Reinsurance administration is a complex business process. Errors occur when administration is done by those who do not understand the "big picture" and the far-reaching financial and reputation consequences of mistakes. LOGiQ3 has created an assumed reinsurance administration service that focuses on managing operational, financial, and reputational risks for reinsurance companies.
We have been providing assumed reinsurance administration services to reinsurance companies since 2009.
Our administration team consists of staff experienced in:
- life insurance products
- supplementary benefits (i.e. accelerated death benefits, long term are, waiver of premium, and other riders)
- self-administered individual, bulk and individual cession reinsurance
- coinsurance and YRT arrangements
- life insurance and reinsurance administrative systems (i.e. TAI, and other homegrown systems)
Is this Solution Right For You?
If you are currently experiencing one of the following scenarios, our team of experts can design a solution to help you manage your business.
- A reinsurance company assuming business from several insurance companies and having limited to no skilled reinsurance professionals to meet day to day operational and administrative needs
- New entrant to the reinsurance market with limited knowledge in reinsurance administration to build processes and controls for business requirements
- Retrocession management is becoming a challenge due to its complexities and its reduced priority from executive management
- Recent merger, acquisition, or changes in company direction has resulted in high staff turnover causing a lack of resources to manage business
- Complex business being assumed through several administrative platforms requiring manual and added processes
- Looking for a solution to manage closed blocks of business
- Do not have the technology infrastructure in place to effectively administer assumed reinsurance business resulting in many manual processes
- Ongoing issues with retention management or inability to get a handle on risks on-hand
Here is an example of how we have helped a client solve their problem:
Problem: A Bermuda-based reinsurer wanted to implement a reinsurance back-office solution but did not have the resources for project completion. The solution needed to integrate into the client's existing technology processes and infrastructure.
Solution: LOGiQ3 provided the client with a full service solution that included documenting all existing processes, reviewing all existing reinsurance and retrocession treaties, setting up a secured connection to the client's existing server, transitioning all administrative and claims functions, executing administrative and claims audits, and establishing management reporting.
Results: The client was able to implement a new reinsurance administrative system into its existing IT infrastructure and have full administrative support within 6 months.
The core features of our assumed reinsurance administration services are:
- Ability to gain remote access to existing technology or incorporate existing technology into LOGiQ3 housed systems and processes
- Data management - map and process feeds from ceding companies
- Secure data transfer - dedicated platform with limitless capacity
- Treaty compliance - claims, policy changes, conversions
- Premiums - updating administrative systems
- Claims review - completeness of information, payment authorization, contestable claims review
- Financial reporting - provide seriatim feeds or data requested to support financial reporting
- Cash management
- Retention management
- Retrocession data, billing, and treaty management
- Communication - full service support for communication with ceding companies and/or retrocessionaires
- Auditing - execute underwriting, claims, and administrative audits on your behalf
These features are available as a part of a complete outsourced solution or as standalone consulting service.
Here are the benefits you will gain by working with us. Let us help you with your assumed reinsurance administration needs.
- Ability to manage internal resources more effectively i.e. deploy to more strategic initiatives
- Access to a level of experience and expertise not otherwise found in the reinsurance marketplace
- Use of industry proven reinsurance systems in the market without the need for initial capital expenditure
- Established methodology for delivering assumed reinsurance administrative services
- Robust infrastructure with specific attention to data privacy and security
- Experience in statutory and regulatory standards as it pertains to reinsurance operations
- Improved management reporting with high quality data improving the insight you have into your reinsurance asset
- Flexible pricing structure
- SLAs to define service time lines, accountabilities and deliverables