Reinsurance software: key features, top platforms & our services
Key reinsurance software features we deliver
We implement software solutions with reinsurance-specific functionality that allow companies to streamline operations, reduce administrative costs, and improve the quality of services provided to clients.
Contract management
We provide features to help reinsurers keep their contracts accurate and up to date and automate the entire contract management lifecycle.
- Customizable templates for quick contract creation
- Rule-based contract compliance verification
- Automated notifications about upcoming contract deadlines or required actions
- Contract endorsements & amendments
- Contract renewal
- Contract termination
Premium payments management
We equip reinsurance software with capabilities for managing premium payments and recoverables and streamlining premium collection, reducing payment delays, and preventing defaults and insolvency.
- Premium calculation based on reinsurance contract terms
- Currency conversion for premiums
- Reinsurance recoverables’ management
Bordereaux processing
We provide features for bordereaux acquisition and processing, enabling reinsurers to get a comprehensive view of the cedent's insurance activities, ensure contract compliance, and supply all company departments with the information for reinsurance processes
- Automatic bordereaux acquisition from cedents’ insurance solutions via APIs
- Optical Character Recognition (OCR) capabilities to digitize paper bordereaux
- Natural language processing (NLP) capabilities to identify and extract relevant information from unstructured data sources
- Structured data extraction capabilities from bordereaux in the form of a spreadsheet or XML file
- Bordereau data validation and reconciliation
We deliver specialized capabilities that help reinsurers streamline the entire reinsurance claim management process, from initial notification to final settlement, ensuring its accuracy, speed, and transparency.
- Claim registration and assessment automation
- Claim data verification
- Claim assignment, escalation, and tracking
- Communication gateway for insurers and reinsurers
Accounting
We equip reinsurance software with an accounting module to facilitate financial operations involved in reinsurance processes and ensure their accuracy, transparency, and compliance with regulatory requirements.
- General ledger management
- Automated invoicing
- Premium income, deferred premiums, and unearned premiums tracking
- Claim payments, reserves, recoveries, and commissions tracking
- Detailed financial, solvency, and regulatory reporting
Document management
We set up a document management module that helps reinsurers centralize documentation, including partnership proposals, contracts, claims documentation, and reinsurance operations policies.
- Centralized and secure document repository
- Automatic document indexing and categorization
- Searchable metadata tags
- Digital signatures and electronic document exchange
- Document version control and action logs
Analytics & reporting
We help reinsurers draw actionable insights for day-to-day decision-making with analytical and reporting tools to optimize reinsurance operations and save operational costs.
- Reinsurance data centralization and storage
- Identifying basic trends in reinsurance data and basic risk assessment
- Advanced data analytics for assessing the financial impact of risks on the company
- Catastrophe modeling and risk simulation to evaluate potential losses from large-scale events
- Fraud detection
Looking to optimize your reinsurance operations with specialized software?
Our reinsurance software services
Consulting
We collaborate closely with our clients to conceptualize a reinsurance solution tailored to their processes and business objectives and guide them through the implementation process from project planning to software deployment. Our experts can also assist with post-deployment activities including change management and user training.
Implementation
We provide end-to-end reinsurance software implementation services, including custom software development or platform-based solutions setup and their further configuration or customization. Within the implementation project’s scope, our experts can also integrate the new reinsurance system with the rest of the company’s IT ecosystem and migrate data to it from legacy software.
Common reinsurance software integrations
We integrate reinsurance software with other systems to help our clients streamline business processes beyond reinsurance-specific operations while maintaining data integrity and security.
Reinsurance software
CRM
ERP
Customer portals
Business intelligence software
Compliance software
CRM
Automatically transfer cedents’ data to the reinsurance software to avoid double input and errors, improve risk assessment accuracy with additional details from the CRM system, and enable faster and more efficient customer service with a real-time view of the reinsurance proposals and negotiations progress.
ERP
Facilitate the seamless exchange of data between the reinsurance software and the company’s ERP system to help decision-makers analyze your reinsurance-specific, operational, and financial data, enhancing company-wide productivity.
