Life Reinsurance Premium Calculations

Life Reinsurance Premium Calculations

SolveXia is a technology provider offering powerful and versatile process automation software. Our solution is used by a range of organisations for tasks such as the calculation, review and reconciliation of reinsurance premiums. Our users have experienced the following benefits:

  • End-to-end automated reinsurance calculations and reporting, including the collection of data files, aggregation of retention amounts, the calculation of reinsurer premiums and the communication and approval of final results.
  • Processes configured in days, without the need for IT/programming skills, replacing time consuming and error prone manual processes.
  • A full audit trail providing easy access to locked-down historical information thereby cutting audit costs and increasing management control.
  • Elimination of key-person dependency by transferring processing knowledge from individuals to the business.
  • Clear and up-to-date process documentation providing a greater understanding of the various processes within the organisation.
  • Secure transfer of confidential information to and from reinsurance companies.

Challenges facing organisations

  • Reinsurance premium calculations can be deceptively simple on the surface but are often complex due to varying cover limits, cut-off dates and levels of aggregation required for the calculation of retentions.
  • Staff who are carrying out reinsurance functions, including the calculation of reinsurance premiums, are subject to ongoing time pressures resulting in greater human error risk, job dissatisfaction and reduced time for analysis and communication of results.
  • Key person dependency risk, stemming from an intimate knowledge of how reinsurance sums insured and premiums are calculated, being lost when staff leave.
  • Minimal auditability and control over the preparation, validation and reconciliation of reinsurance calculations.
  • Limited opportunity for improvements to current procedures due to a lack of clear and logical documentation and limited understanding of processes.
  • Time and cost constraints associated with sourcing I.T./Programming resources to automate manual processes.
  • Insecure mechanisms such as unencrypted email used to transfer confidential information to reinsurers.

How SolveXia helps

SolveXia allows users to create an end-to-end process for automated reinsurance calculations and the reporting of the results. Source data files including benefit extracts, reinsurance parameters such as premiums rates, retentions and mapping tables, in various formats including Excel, Text/CSV and Microsoft Access, are copied to the process and manipulated to calculate and track premiums for all reinsurers.

The automated process can be configured by staff without the need for IT involvement or an IT development  project. As SolveXia works with your source files, users simply add “steps” to interact with (and manipulate) their files at each stage of the process.

Users also utilise SolveXia’s workflow functionality to designate steps in the process for the review and approval of the outputs before they are sent to the reinsurer. A secure link is emailed to reviewers who can perform all the required checks along with functionality allowing for the approval or rejection of the results. Responses including feedback (if any) from the reviewers are automatically recorded in the process documentation. Once approved, the results can then be transferred through the same secure mechanism to the reinsurers.

To further enhance the control and audibility of the reinsurance calculation process, every change to the steps and files in the process are recorded and automatically documented in SolveXia. Users can also choose to store a locked-down historical snapshot each time the process is run, including the process steps and the files used. SolveXia also maintains an up-to-date and live specification of the reinsurance calculation process describing each step in enough detail to allow a user to reproduce the entire process manually.

SolveXia has templates that can be used as a guide to configuring your own end-to-end reinsurance premium calculation process.

Frequently asked questions

Some answers to the questions you might have about this solution

  1. Can it be customised for my business? Yes. SolveXia provide you with a pre-prepared solution that gets you up and running, and then configure it to meet your specific needs.
  2. Can I customise it myself or do I have to get SolveXia to do it? SolveXia is fully intended for use by non-technical/non-I.T. users, so that the subject matter experts can design and configure their processes to meet their exact needs.
  3. How long does it take to set up? We can typically have you up and running with 3-5 business days.
  4. Does it cost more for me to run additional processes (i.e. other than the reinsurance process)? No, the cost is the same.
  5. How do I get more information? Please email us on sales@solvexia.com or call our offices on 61-2-9386-0202

Output from the reinsurance calculations process

SolveXia processes provide end-to-end solutions including the ability to populate final reports in Excel. Below is an example output of the reinsurance calculations process (in Excel format) to assist in reconciliation and review of reinsurance retentions, amounts reinsured and the premiums paid to reinsurers.


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