Claims and Accounting systems.
Reduced manual processes: The solution eliminates paperwork, manual errors, and administration redundancies,
allowing companies to focus on core business interests.
Our product comprises of following modules
Security :
- Dynamic menu Creation
- Role based Menu & field level security
- Configurable User and roles Setup
- Password policies
- Configurable Masters
- Dynamic integration between modules
Organization setup :
- Configuration of cedant, brokers, retroceding companies - personal information and contact information
Reinsurance Claims :
- Administration for claims from registration through process, payments till settlement
- Validate a new claim, recording claim-related information (like involved risks, parties, documents, survey reports and payment-related information)
- Intimation of claims
- Verifying and approval of claim
- Processing and generation of claim documents /payment slip
- Sanctioning and settlement of claim
- Claim Reports
Contract Administration and Underwriting :
Managing all types of reinsurance contracts – treaty and facultative, proportional(Quota Share & Surplus) and non-proportional (Excess of Loss – Per Risk & Per Event, stop loss)
- Managing retro-contracts
- Creation, amendments. renewal and cancellation of treaties
- Policy and Claims underwriting
- Apportionment of Premiums, Claims and sum insured based on treaty terms and Conditions
Minimum and deposit premiums can be posted automatically at their respective due date and volume adjustments, even taking into account burning cost ratios, for prompt calculation and posting
Reinsurance Accounting :
- Receipts and payments
- Automatic calculation of commissions, brokerages, unearned premiums or outstanding loss reserves, according to the terms of the relevant reinsurance treaties.
- Even profit commissions and no-claims bonuses are calculated automatically.
- Automatic RI Recoveries in respect of claims
- Outstanding loss processing through different methods like Case Reserve, Loss Reserve & Pro-rata Reserve methods.
- Commission calculation types – Flat rate, sliding scale and overriding
MIS Reports :
- Dynamic reporting tool - provide highly flexible reports.
- Reporting Tool provides combined layouts with colour coding, graphs and charts
- Premium and claims bordereaux
- Cedant List
- Claims Distribution and Claim Recovery
- Losses Paid
- Risk Profiles
- Claims Profiles
- Profit Commission statement
- Triangulation per line of business
- Other exhaustive reports
- Cedant Commission
- Credit control
- Portfolio analysis
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