We have created a solution which is unique to the insurance industry; it is built specifically to address the ceded life reinsurance process. Our solution is based on our depth of experience in life insurance and reinsurance operations, reinsurance systems, and business processes.
LOGiQ3 has been providing ceded reinsurance administration services since 2008 to both insurance and reinsurance companies.
Our administration team consists of staff experienced in:
- life insurance products
- supplementary benefits (i.e. accelerated death benefit, long term care, waiver of premium, and other riders)
- self-administered individual, bulk and individual cession reinsurance
- coinsurance and YRT arrangements
- life insurance and reinsurance administrative systems (eg. TAI, other homegrown systems)
Is this Solution Right for You?
Does the below describe your organization? If so, this solution may be a fit for you.
- An insurance or reinsurance organization ceding business to several reinsurers, yet you possess limited or no skilled resources to meet day to day operational and administrative needs
- Over time have acquired several blocks of business and are experiencing challenges with managing the complexity of multiple legal entities and/or numerous technology platforms
- Need to implement a ceded administration process incorporating best practice process and controls in a limited time-frame
- Recent merger or acquisition activity, or changes in company direction have resulted in high staff turnover causing a lack of resources to manage current and future business
- Looking to simplify inefficient manual processes and consolidate platforms for reinsurance administration of complex business arrangements
- Looking for a solution to manage closed blocks of business
- Do not have the technology infrastructure in place to effectively administer reinsurance business
Here is an example of how we have helped a client solve their problem:
Problem: A mid-sized US direct writer needed to transition three blocks of business, each administered on different systems to the TAI reinsurance system, but their operating model is to outsource everything and maintain the minimum number of staff possible.
Solution: LOGiQ3 was able to efficiently migrate the first block of business into the TAI reinsurance system within three months and the other two blocks in the following nine months. The client solution entailed interfaces build to the policy administration platforms of direct TPA's, full administration of the ceded reinsurance treaties, including billing and data management, as well as claims processing. Accounting and treasury functions were also carried out on the client's behalf.
Results: The client was able to transition all three blocks of business within stated time frames and kept the minimum number of staff count.
The core features of our ceded reinsurance administration services are
- Conversion capabilities to migrate to industry standard reinsurance administrative systems (if required)
- Electronic data management - inforce transaction file mapping, loading, and analysis
- Secure data transfer - dedicated secured platform with limitless capacity
- Ceded premium administration - use of industry standard administrative systems for transaction processing, premium calculation, and reporting
- Treaty management - creation, administration, maintenance, and best practices around treaties
- Cession maintenance - new business, renewals, conversions, terminations, and other policy changes
- Claims management - analyzing, posting proofs, payment requests, follow ups, anre reporting
- Exception handling - issues with data feeds; managing cycle messages, updating systems to allow for appropriate processing
- Reinsurer support - full level contact/support with reinsurance partners
- Accounting - accrual and cash settlement, automatic ledger feeds, monthly reconciliation
- Cash management - monitoring balances, executing transactions, reconciliation, and reporting
- Schedule S - information provided for Schedule S part 1, 2, 3
- YRT reserve calculation (via reinsurance administrative system)
- Coinsurance reserve allocation to reinsurers
These services are available as part of a complete outsourced solution or as standalone consulting services.
Why let us help you with your ceded reinsurance administration needs? Here are the benefits you will gain by working with LOGiQ3
- 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
- Access to industry proven reinsurance systems in the market without the need for initial capital expenditure
- Established methodology for systems conversion and delivering ceded reinsurance administrative services
- Robust infrastructure with specific attention to data privacy and security
- Experienced 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