Managing the reinsurance process is one of the most complex and labor-intensive tasks facing insurance carriers today. Related activities, from calculating premium and claim cessions, to producing information required for Schedule F, are complex calculations that require the right systems to reduce the insurer’s risk. Regulatory requirements and the size of recoveries compel insurance carriers to double down on their reinsurance accuracy and reliability.
Sapiens Reinsurance GO is designed to meet the ceded reinsurance processing needs of property and casualty providers, from calculating premium and claim cessions, to producing the data required for Schedule F.
Sapiens Reinsurance GO consolidates reinsurance accounting and cash management into one area. It automatically attaches and calculates ceded premium, commissions, losses, reserves and LAE, and automatically allocates ceded transactions to reinsurers. The platform’s treaty and facultative contract management allows consistent application of contract rules. Error and exception reporting prevents anything from being overlooked, or forgotten. The system ensures accurate ceding to complicated reinsurance programs, such as multi-layered inuring, or non-inuring contracts, as well as compliance through automatic notification of potential reinsurance claims. It also provides a real-time review of recoverable balances.