| 1 |
Enter all types of outward policies… |
| OW Policy Types |
Create all type of outward policy including compulsory, facultative and treaties with different proportional and non-proportional cessions types such as quota share, surplus, Working XOL and Cat XOL. |
| 2 |
Setup a reinsurance bouquet as a single treaty… |
| Protection Bouquet |
You can create your protection bouquet in a single treaty with different lines of business and different retrocession parameters. |
| 3 |
Setup a treaty arrangement for many reinsurance participants… |
| Treaties |
Setup treaty arrangement for multiple reinsurance operators with corresponding participation percentages. The treaty cession can be based on the Sum Insured or Maximum Possible Loss (MPL). |
| 4 |
Parameterize RI commission types… |
| RI Commission |
When entering a treaty you have the ability to parameterize the reinsurance commission types such as provisional, fixed or Sliding-Scale Commission. The calculated amount will be debited to be collected from the reinsurers. |
| 5 |
Parameterize Profit Commission types… |
| Profit Commission |
Parameterize a profit commission calculation method which could be a fixed amount or variable depending on number of cessions (for life policies per example) or premium ceded amount. |
| 6 |
Automate reinsurance premium calculation… |
| RI Premium |
Link reinsurance protection profiles to products and policies to allow an automatic calculation of the retrocession premiums. The retrocession calculation can be based on the total policy sum insured or the amount per risk location.
The system gives a warning if the amount at risk is higher than the reinsurance protection limit. User can then require a facultative coverage, for example, and link it manually to the policy.
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| 7 |
Automate reinsurance claim share calculation… |
| RI Claim Shares |
Link reinsurance protection profiles to products and policies to allow an automatic calculation of the reinsurers’ claim payments shares. During the claim settlement process, reinsurance payments shares are updated starting from the initial reserve to the final payment. |
| 8 |
Automate reinsurance accounts generation… |
| RI Accounts |
For each reinsurance transaction created in the system, an accounting entry is generated and reinsurance policy and/or participant account is debited or created in accordance with the transaction type. |