We have considerable experience in reinsurance systems implementation and conversion, reinsurance application testing, and providing business requirements for system development. We also offer pre- or post-conversion data analysis and reconciliation to identify risks and financial impact.
If you are looking to implement, migrate, or convert to a new reinsurance system or platfrom, we have a solution that is customized to suit your business goals. There are a number of factors that can impact a migration - our team of experts can help you answer the following questions:
Problem: A US direct writer was converting their administration system to a new version. During an initial review of the data in the existing platform, the client discovered that the data coded into the system was incorrect.
Solution: LOGiQ3 teamed up with the client to review and compare system treaty data against paper treaty data, review and compare paper treaty data against current administrative practices, document all discrepancies and issues, provide an analysis of financial impact and to make go-forward recommendations.
Results:The client was able to quantity the magnitude of errors, implement a plan to correct data issues, and convert to the new system.
Problem: A Caribbean direct writer decided to convert several administrative systems into a new reinsurance plaform. However, due to several legacy company acquisitions, they had a complex reinsurance treaty structure and limited reinsurance expertise in house to complete such a conversion. In addition, little historical data on past reinsurane premiums paid or data was brought forward as part of legacy acquisitions.
Solution:LOGiQ3 developed a unique "Clean Slate" conversion approach to assist client in moving to a new system with 'clean' data. The objective was to focus on accuracy in administration from a point in time forward.
Results: The client was able to convert all business into the new reinsurance platform. The output from the new system was tested and confirmed to be within 99% accuracy level and in accordance with treaty parameters.
Prefer to get a better understanding of your current process and controls are prior to converting your business? We also provide additional services around your reinsurance operations. >> Learn More
The features available for our systems and data conversion services may include:
A few benefits your organization will gain by working with us on your reinsurance systems and data conversion project:
Contact us today to learn more about our how we can support you in your reinsurance systems and data conversion initiative.