Manage your reinsurance program effectively and efficiently
Duck Creek Reinsurance Management enables P&C insurance companies to enhance the value of their reinsurance programs. By automating critical reinsurance financial and administrative processes, Reinsurance Management helps cedants improve operational efficiencies, maximize recoverables, reduce claims leakage, and improve data analytics and financial reporting.
Maximize the value of reinsurance purchases
By identifying all claims that are meant to be covered by reinsurance, accurately calculating recoveries, and creating reinsurance bills with speed, Reinsurance Management ensures that all reinsurance purchases achieve their intended goals of helping insurance companies manage risks and making available the capital needed to support those risks.
Enhance reinsurance administration decision making
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 the efficiency of reinsurance administration
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 programs. Through rules-based automation, standardization, and data transparency, Reinsurance Management creates a more efficient and productive reinsurance administration program.
Contract and partner management
Modernize the way relationships and agreements are managed
Intuitive user interface for defining and tracking contracts and their association with reinsurers, reinsurance brokers, writing companies, or other partners
Supports complex reinsurance structures, including proportional and non-proportional contracts like excess of loss, quota share, treaty or facultative
Configurable business rules for easily defining the key attachment data elements associated with a particular reinsurance contract
Accurately identify and calculate all loss and premium transactions subject to reinsurance
Robust and accurate calculation engine for ceded premium and loss, including expenses, commissions, and other reinsurance factors
Integrations with policy, claims, general ledger, and other upstream or downstream systems to feed calculations and return results
Record and manage cash balances of receivables and payables by reinsurer, intermediary, writing company, or contract
Confidently deliver results for accounting and regulatory purposes
Automated production of billing statements, bordereaux, cover letters, footnotes, and supporting documentation
Automated regulatory reporting including Schedule F Part III
Out-of-the-box financial and operational reports within the application augmented by access to direct and cession data for configurable reporting needs
At New Mexico Mutual, we needed a better way to manage our 20+ year reinsurance contracts and streamline our reinsurance processing. Duck Creek has a comprehensive solution that enhances our data reliability and reporting.
Increase operational efficiency, prevent claims leakage, and improve data analytics capabilities Supports all reinsurance structures Automates payment calculations and bill production Provides a full audit trail and analytics Produces statements, bordereaux, cover letters, footnotes, supporting details, and more
Top 3 Signs your Reinsurance Management System Needs Modernizing Today
Many insurers of all types and sizes have come to rely on reinsurance as a tool to help grow their businesses or protect their balance sheets against unforeseen events. For that reason, reinsurance administration is essential to maximizing the benefits of reinsurance and ensuring confidence in the solvency of the business. Yet the systems that…
Webinar Replay: Resolving Reinsurance Operations Challenges with Modernization
Reinsurance has become an essential tool for carriers who seek to grow their businesses while protecting their balance sheets against unforeseen events. Like any tool, it must be managed properly, and a carrier’s reinsurance operations play an important role in maximizing the benefits of reinsurance and ensuring confidence of in the solvency of its business.