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.

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