Features in Facultative Placement Systems
for Reinsurance
Tools that streamline the process of placing individual risks with reinsurers, including submission preparation, quote management, and binding documentation.
We ask vendors to mark their product against our feature list. It is not available for all products and in some cases we have derived data from publicly available sources. The list of features follows. Vendors can add a further 10 key features of their own.
Analytics & Reporting
Tools to provide insights into placements, market trends, and operational performance.
- Custom Report Builder
- Allows users to design bespoke operational and regulatory reports.
- Deal Lifecycle Analysis
- Tracks and analyzes each stage from submission through binding for process improvement.
- Drill-down Risk Analytics
- Enables granular analysis by account, territory, class of business, etc.
- Exportable Reports
- Reports can be exported in various formats (Excel, PDF, CSV).
- Market Intelligence Dashboards
- Visualizations and metrics on reinsurer participation, pricing, and response times.
- Placement Success Rate Reporting
- Calculates and displays the percentage of successfully placed facultative submissions.
- Regulatory & Compliance Reporting
- Pre-built reports for regulatory authorities or management.
Capacity & Performance
Performance limits and capabilities of system in handling risk and placement volumes.
- Average Page Load Speed
- System response speed for end users.
- Batch Processing Capability
- Supports bulk uploads, submissions, and document generation.
- Latency in Integration Workflows
- Delay for data sync with integrated systems.
- Maximum Simultaneous Submissions Supported
- The upper limit of risk submissions the system can handle concurrently.
- System Uptime
- Percentage of time the system is available.
Integration & Interoperability
Extent of ability to integrate with other core insurance, reinsurance, and market systems.
- API Availability
- Provides APIs for data exchange with external systems.
- Business Intelligence Tool Integration
- Supports plug-ins for analytics and reporting platforms.
- Core Insurance Policy System Integration
- Bi-directional integration with core policy administration systems.
- Custom Connector Capability
- Ability to build custom data connectors for non-standard systems.
- Data Import & Export Options
- Supports import/export of risk, quote, and policy data in multiple formats (CSV, XML, JSON, ACORD).
- Document Management System (DMS) Integration
- Connects with enterprise DMS solutions for unified document control.
- Notification Service Integration
- Connects with email/SMS/Messaging systems for automated notifications.
- Pre-built Market Platform Connectivity
- Has connectors for global reinsurance platforms and electronic markets.
- Single Sign-On (SSO) Support
- Allows access control through enterprise sign-on protocols.
Market Connectivity
Extent of direct access and integration with external reinsurer platforms, exchanges, and services.
- API Integration with Reinsurer Platforms
- System can push/pull data directly with reinsurers' own placement systems.
- Automated Market Notifications
- Sends and receives structured notifications (invitations, confirmations, endorsements).
- Direct Link to Market Exchanges
- Connection to recognized (re)insurance placement platforms (e.g., PPL, Whitespace, Ruschlikon).
- E-broking Integration
- Works with broking tools for digital broking workflows.
- Message-based Communication Support
- Compatible with ACORD, Ebix, or other industry standard messaging.
- Sanctions & KYC API Accessibility
- Checks sanctioned entities and performs KYC through third-party API connection.
Placement Binding & Documentation
Functionality that completes risk binding, generates/deals with slips, wordings, and confirmations.
- Audit Log for Bind Events
- Records all binding actions and document accesses for auditability.
- Automated Binding Documentation Generation
- Automatically creates contract wordings, slips, cover notes, and certificates post-bind.
- Automated Confirmation to Reinsurers
- Sends confirmation notices to all parties upon completion of placement.
- Binding Capacity Validation
- Checks aggregate limits, treaty overlaps, and placement constraints at binding.
- Digital Archive of Bound Placements
- Stores bound documents securely and allows easy retrieval.
- Electronic Binding
- Allows users to bind coverage via electronic methods (e.g., e-signature, e-approval).
- Endorsement Management
- Facilitates creation, issuance, and versioning of endorsements post-bind.
- Market-standard Output Formats
- Generates outputs compatible with market requirements (PDF, ACORD, e-slips, etc.).
- Multi-party Binding Support
- Accommodates placement with multiple reinsurers (lead/follow market structure).
- Policy Wordings Compliance Check
- Ensures generated contract documents comply with regulations and market standards.
- Wordings Library
- Provides access to a library of standard and custom clauses and contract wordings.
Quote Management
Features that support the exchange, comparison, and negotiation of quotes between cedents and reinsurers.
- Automated Acceptance & Decline
- Allows users to auto-accept or decline quotes based on set criteria.
- Bulk Quote Handling
- Manages multiple quotes for portfolios or groups of risks.
- Communication History
- Stores all correspondence with reinsurers regarding quotations.
- Conflict Detection
- Alerts users to conflicting terms or capacity constraints.
- Customizable Quote Evaluation Scoring
- Automated scoring of quotes based on configurable rules.
- Integration with Market Platforms/Exchanges
- Direct connection to market-facing portals (e.g., Lloyd's PPL, Whitespace).
