Overview

There are cases when the insurer transfers some of the financial risk to another insurance company - the reinsurer, based on a contract. In time, a growing portfolio of reinsurance contracts increases also the struggle to keep up with the amount of contract related details that insurers need to manage. The reinsurance contracts that the insurer has to maintain might transition between different business statuses, they might have different start dates, depending on the insured products and end at different times. Plus, the need for reinsurance might change depending on the geographical area covered - increasing, at times.

Going digital, in this case with Reinsurance Admin, makes it easier for you to be on track with all the changes of your reinsurance contracts portfolio and, also, to organize the updated information in an efficient manner. The Reinsurance Admin solution also enables you to reduce the completion time for routines that can be automated - like automatic transitioning to In Force or Terminated status for all the qualifying reinsurance contracts in your portfolio.

Contract types

There are two main types of reinsurance contracts that you can register with the Reinsurance Admin solution:

  1. Proportional Reinsurance - for those reinsurance contracts meant to transfer only a proportion of the risk exposure to a reinsurance company.

  2. Natural Catastrophes Excess-of-Loss Reinsurance - for those reinsurance contracts meant to cede a disproportional severity exposure (such as a natural catastrophe) to a reinsurance company.

Check the following pages to find out more about how to register, how to edit or how to terminate a reinsurance contract.

FintechOS clients use the Reinsurance Admin solution to respond to different challenges related to:

  • time-consuming routines;

  • routines more prone to human error when done manually;

  • complex recurring reinsurance scenarios;

  • the sheer volume of contract related details;

  • little time to identify and deal with discrepancies between reinsurance portfolios across geographical areas.

The Reinsurance Admin module makes places for better business performance when dealing with these pain points by enabling insurance companies to digitize their reinsurance contract management processes.

The solution has the following key features:

  • registering and storing contract details;
  • automatic transitioning to In Force business status for all the qualifying contracts;

  • automatic transitioning to Terminated business status for all the qualifying contracts;

  • automatic versioning, for capturing all contract status updates.

  • integration with the Insurance Product Factory solution.

The benefits of using Reinsurance Admin are the following:

  • efficient in managing high volumes of contracts;

  • speeds up contract management processes by automating routines;

  • scales from the simplest of reinsurance portfolio models to the most complex ones;

  • supports today's ever growing data processing needs of insurance companies;

  • frees up time for where attention is really needed: selling more insurance!

HINT  Integrate Reinsurance Admin with more FintechOS solutions for insurance in order to make the best of process automation for your company, portfolios, products, and customers!
NOTE   This user guide's images are for illustration purposes only, if not stated otherwise. Please take into account that your screen might look different - such as having a different background image or a different background color, since this is a customizable feature of the HPFI. Thank you for your understanding!