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The Reinsurance Management supposes automation of the processes incurred by the reinsurance business and transactions the company deals with. This component is intended for matching the policy risks with the reinsurance contracts the company have signed with its partners - reinsurers and brokers.
Reinsurance Management component consists of the following sub-systems and tools:
- Risks filtering tool
- Reinsurance scheme builder
- Reinsurance transactions management
- Reporting tool
Risks Filtering Tool gives an opportunity to view and track the policy risks by different patterns, such as policy dates, types, and reinsuring statuses as follows:
- reinsurance completed;
- pending the reinsurance;
- waiting for the approval by obligatory reinsurance treaty;
- awaiting additional consent of the reinsurer;
- requiring specific facultative reinsurance;
- etc.
Reinsurance Scheme Builder handles existing reinsurance contracts and provides with sub-components for managing new reinsurers/brokers and new contracts, creating reinsurance schemes through specifying the policy risks subject to reinsurance, commissions and reinsurance costs calculation properties, limitations and constraints, etc.
Reinsurance Transactions Management component is initiated for matching the insurance risks with appropriate reinsurance contracts which means applying corresponding reinsurance schemes for the risks. This component allows automatic allocation of the risks by available reinsurance schemes, as well as performing manual allocation for specific risk types. Once the reinsurance transaction is approved, the system automatically calculates commissions and costs by specified properties/scripts, which immediately get reflected in the Financial Management component.
Reporting tool gives an opportunity to get reinsurance bordereaux for a certain period of time relating to reinsurance transactions within the selected cost range, made in relation to specific risk types, performed through the given reinsurer or certain reinsurance treaty, and many other applicable options. The resulted reports are possible to extract into Excel environment.
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