Features in Reinsurance Administration Systems
for Reinsurance
Platforms that manage reinsurance contracts, track ceded premiums and losses, and ensure proper allocation of claims to appropriate reinsurance agreements.
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.
Claims Handling
Manages notification, allocation, tracking, and recovery of claims under reinsurance contracts.
- Automated Claim Notification
- Enables automatic detection/notification of claims that may trigger reinsurance.
- Automated Reserves Calculation
- Calculates and allocates reserves relating to reported and incurred but not reported (IBNR) claims.
- Average Time to Allocate Claims
- Average time required to allocate claims to contracts.
- Claim Allocation Engine
- Allocates claims across applicable treaties, layers, and periods.
- Claim Bordereaux
- Generates bordereaux for reinsurance claim submissions.
- Claim Tracking Dashboard
- Visual tracking and status monitoring for reinsurance claims.
- Dispute Management
- Tools for documenting and resolving claim disputes with reinsurers.
- Recovery Calculation
- Calculates recoverable amounts from each reinsurer.
- Settlement Processing
- Manages recoveries and settlements with reinsurers.
- Subrogation/Salvage Handling
- Tracks subrogation and salvage and their impact on reinsurance recoveries.
Contract Management
Handles the setup, storage, and management of reinsurance contracts, covering all terms, conditions, and changes over time.
- Automated Contract Validation
- Checks new or amended contracts for business rule compliance.
- Automated Endorsement Handling
- Automates the process of adding endorsements or amendments to contracts.
- Bulk Upload/Import
- Allows import of multiple contracts at once.
- Contract Document Storage
- Allows for electronic storage and retrieval of contract files.
- Contract Renewal Management
- Facilitates tracking and managing contract renewals and expiries.
- Contract Search and Retrieval
- Quickly searches contracts based on various criteria (cedents, dates, treaty types, etc.).
- Contract Template Library
- Provides pre-defined templates for different types of reinsurance contracts.
- Multi-Currency Support
- Supports contracts and transactions in multiple currencies.
- Multi-Language Support
- Supports user interfaces and document generation in different languages.
- Version Control
- Tracks historical changes and different versions of contracts.
Data Integration
Capabilities to integrate and synchronize data with core insurance systems, accounting platforms, and external data sources.
- Automated Error Handling
- Automated detection and reporting of integration errors.
- Batch Data Import/Export
- Supports scheduled or on-demand bulk imports/exports.
- Core System API Integration
- APIs for seamless integration with insurance policy admin and claims systems.
- Data Encryption
- Encrypts data at rest and/or in transit during integration processes.
- Data Mapping Tools
- Built-in tools for mapping and transforming data between systems.
- ETL Performance
- Throughput for extract/transform/load operations.
- File Format Flexibility
- Supports multiple data/file formats (XML, JSON, CSV, etc.).
- Message Queue Support
- Handles integrations via message queues (e.g., Kafka, RabbitMQ).
- Real-Time Data Sync
- Synchronizes key data entities in (near) real time.
- Third-Party Data Source Connectivity
- Integrates with external data providers (rating agencies, regulatory sources, etc.).
Financial Accounting
Supports all financial processes related to reinsurance, including general ledger, accounts receivable, payable, and statutory reporting.
- Automated Accruals and Deferrals
- Manages accounting entries for premium and loss recognition.
- Cash Application
- Supports matching incoming/outgoing cash with transactions.
- Comprehensive Audit Trail
- Detailed logs of all financial postings and changes.
- Financial Closing Speed
- Average time required to close reinsurance-related accounts.
- Foreign Exchange Handling
- Manages FX gains/losses arising from reinsurance transactions.
- Intercompany Balancing
- Automates balancing transactions between different group companies.
- Multi-Basis Accounting Support
- Handles parallel accounting for GAAP, IFRS, local/regulatory basis.
- Regulatory Reporting Automation
- Automatically generates required statutory and regulatory financial reports.
- Subledger Integration
- Maintains reinsurance subledger and integrates with main GL.
- Tax Calculations
- Automates applicable tax/levy computations for reinsurance.
Operational Efficiency & Automation
Process automation and workflow tools for reducing manual effort and streamlining repetitive tasks.
- Automated Alerts and Triggers
- User-definable rules for system-generated notifications.
- Automated Documentation Generation
- Produces legal, operational, or notification documents automatically.
- Batch Processing Capabilities
- Supports high-volume batch jobs (e.g., monthly closings).
- Bulk Transaction Support
- Handles uploading or updating multiple transactions at once.
- Customizable Dashboards for Operations
- Operations users can personalize dashboards to their needs.
- Exception Management Tools
- Shows, tracks, and processes outliers or errors.
- Robotic Process Automation (RPA) Integration
- Enables use of bots for repetitive manual processes.
- Task and Notification Management
- Automates and tracks user tasks, reminders, and escalations.
- Workflow Automation Engine
- Builds, customizes, and executes automated processing workflows.
- Workflow Execution Speed
- Average time to complete a typical automated workflow.
Premium Processing
Automates calculation, collection, allocation, and reconciliation of ceded premiums to reinsurance agreements.
