TCS BaNCS for Reinsurance
TCS BaNCS Reinsurance is a comprehensive reinsurance solution which supports both ceded and assumed reinsurance. It can support reinsurance across P&C, L&P and Health insurance lines. The solution comes with a host of industry-standard processes, best practices and is highly configurable and intuitive for business users.The solution helps the customer to refine their reinsurance placement, pricing capabilities and operational efficiencies. It can manage a wide range of complex reinsurance contracts involving multiple ceding criteria and multilayered, risk parameter driven placement structures across proportional and non-proportional treaty and facultative products.
TCS BaNCS Reinsurance supports automation and tracking of multi-treaty and facultaive cessions, retained risk exposure, excess/unplaced risk, complex multi-parametric risk accumulation, catastrphic exposures, claim recoveries and year end premium and commission adjustments. TCS BaNCS Reinsurance empowers the business to achieve the next level in operational efficiency and drive accuracy, transparency, auditability and allows the insurers/ reinsurers to be in control of their accounting, billing, cash-flows and regulatory reporting.
TCS BaNCS Reinsurance was first implemented in 2003 and currently has a global customer footprint at 35 companies globally. It has a multi-lingual user interface and supports multi-currency accounting and billing for international business needs. Backed by a rapid deployment model that seamlessly integrates into a pre-existing business model, irrespective of the size and complexity of operations, the solution provides unparalleled flexibility and scalability..
TCS BaNCS Reinsurance is a comprehensive solution for management of ceded, assumed and retrocession operation and some of the key features are:
• Reinsurance business partner management (insurers, reinsurers, brokers, underwriting agents, pools etc.)
• Complex rule based risk retention and cession across complex proportional and non-proportional treaty and facultative products
• Real time view of retention, cession and unplaced reinsurance at risk level with automatic workflow alerts, during quotation process
• Ability to load direct premiums based on reinsurance pricing
• Rule and parameter based determination of reinsurable sum insured / sum at risk
• Complex multilayered risk retention and cession across multi-layered, multi-reinsurer/broker, multi-currency treaty and facultative structures
• Parameter and rules driven automatic risk accumulation and retention management with manual override options
• Automatic risk and premium cessions calculations with manual override options with granular traceability and audit
• Real-time automatic proportional and non-proportional claim recovery
• Supports mid-term changes with clawback
• Automatic year end premium and commission adjustments
• Reinsurance accounting and reporting including statistical and regulatory reports
• Multi-currency and multi-lingual for global implementation
• Robust accounting, billing and cash application features
• Inbuilt canned reporting, workflow and documents managemen with role-based security and SSO
The reinsurance solution from TCS BaNCS automates key business processes within a workflow, enables a seamless transition to a paperless office, reduces billing and collection cycle times, and helps provide superior customer service. In addition, insurers gain from:
Speed and flexibility - The solution facilitates rapid changes in reinsurance treaties, processes, and business models through a customizable, simple and efficient interface. With its flexibility, it supports introduction of new treaty types that may have complex contractual parameters differing from one layer to another. The simple and efficient interface allows users to define new and innovative reinsurance programs, treaties, risk types, classes, and accumulation parameters.
Complete functional coverage - TCS BaNCS Reinsurance covers all aspects of reinsurance operations (ceded/assumed/retrocession) across all lines of businesses, with built-in components for underwriting, pricing, business partners management, accounting, billing, workflow, reporting, document management and security.It offers full support for multiple languages and currencies making it easier for multinational insurance companies to adopt it for global use.
Automation of processes and accuracy of calculations - TCS BaNCS Reinsurance offers a high level of process and calculation automation, lowering manual effort for routine functions so that the business users can be engaged in more value added tasks. Complex processes for identifcation of unplaced risk, excess retention, risk accumulation, facultative attachment and all year end adjustments of premium and commission etc. Claim recovery calcuations across proportional and non-proportional layers are also automatic and always in sync with the latest claim version of the ceding insurer, ensuring speed and accuracy in the claim reserving ad recovery processes.This ensures there is no duplicate manual entry and all calculations are set up driven.
Easy integration - TCS BaNCS Reinsurance integrates easily into the business ecosystem of insurers and has APIs to integrate with any thridparty policy, claim and enterprise GL system. Architecturally the system is integration friendly and can support inbound and outbound interfaces with any external systems.