For the insurance industry, automation is the key to streamlining business processes. The reinsurance management process needs to calculate ceded risk and reinsurance premiums under multiple treaties, risk events and scenarios for different products and benefits.
We offer our clients a comprehensive solution framework that manages the most common types of reinsurance agreements prevalent in the life insurance industry. This framework has been designed using state-of-the-art Business Rule Engines (BRE), which enable easy modification of business rules by business users.
The framework facilitates:
- Setting up treaties with multiple reinsurers
- Computing sum at risk on a per-life basis
- Calculating risk premium based on treaty conditions and pre-defined business rules
- Facultative reinsurance
- Optimized risk distribution across reinsurers
- Quicker deployment of business rules for new modified plans/benefits
As part of reinsurance administration, we offer:
- IT consulting in areas like business alignment, package evaluation, consolidation of roadmap, system agility testing, etc.
- Business benefit analysis
- Mapping of various processes, viz. policy servicing, underwriting, reinsurance, etc.
- Implementation of products and packages
Our implementation approach includes:
- Understanding the current system
- Understanding the formulas and tables used for calculations
- Formalization of requirements and creating a project plan
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