Reinsurance Management in Detail

Duck Creek Reinsurance Management is a comprehensive reinsurance management solution that allows insurance carriers to manage reinsurance partners, contracts, bills, recoveries, and payables. It supports all reinsurance structures, automates payment calculations and bill production, provides a full audit trail and analytics, and produces statements, bordereaux, cover letters, footnotes, supporting details, and more.

Duck Creek Reinsurance management enables insurers to automate the critical financial and administrative functions required by primary insurers to manage contractual relationships and settlement with reinsurance providers. Integration of Duck Creek Reinsurance Management with the Duck Creek Platform allows carriers to handle all reinsurance structures including excess of loss, quota share / proportional, treaty, and facultative.

Components and features include:

  • Partner module, used to manage writing companies, reinsurers and intermediaries
  • Cession calculation
    • Auto-reversal
    • Auto-inuring
    • Ceded premium and loss
    • Ceding and profit commission
    • Business rules
    • Deposit and adjustment premium
    • Reinstatement premium
    • Commutations
  • Contracts module, used to manage treaty and facultative terms and conditions
    • Treaty and facultative
    • Quota share
    • Per risk & per occurrence
    • Catastrophe
    • Aggregate
    • Risk attaching and losses occurring
    • Runoff and cutoff
    • Occurrence limit
    • Aggregate deductible and aggregate limit
    • Full audit trail
  • Billing module, used to review proportional and non-proportional bills and bordereaux
    • XOL bills
    • Facultative bills
    • Proportional bills and bordereaux
    • Expense included
    • Expense prorata
    • Adjustment premium statement
    • Quarterly/annual deposit
  • Cash module, used to manage reinsurance recoveries and payables
    • Apply payments and disbursements
    • Offset
    • Aged receivables
    • Write-offs
    • Balance review by reinsurer/intermediary, writing company, and contract
  • Analytics and reporting modules, used to analyze direct and reinsurance data by policy, claims, treaty, and partner, to view and download standard management reports, and to review Schedule F Part III
    • 360-degree policy, claims, and treaty overview
    • Reconciliation tool to validate direct and ceded transactions
    • Real-time management reports
    • Export and email capability

 

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Whether you are starting from scratch, switching providers, or want to customize your products, Duck Creek Technologies’ team of experts can help you get there.

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