Development of a Comprehensive Reinsurance Management System for Insurers

The client currently relies on legacy systems built with outdated technology, leading to inefficiencies in managing inward and outward reinsurance contracts, claims processing, financial accounting, and reporting. The manual processes and limited automation hinder data analysis, risk assessment, and decision-making, especially as data volume and complexity grow. Additionally, existing systems lack integration with external data providers such as currency exchange rates, impacting real-time calculations and financial accuracy.

A mid to large-sized insurance provider seeking to streamline and automate their reinsurance operations, including policy management, claims, accounting, and reporting.

• Implement a scalable, web-based reinsurance management platform supporting large datasets and complex calculations.
• Automate contract management for inward and outward treaties, including treaty setup, endorsements, and linking related contracts.
• Develop integrated claim management functionalities with automatic calculation of claim amounts based on policies, covers, and liabilities.
• Introduce detailed and customizable reporting and dashboard tools for real-time data analysis and decision support.
• Ensure high security, multi-tenancy, and performance to support multiple stakeholders and large enterprise data volumes.
• Integrate third-party currency exchange rate providers for live currency conversions to support accurate financial calculations.
• Support multilingual capabilities and document management for comprehensive system usability and compliance.

• Contract Management: Create, modify, and track inward and outward treaties, including setting inception, expiry dates, and conditions.
• Treaty Frameworks: Pre-define treaty structures for proportional and non-proportional reinsurance to enable bulk ceding of homogeneous risk groups.
• Claims Processing: Automate claim calculations based on contract terms, benefits, and liabilities, with tracking of losses and recoveries.
• Technical and Financial Accounts: Manage technical treaty slips, premium and loss portfolios, account reconciliations, and currency reevaluations.
• Data Analytics and Reporting: Generate real-time, customizable reports, dashboards, and statistical analysis for operational and strategic insights.
• Workflow & Automation: Automate routine processes, task follow-ups, and notifications with role-based access control.
• Document Management: Store an unlimited number of documents linked to contracts, claims, and accounts, with support for external links.
• Client Portal: Provide clients and insurers access to account status, payments, claims, and reports via a secure online portal.
• Security & Multi-tenancy: Support user roles, access management, and data segregation for multiple stakeholders.
• Premium & Pricing Tools: Automatically calculate premiums based on customizable matrices considering various parameters such as region, age, gender, covers, and benefits.
• Multi-language Support & Help System: Enable multi-language UI and runtime system help documentation.

• Third-party currency exchange rate providers for live currency data
• External document storage systems if necessary
• Email and notification services for alerts and reports

• System capable of handling big data and large-scale transaction volumes
• High security standards with role-based access control
• System availability with minimal downtime
• Responsive performance with real-time data processing
• Multi-language support with flexible UI configuration

The implementation of this comprehensive reinsurance management platform is expected to streamline contract and claims processing, reduce manual efforts, and improve data accuracy. Enhanced reporting and real-time analytics will support better risk assessment and strategic decision-making. The automation and integration features aim to increase operational efficiency, enable better stakeholder collaboration, and support future scalability, ultimately driving growth and profitability in the reinsurance business.