- Audit Trail for Premiums
- Comprehensive log of all premium-related transactions and edits.
- Automated Invoicing
- Produces and issues invoices for reinsurance premiums.
- Automated Premium Calculation
- Automates premium calculation based on contract terms.
- Currency Conversion
- Automatically converts premiums based on current exchange rates.
- Premium Adjustment Handling
- Manages mid-term or retroactive premium adjustments.
- Premium Bordereaux Generation
- Generates bordereaux reports for ceding premiums.
- Premium Payment Processing Speed
- Speed of processing premium payments.
- Reconciliation Tools
- Built-in tools for reconciling premium records against accounting systems.
- Settlement Tracking
- Tracks payment status and outstanding balances.
- Split Allocation
- Allocates premiums across multiple treaties or layers.
Regulatory Compliance & Audit
Features that ensure system and process compliance with global and jurisdictional regulatory requirements.
- Access to Change Logs
- Provides full access to all change logs for compliance review.
- Audit Log Management
- Maintains comprehensive audit logs for every user/system action.
- Automated Compliance Checks
- Continually checks data/processes against compliance rules.
- Automated Data Retention Policies
- Implements automatic archival/deletion based on policy.
- Compliance Reporting Speed
- Average time to prepare and submit compliance reports.
- GDPR/Privacy Controls
- Implements data privacy safeguards and subject rights management.
- Regulatory Content Updates
- System receives updates for new rules and regulatory changes.
- Regulatory Report Catalog
- Built-in templates for regulatory submissions (NAIC, Lloyd's, Solvency II, etc.).
- Role-Based Approval Workflows
- Enforces segregation of duties and approval chains on sensitive actions.
- SOX Compliance Support
- Provides controls and documentation to meet SOX (Sarbanes-Oxley) requirements.
Reporting & Analytics
Enables advanced reporting and data analytics—including risk insights, performance metrics, and custom/bespoke reporting.
- Ad-hoc Query Capability
- Allows users to quickly interrogate system data for custom analysis.
- Custom Report Builder
- Tools for users to design, save, and schedule custom reports.
- Data Visualization Tools
- Charts, graphs, heatmaps, and other data visualization features.
- Drill-Down Reporting
- Ability to start at summary level and drill down to transaction details.
- Export Capabilities
- Exports reports to multiple formats (Excel, PDF, CSV, etc.).
- Interactive Dashboards
- Real-time, visual, interactive performance and risk dashboards.
- KPI Tracking
- Tracks and displays key performance indicators for reinsurance business.
- Report Scheduling
- Schedule automated report runs and distributions.
- Reporting Latency
- Time to generate standard reports.
- Standard Report Library
- Includes pre-built reports for common reinsurance reporting needs.
Security & Access Control
Robust security features to protect confidential data and manage user authorizations.
- Audit Trails for Security Events
- Tracks all significant security-related operations.
- Automatic Session Timeout
- Logs out users automatically after inactivity.
- Data Encryption at Rest
- Encrypts stored data to prevent unauthorized access.
- Data Encryption in Transit
- Encrypts data during transmission.
- Granular Permission Settings
- Allows fine-tuned control over access rights.
- Multi-Factor Authentication
- Requires more than one form of authentication.
- Password Policy Enforcement
- Configurable password complexity and rotation policies.
- Role-Based Access Control
- Restricts access to features and data based on user role.
- SSO Integration
- Supports integration with enterprise single sign-on solutions.
- User Activity Monitoring
- Monitors, logs, and alerts on unusual or risky user activities.
Technical Platform & Scalability
Fundamentals of the underlying architecture, including scalability, performance, and support for future growth.
- API Extensibility
- Ability to extend platform through APIs or plug-ins.
- Automated Software Updates
- System updates are delivered and applied automatically.
- Cloud-Readiness
- Offers SaaS/cloud deployment options.
- Disaster Recovery Readiness
- Built-in disaster recovery and backup routines.
- High Availability & Failover
- Ensures system remains available in case of hardware failures.
- Horizontal Scalability
- Ability to scale out resources as data volume/users increase.
- Maintenance Window Duration
- Average scheduled downtime needed for maintenance.
- Maximum Concurrent Users Supported
- Maximum number of users who can be logged in at once without performance degradation.
- On-Premise Support
- Can be deployed on customer’s infrastructure.
- System Performance
- Transaction processing performance under standard load.
User Experience & Usability
Design and usability aspects that make the system more accessible and intuitive for users.
- Accessibility Features
- WCAG compliance, keyboard navigation, screen reader support.
- Contextual Help & Tooltips
- Provides on-screen help and explanations for features.
- Global Search
- Enables users to search across all data and objects.
- Guided Workflows
- Step-by-step guidance for complex or uncommon processes.
- Intuitive Interface
- User-friendly, modern interface for efficient navigation.
- Mobile Accessibility
- Degree to which main features are accessible via mobile devices.
- Personalizable Home Pages
- Allows users to customize views, favorites, and shortcuts.
- Responsive Design
- Optimized for various devices and screen sizes.
- Time to Onboard New User
- Average time it takes to train/onboard a typical new user.
- User Preference Management
- Users can set preferences for language, display, notifications.