The core business of insurance companies is to manage the risks from the policies that they write. Often, to reduce their overall risk profile, they will transfer some amount of that risk to a reinsurer. To serve this purpose, an insurer uses various techniques and reinsurance programs, which usually are supported by a system that is integrated to its core systems.
A ceded reinsurance solution is platform that focuses on outward or ceding reinsurance contracts, and it may have limited or no functionality for assumed (inward) reinsurance. They are used to store and track information about reinsurance contracts in place, to identify policies that are covered by reinsurance, to calculate premiums and commissions, to identify claims that are covered by reinsurance and track the recoverables, and to provide the data needed for internal and regulatory reporting.
We asked firms that provide ceded reinsurance systems to enter information about their company and products into Celent’s free digital catalog, VendorMatch (https://www.celent.com/vendormatch).This report presents certain extracts of that information. Additional details about each product are available in VendorMatch, subject to VendorMatch’s terms of use.
The report profiles 12 ceded reinsurance solutions from 11 vendors. Each profile presents information about the vendor and solution, professional services and support capabilities, customer base, functionality and lines of business deployed, technology and partnerships, and implementations and cost. Each profile includes a table outlining the available end-to-end components and the features and functions available within the systems. The profiles also include a list of in-production and supported lines of business and the number of clients currently using the system for those products. Additionally, the profiles include a table of technology options.
This report only includes solutions offered on a standalone basis. In other words, it does not cover end-to-end solutions which have embedded reinsurance functionality such as policy administration or claims systems that include some reinsurance functionality within them.
The products profiled are:
- C Consulting S.p.A., XLayers
- Duck Creek Technologies, Duck Creek Reinsurance
- DXC Technology, DXC Assure Cede
- FirstApex, FirstRe for P&C ReInsurance
- Guidewire Software, Guidewire Reinsurance Management
- Insurance Systems Inc., ISI Enterprise—Ceded Reinsurance Management System
- NTT DATA Deutschland AG, RAIS—Reinsurance Administration & Information System—Ceded Reinsurance Management System
- Prevail Consulting Inc, Prevail Reinsurance System
- Sapiens ReinsuranceMaster
- Sapiens ReinsurancePro
- TCS, TCS BaNCS for Reinsurance
- Verisk, Sequel Re—Outward Reinsurance Management System
This report should help insurers define their ceded reinsurance system requirements and can be used as the first step toward creating a short list of vendors for evaluation. Expanded reinsurance functionality and improved technology mean that insurers continue to have a wide spectrum of systems and vendors to consider when they are looking for a solution to fit their needs. Insurers can leverage their access to the authors through analyst access calls to learn more about the vendors.
