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Reinsurance

Reinsurance touches many departments from Underwriting and Claims to Billing and Accounting. A pre-integrated system such as SurePower Innovation can shine addressing this challenge.

Turbulent times and looming regulation are making reinsurance rise in importance for primary insurers. Companies are looking to reinsurance to strengthen balance sheets. Will you get the return for what you are buying? SurePower Innovation's tightly integrated reinsurance ensures can increase your staff's capture of reinsurance opportunities.

Reinsurance Info Available When Needed

With SurePower Innovation, underwriters and adjusters simultaneously see the same, up-to-date reinsurance position of the policy. The information is not "pulled" from a separate system. The proper coverage's and reinsurance are available to anyone in the company with sufficient authority for coverage verification, processing, and inquiry. SurePower Innovation is capable of setting up very efficient rules and workflows to automate tasks, their escalation and human monitoring for the following:

• Calculating reinsurance cessions for pro-rata, quota share, and excess treaties
• Performing calculations  based on stated policy limits or on user-entered PML figures
• Automatically ceding the proper portions to the reinsurers
• Warning user if additional reinsurance is required
• Calculating and billing all reinsurance on the claim,
• Handling multiple, complex treaties (as uniquely configured by the client)

The result is that your people are better able to manage risk.  

Easily Set up Rules and Treaties

The SOA architecture of SurePower Innovation enables the easy addition of a treaty to a single product as a product attribute, policy type, coverage level, risk, or package. SurePower Innovation enables you to manage all types of treaty and facultative arrangement, including:

• Surplus
• Excess
• Quota Share

Timely Reinsurance Reporting & Status Visibility

• Bordereaux Reporting
• Annual Statement
• Reinsurance Recap

SurePower Innovation's data marts are ideal for ad hoc reports and are easily designed to present any information captured by the system. To give a sense of the reporting, the following two examples are in our portfolio of prepared reports: "Outstanding Claims with Reinsurance" (18 items of information for a per claim listing of the ceded portion of all claims with reserves for recovery as of the end of the reporting period) and "Claims Reinsurance Transaction Detail" (a listing of 10 items of information for claim reinsurance transactions booked between two dates, both manually and automatically posted, per claim). These reports can be easily modified to show you the information you want, presented the way you would like.