Customer portals
Improve cedents’ customer experience by enabling real-time synchronization of data between the portal and the reinsurance software, simplifying bordereaux and claims submission, premium payment, and contract details’ management while reducing man-made errors.
Business intelligence software
Analyze your reinsurance company’s processes and your cedents’ portfolios and gain useful insights to develop new market-winning pricing strategies and products.
Compliance software
Automate the verification of reinsurance treaty compliance with domestic and international regulations, accurately transfer risks in line with regulatory laws, and provide clear audit trails for regulatory scrutiny.
Top platforms for reinsurance
Our experts implement leading insurance platforms and perform all necessary configurations and customizations to tailor their capabilities to meet companies’ specific reinsurance needs.
The SAP Fioneer platform provides robust reinsurance capabilities within its broader insurance suite, including tools for managing reinsurance policies, claims, accounting, and regulatory reporting. SAP Fioneer's reinsurance solutions are suitable for a wide range of reinsurance business lines, including property and casualty, life and health, and specialty reinsurance, such as aviation, marine, and energy.
AdInsure is a comprehensive insurance platform that supports the automation of business and technical reinsurance workflows, such as contract and claims management. It can be deployed in private or public clouds and has a flexible modular architecture, which enables reinsurers to tailor the platform to their unique needs.
Aptitude provides accounting and finance software solutions for insurers and reinsurers. Their reinsurance solutions help streamline major reinsurance workflows, particularly financial operations. It automates complex calculations and helps ensure compliance with IFRS 17 and other accounting standards.
Duck Creek is a specialized platform aimed at primarily property and casualty reinsurance companies that can be configured to support other lines of insurance businesses as well. The platform contains modules for reinsurance contract and partner management, claim management, accounting, and generation of reports that align with the Schedule F requirements.
DXC Assure Reinsurance is a SaaS solution that streamlines all core reinsurance workflows from contract initiation to claims recovery and retrocession procedures. DXC’s reinsurance management system supports both proportional and non-proportional reinsurance types and features sophisticated underwriting, pricing, claims, and risk management capabilities.
Synergy2 is a reinsurance platform by Eurobase that enables both facultative and treaty reinsurance for property and casualty and life insurance lines of business. It offers underwriting, claims, retrocession, and accounting features, as well as AI and ML algorithms for business process automation.
We use a wide range of features for insurance process automation and advanced data analysis that Microsoft Cloud for Financial Services provides to set up a reinsurance solution that meets our client’s specific needs and supports a variety of insurance business lines.
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Advanced technologies we implement for reinsurance
Our experts enhance reinsurance solutions with advanced technologies that automate routine reinsurance workflows, helping companies offer more personalized services faster.
Robotic process automation
- We implement RPA bots to automate data acquisition and transfer, making the cedent’s initial information collection more efficient, streamlining data exchange between different reinsurance parties, and reducing the chance of manual entry errors.
- We also equip reinsurance systems with intelligent RPA solutions to handle more complex tasks like processing unstructured data, automating contract and claim management, or escalating reinsurance tasks to relevant specialists.
AI & ML
- We enable reinsurance companies to accurately assess and price complex or uncommon risk factors with the help of ML-based predictive analytics models. These solutions take into account aspects like the cedent’s business specifics, market conditions, and geopolitical factors in addition to conventional business data.
- We help reinsurers improve the effectiveness of their fraud identification and prevention measures with ML-based fraud detection algorithms that analyze structured and unstructured data across different types of reports and claims and detect unusual patterns.
The benefits of reinsurance software implementation
Operational efficiency & automation
Dedicated software streamlines a range of reinsurance administration tasks, speeding up repetitive processes and allowing employees to focus on customer service and more strategic tasks.
Improved risk management
Reinsurance software provides extensive analytics capabilities to help companies effectively distribute risks, improving their profitability in the long run.
Enhanced data transparency
Reinsurance software helps consolidate all relevant data in one place and provides stakeholders easy access to accurate, up-to-date information, helping insurance agents make their communication with customers more personalized and interdepartmental collaboration more efficient.
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