- Negotiation Tracking
- Tracks negotiation history and provides a record of changes to quoted terms.
- Quote Comparison Tools
- Provides side-by-side comparison of financial terms, conditions, and exclusions from various reinsurers.
- Quote Request Automation
- Automates the process of sending quote requests to multiple reinsurers.
- Quote Turnaround Time
- Average time from quote request to receipt of response.
- Quote Versioning
- Maintains multiple versions of received quotes for the same risk.
- Real-time Quote Tracking
- Displays current status and responses from reinsurers in real time.
- Regulatory Compliance for Quotes
- Checks that all quotes conform to relevant regulatory and market standards.
Security & Compliance
Security measures and compliance features for managing sensitive (re)insurance data.
- Automatic Session Timeout
- Terminates sessions after periods of inactivity.
- Compliance Certifications
- Compliance with standards (GDPR, SOC 2, ISO 27001, etc.).
- Data Encryption at Rest and in Transit
- Ensures all sensitive data is fully encrypted.
- Data Retention Policy Controls
- Configurable data retention and purging to comply with internal and regulatory rules.
- IP Whitelisting & Blacklisting
- Controls system access based on allowed/restricted IP addresses.
- Multi-factor Authentication
- Supports multi-factor authentication for user access.
- Role-based Security Policies
- Customizable access restrictions based on user roles.
- Secure Audit Logs
- Immutable logs for all system and data access events.
Submission Management
Capabilities related to preparing, managing, and tracking facultative placement submissions to reinsurers.
- Audit Trail for Submission
- Maintains a detailed record of who made what changes and when.
- Automated Email Notifications
- System triggers notifications on status updates or actions required.
- Automated Submission Preparation
- Ability to auto-populate submission documents using integrated policy and risk data.
- Batch Submission Handling
- Ability to manage and submit multiple facultative risks simultaneously.
- Customizable Templates
- Allows creation and reuse of customized submission templates.
- Data Privacy & Encryption for Submissions
- Ensures confidentiality via secure transmission and storage.
- Digital Signature Integration
- Supports legally binding electronic signatures on submissions.
- Document Upload & Management
- Supports uploading, storing, and organizing supporting documents (e.g., risk engineering reports, schedules).
- Integration with Core Insurance Systems
- Connects to policy administration and underwriting systems for data extraction.
- Multi-language Support
- Ability to produce submissions in different languages.
- Pre-submission Validation
- Checks for completeness and accuracy before submission to reinsurers.
- Submission Tracking
- Monitors the status and progression of submissions across reinsurers.
- Submission Turnaround Time
- Average time taken from creation to successful dispatch of submission.
- Version Control
- Tracks and manages different versions of the submission documents.
Support & Configuration
Features for easy support, maintenance, and tailored system setup.
- 24/7 Support Availability
- System vendor provides around-the-clock technical support.
- Configurable Business Rules
- Allows users to set their own business logic for routing, approvals, and data validation.
- Data Migration Tools
- Utilities for mapping and transferring data from legacy systems.
- Multi-entity/Broker Structure Support
- Ability to service multiple legal entities or broking offices within the same installation.
- Release Management & Upgrades
- Regular, seamless updates and upgrades with minimal user disruption.
- Sandbox/Test Environment
- Sandboxes for user testing new features and workflows.
- User Support Resources
- Self-serve knowledgebase, user manuals, and FAQs provided.
User Experience (UX) & Interface
Characteristics affecting usability, accessibility, and overall experience.
- Accessibility Compliance
- Meets accessibility requirements (WCAG 2.1, ADA, etc.).
- Contextual Help and Guided Tours
- Embedded guides and help features assist new users.
- Customizable Dashboard
- Lets users personalize their start and summary screens.
- Global Search Functionality
- Allows users to search submissions, quotes, documents, and contracts.
- Mobile Responsiveness
- Optimized for use on tablets and smartphones.
- Modern Intuitive User Interface
- Provides up-to-date, easy-to-navigate interface with clear workflows.
- Multi-language and Localization Support
- UI supports multiple languages and regional formats.
Workflow & Collaboration
Tools for multi-user collaboration, assignment, review, and workflow automation across placement stages.
- Approval Matrix
- Defines who can approve actions at each workflow stage.
- Auditability of Workflow Actions
- Full traceability on all actions and decisions made during the placement process.
- Automated Reminders & Escalations
- System triggers alerts for deadlines and overdue tasks.
- Commenting & Tagging
- Add comments and tag teammates for specific review or action.
- Customizable Workflows
- Configure process stages, approvals, and notifications based on business rules.
- Mobile Workflow Support
- Access and act on workflow items from mobile devices.
- Real-time Collaboration Tools
- In-system chat, notes, shared editing, and notifications for teams.
- Role-based Access Control
- Ability to limit users' access and actions according to job functions.
- Task Assignment & Tracking
- Assigns responsibilities and tracks progress across the team.
- Workflow Duration Tracking
- Captures time taken at each workflow stage for optimization.