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 create and manage your reinsurance contracts portfolio. This solution 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.
Be on track with all the contract changes.
Organize the updated information in an efficient manner.
There are two main types of reinsurance contracts that you can register with the Reinsurance Admin solution:
Proportional Reinsurance - for those reinsurance contracts meant to transfer only a proportion of the risk exposure to a reinsurance company.
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.
Reinsurance Admin Key Features
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.