They needed software that would prepare the cumbersome year end Schedule F report of reinsurance required by our state regulators. Duck Creek Reinsurance was the clear choice for us. They have a modern platform and a track record for agile, rapid implementation.
Chief Financial Officer
P&C Insurance Company
- Manual calculations and reporting
All calculations were performed manually and reports couldn’t be produced on a timely basis, making it difficult to manage credit risk associated with reinsurance during catastrophic events.
- Complex reinsurance structure
The firm has a very complicated reinsurance structure, having various layers of excess of loss reinsurance, reinstatement premium protection, and quota share treaties with reinsurers in different geographical locations.
- The company adopted Duck Creek Reinsurance software for its modern platform and agile, rapid implementation.
- This solution facilitated tracking of the various layers of the reinsurance program and calculation of the required premium due to each reinsurer.
- The system also maintained a record of reinsurance billings and cash collected by reinsurer, with a proper classification of recoverable on paid loss or recoverable on advance billing.
About The Customer
The P&C insurance carrier insures homes and businesses for losses from hurricanes, tornadoes, other windstorms, and hail.