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Reinsurance management solution for leading Indian insurance company
ValueMomentum assisted the Client build a robust reinsurance automation solution for use in multiple lines of business.
Industry
Insurance
Client
Leading insurance company in India
Needs addressed
Core Systems Replacement and Modernization,Application Maintenance & Transformation
- The clients’ core requirement was to connect the discreet pieces of technology procured over the years and meet their business expansion plans.
- Over the years the number of customers and partners had increased significantly and the systems were inadequate to support the exponential growth.
- Product configuration and workflow automation were key requirements.
Technology Solution delivered
Core Systems Replacement & Modernization,Application Maintenance & Transformation,iFoundry Rating,iFoundry Rating & Product Lifecycle Management,Business Rules Management System (BRMS)
High-level functionality, of the delivered Solution is listed below:
- Definition and Maintenance of Reinsurance treaties
- Associating reinsurers and their share with individual treaties
- Definition and Maintenance of Reinsurance Arrangements
- Associating Reinsurance Arrangements to product or coverage or any other level and defining applicable conditions for premium ceding, recoveries and reinstatement of policies
- Defining rules for risk accumulation and monitoring
- Definition and maintenance of logic for apportioning premium to multiple reinsurers
- Generation of Reports for Internal users, Reinsurers and regulatory compliance
- Monitoring recoveries from re-insurers – both loss and expense in case of claims; unearned premiums in case of cancellations/ terminations/ SI reductions (expense payments also need approvals)
- Cessation of RI in case of lapsed policies and update risk accumulation
- Reinstatement of reinsurance in case of reinstated policies
- Profit sharing by RI partners and necessary accounting
Execution model
At site, Fixed price Contract
Technologies used
iFoundry, J2EE
Benefits delivered
- With the Reinsurance Management system, our Customer was able to automate the process for administration of reinsurance cases considering all types of treaty agreements with different reinsurers & calculating reinsurance premiums for the same.
