Sapiens ReinsuranceMaster is a comprehensive reinsurance business and accounting system, providing a superior solution covering all types of reinsurance contracts – treaty and facultative, proportional and nonproportional, both assumed and ceded. It enables insurers of all sizes to manage their entire range of reinsurance contracts and activities for all lines of business, including comprehensive in-depth reinsurance allocation and calculations, rich accounting functionality, and reporting capabilities.
Our reinsurance solution enables full and flexible control of reinsurance processes, with built-in automation of contracts, calculations and processes. By incorporating fully automated functions configured conveniently by the business user for your business procedures, ReinsuranceMaster provides flexible and total financial control of your reinsurance processes, including complete support for all auditing requirements and statutory compliance.
The Sapiens ReinsuranceMaster information retrieval suite features vast online querying & reporting capabilities, as well as an analytics module providing analysis of business results and essential key performance indicators supporting the decision-making process. Backed by Sapiens’ global presence and regional business expertise, Sapiens ReinsuranceMaster supports global operations and all reinsurance business and accounting needs, including extensive multicompany, multicurrency support and multilingual capabilities.
- Comprehensive configuration capabilities performed by the business user (not IT!) covering all aspects of the reinsurance business and accounting functions - this is key for enabling business flexibility supporting constant ever-changing reinsurance programs
- Comprehensive in-depth business functionality - reinsurance allocation and all calculations, for both premium and claims, are perfomed automatically for all types of reinsurance contracts
- Complete audit trail for all transactions, activities & processes
- Consolidated and detailed information, providing a firm basis for all regulatory reports and compliance
- Processes and operations management:
- Workflow and activity management – built-in workflow component enabling user-defined business rules for triggering activities and follow-up capability
- Document management – integration to document management systems enabling attaching external documents to reinsurance entities e.g. contract wording, payment reciepts, claim documents, etc.
- Ease of use - an intuitive native browser-based user-interface, featuring a standard look-and-feel for all components in the system
- Support for automated uploads for all components - contracts, reference tables, transactions, ayments, etc.
- Support for manual adjustments and entries (in addition to the automated functionality)
- Advanced technology & infrastructure - interfaces easily to external applications – policies, claims, accounting, etc; the SOA architecture provides convenient integration to any external application or service
- Information retrieval ‘out-of-the-box’: detailed inquiries of all entities – party, contract, policy, claim, account, etc. – via numerous parameters/dimensions
- Technical documents and bordereaux - produced automatically
- Comprehensive current accounts management (AR/AP) – cash management, statements of accounts produced automatically, credit control support and reports - aged debts, trial balance, etc.
- GL Accounting component - providing all figures for the P&L and Balance Sheet
- Operational reports - control reports for all components
- Business Intelligence - query models and essential KPIs supporting the decision-making process.
- Essential reinsurance information required for compliance and Solvency II. Business queries included – profitability analysis, triangulations, risk profile, claims profile, reinsurer exposure and accounting information – presentation and analysis of all business results via numerous dimensions
- Superior business processes and automated reinsurance allocation & calculations dramatically improve operational effectiveness and efficiency
- Accurate premium calculation and superior claim recovery functionality prevent financial leakage
- A comprehensive data repository and superior data retrieval capabilities reduce operational risk - via the immediate access to information and a consolidated view of all liabilities and risks in online queries and reports
- A complete audit trail and detailed tracking of processes and user activities and financials ensure full compliance with up-to-date regulations