Life Reinsurance Premium Calculations

Overview

Overview

For many life insurers, reinsurance bordereaux is a tedious and complicated process. But it doesn’t have to be. Using SolveXia, you can automate your end-to-end reinsurance bordereaux process from data collection and validation to assigning treaties and calculating premiums.

sld-1Easily configurable reinsurance summary dashboards
sld-2Consistent and easy-to-review processing of reinsurance data
sld-3Enforce data quality checks, alert the business owners and allow drill-down
sld-4End result from processing is a single, calculated source of truth

Features

Features

Data collection and format
  • Input data in any delimited format (csv, text), Excel or Access database
  • Users can upload files directly into the process. Alternatively files can be collected via secure FTP or via direct connections to source systems (configured as needed)
Input data validation
  • Confirmation that source data is in the correct format (column structure and data types)
  • Profiling of source data for errors and critical changes (e.g. new benefit types, records that are not able to be mapped to a reinsurance treaty, invalid risk commencement dates etc.)
Reinsurance data assembly
  • Ability to process both transaction and census data
  • Multi-level mapping rules to assign a treaty / reinsurance arrangement to each transaction and/or census record
  • Aggregation of retention across life/entity
  • Adjustments for facultative arrangements
  • Identification and switching of Risk Commencement Date for replacement benefits
Calculation of premiums
  • Storage and maintenance of calculation rules table containing premium calculation formula for each reinsurance treaty/arrangement
  • Parallel processing of calculations of premiums for each record
  • Ability to extract final master set of results at transaction and/or benefit or cover level (CSV, text, Excel, Access, online dashboard)
  • Ability to generate summary level results at reinsurer, benefit, product etc. level (CSV, text, Excel, Access, online dashboard)
  • Ability to adjust for reversals/cancellations
Distribution of results
  • Outputs can be downloaded or accessed by users (from SolveXia) or can be sent via email or Secure FTP
  • Option to integrate with other adminstration systems/data warehouses
Exception reporting and audit trails
  • Exception reports, sent as alerts to designated users capturing issues in reinsurance data such as threshold breaches for aggregated retentions, errant benefit records etc.
  • Ability to generate specification document that details the end-to-end bordereaux process
  • Full audit history and version control of all data loaded into the solution
  • Change history, showing any changes made to the bordereaux process, including timestamp and user.

Getting Started

Seen enough? Want to know how to get started with reinsurance bordereaux using SolveXia?

The typical journey taken by many of our current customers using this solution involves:

  1. An initial meeting to understand your specific reinsurance bordereaux needs (contact us to get started).
  2. A small, yet meaningful proof of concept exercise (usually focusing on a specific treaty or benefit type).
  3. Business, Legal, IT and Procurement sign-off for licensing of SolveXia and any implementation.
  4. Initial analysis and design. This will most likely require stepping through your existing bordereaux solution (such as reviewing Excel spreadsheets, Access databases, scripts and procedure documents) and talking to relevant stakeholders to design a solution that meets their needs.
  5. Implementation of your bordereaux solution. Depending on your needs, timelines and project methodology this can be done in a phased approach (e.g. one treaty at a time), as a series of agile sprints or as a full delivery of the end-to-end solution.
  6. Training of your staff to use the bordereaux solution in SolveXia.
  7. Review, audit and parallel running of your bordereaux solution.
  8. Ongoing support and maintenance.

Note, Step 4 onwards can be performed by SolveXia analysts as well as your internal resources (with training) or a third party (i.e. one of our consulting partners).

Why use SolveXia for Reinsurance Bordereaux?

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Siginficant time savings

Use the days of time savings to perform better analysis on your reinsurance or simply reallocate the time to more value adding tasks.

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End-to-end automation

Collect and validate administration system data (in any format), assign treaties as per your rules, perform all required aggregations, calculate premiums and securely distribute results.

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Simplify your bordereaux

Treaty rules are encoded as a single line of formulae in a rules table, making it very easy for (non-IT) staff to maintain and for auditors to review.

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Enforce data quality & rules

Enforce checks such as identifiying policies that are linked to an out-of-force policy or customers that have an aggregated retention which exceed limits etc.

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Scale for new products & treaties

Adding new or changing existing products and treaties is made simple with the use of centralised and structured “rules” tables.

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Audit trails and documentation

Changes to business rules, treaty calculations and data are recorded and can be reported on. Live/up-to-date documentation can be generated at any time which describes the end-to-end process (e.g. to an auditor).

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