Duck Creek Reinsurance Management powered by XL tracks all information related to your reinsurance contracts (treaties and facultative policies, claims, incidents, accounting data, technical data, auxiliary data, financial data, and more). Manage all your contracts from underwriting to endorsements and renewals in a flexible solution using multiple currencies and GAAP requirements.
Maximize Recoverables and Reduce Claims Leakage
Identify all claims meant to be covered by reinsurance by accurately calculating recoveries, and rapidly creating reinsurance bills. Ensure all reinsurance ceded or assumed achieves its intended goals of helping re/insurers and brokers manage risks and making available the capital needed to support those risks.
Improve Process for Contract Certainty
Digitally transforming reinsurance administration creates opportunities to strategically leverage data in ways that were previously extremely difficult. With the ability to better understand reinsurance transactions and outcomes, finance and risk management teams can leverage data to make critical decisions regarding risk appetite and support reinsurance contract negotiations.
Increase Reinsurance Operational Efficiencies
Labor-intensive tools such as spreadsheets and unsophisticated databases, as well as legacy systems built on older platforms, are ill-equipped to manage today’s increasingly complex reinsurance treaties. Through automation, standardization, and data transparency, our platform helps you create a more efficient and productive reinsurance administration program.
A Trusted and Reliable Reinsurance Management System
Years of experience
Countries processing reinsurance on the platform
Data import templates available
Person days per year invested in product development
Closing time reduction
Contract and Partner Management
Manage and visualize agreements and relationships like never before
Centralize all your reinsurance policies in one place within the platform for greater visibility and security in your data processing
Manage all types of contracts, including treaties, facultative reinsurance, proportional and non-proportional contracts, excess of loss, stop loss, quota share, and more
Support all ceded, assumed, and retroceded reinsurance operations, for both P&C and general insurance, as well as life and health insurance
Easily navigate through contracts structure on a schematic view for quick information access (from program to account status through the layers)
Handle your contract renewals efficiently and save considerable time by copying an existing contract with its contractual terms from the previous year
Efficiently manage all claims and events in reinsurance
Easily view and update the status of your claims at any time
Centralize all of your claims with dates and events in a single platform
Attach all dates and times for multiple claims to a single event
Automatically determine and update the optimal period for an event’s retroceded amounts through an hours clause
Manage and link events and claims to multiple ceding companies
Automatically process all technical and financial accounting for reinsurance
Automate the production of your technical accounts for your partners—ceding companies, reinsurers, and brokers—at the frequency you want.
Robust and accurate calculation engine for premiums and claims, including expenses, commissions, rates, reinstatement premiums and more reinsurance terms
View a cumulative summary of all your reinsurance contracts
Support all account types, in acceptance and retrocession, including estimated accounts, final accounts, provisional premium accounts, and cash call accounts.
Confidently deliver results through turnkey and configurable reporting
Statistical Reports module provides access to all your accounting reports, from statement accounting to provisional acceptance and retrocession premiums and commissions
Dynamic Reports module lets you track balance sheet and income statement, along with more targeted analyses, such as yearly portfolio changes
Connect third-party tools, such as “Business Objects”
Slice and dice the data from various angles; view aggregated data or drill down for a more in-depth analysis
Output your data in a wide range of reporting formats that best fit your communication needs
Automate regulatory reporting including Schedule F Part III
Reinsurance Management powered by XL offered an off-the-shelf host system that was configurable to meet the majority of our requirements. The team was willing to partner with us to meet several of our key requirements and Reinsurance Management powered by XL offered an excellent user interface and experience.
Beazley chose Reinsurance Management powered by XL, the cloud-based reinsurance platform for its strong out of the box functionalities. Duck Creek demonstrated reinsurance expertise and an ability to handle reinsurance platform deployment projects.
QBE chose Duck Creek to manage and centralize all the reinsurance processes. With Reinsurance Management powered by XL, we have a platform that provides one ‘source of truth’ for reinsurance calculations throughout QBE for both ceded and assumed reinsurance. We also felt that Duck Creek were a good fit and that we would be able to work well with them.