Get a clearer picture of your reinsurance operations with the world’s leading reinsurance solution. Vandana Sharma shares the advantages of SAP for Reinsurance.
Transparency is all about the ability to see what is right in front of you. As the co-developer of SAP for Reinsurance (FS-RI), we understand the software from the inside out and have the experience to help you with a successful implementation to give you a clearer picture of your entire reinsurance operations.
True end-to-end processing, from policy-layoff and treaty administration to reinsurance programs and calculations — from claims administration and processing to receivables, payables, managing collateral, aging balances, reporting, and analytics — FS-RI has it all. And we have the creative know how to make sure it’s optimized for your organization to help you gain maximum efficiency and transparency in your reinsurance operations.
What’s In It for You?
FS-RI affords greater visibility for your reinsurance placement. It lets you easily identify uncovered risks and add facultative reinsurance to them. It supports treaty types that include QS, XOL, Aggregate, Catastrophic, Surplus, multi-year, and multi-line. It captures coverage and participant information like cedents, brokers, affiliates, reinsurers, and more. It handles proportional and non-proportional business in the same reinsurance program, side by side QSs and stacked layers.
The system also supports loss-sensitive features, intercompany reinsurance, and inuring sequences. It identifies accumulation/claims events, providing a financial overview. It automates reinstatement calculations; the identification of treaties to which losses apply; calculation adjustments for endorsements, installments, and premium adjustments. It manages collateral, including funds held, letters of credit, and trust funds.
FS-RI is flexible enough to calculate conditions based on different transaction types, in different currencies. It supports incoming and outgoing payments, FX gains and losses, and write-offs; has live reporting with no delays; and gives different reporting capabilities to different departments like Underwriting, Operations, Finance, Management, and Actuarial. It gives you a centralized view of all treaties, brokers, and reinsurers.
What’s In It for Your Organization?
Your organization will realize better transparency between underwriters and accountants on contract status and placement, reducing audit costs and risks. The time required for master data management and administration will be reduced, along with operating costs. Automation will yield faster period-end closings, prevent claims leakage, eliminate reconciliations, manual adjustments, and streamline receivables and foreign-exchange processes. You’ll reduce the need for IT support to create reports. You’ll improve decision-making capabilities, leading to improved loss ratios.
The top-line growth your organization will receive from FS-RI’s increased efficiency and productivity will be augmented by your bottom-line results. That’s a very transparent advantage.
For more information on FS-RI click here.
