Reinsurance data is not efficiently managed in the life reinsurance market. As a result, organizations are left managing multiple data formats and employing resources to convert the data into a format that is compatible to the organization's internal systems. This process is inefficient and costly, making critical functions such as retention management nearly impossible.
LOGiQ3 has worked with industry associations and groups on developing and implementing life reinsurance standards. We also have a wealth of experience in working with output from common reinsurance platforms such as TAI and Quasar. Our resources help you maximize the benefits of adopting standards, provide best practices consulting or manage your reinsurance data issues.
Is This Solution Right For You?
If you are looking to answer the following questions, our team of experts can help you better manage your reinsurance data.
- Is your data management process documented and well controlled?
- Is your reinsurance data load process efficient?
- Do stakeholders question the quality of data you are currently loading?
- Do you have a number of data exceptions which are creating issues in downstream business processes?
- Is there a system or business event which is putting a strain on your data management resources?
- Does your organization lack business or technical expertise required to support your data management process?
- Are there specific projects such as product analysis or valuation modeling driving a need for a new view into your data management process?
Not sure if you need data management assistance? One real life client engagement below will illustrate the types of problems we have solved:
Problem: Due to lack of resources with sufficient business and technical expertise, a leading reinsurer incurred a significant backlog in loading ceding company transaction and inforce data. Consequently these backlogs created large balances in its suspense accounts due to client's inability to allocate cash based on ceding company data.
Solution: LOGiQ3 was able to step in with limited training and ramp-up time to help map, analyze, and load client data to business systems.
Results: Upon clearing the accumulated backlog of unprocessed data files, the client was able to clear its aged suspense items.
The features within our data management services include:
- Inforce and transaction file mapping
- Field-level data translation and analysis
- Data compliance to treaty terms
- Data workflow, process, and controls review
The benefits of having us assist with your data:
- Access to Talent - you will gain access to resources that have experience with reinsurance data management and various reinsurance administrative platforms.
- Industry Best Practices – we are able to provide guidance on data best practices deployed in the industry.
- Actionable Insights – we provide real, tangible next steps to improve your data management processes.
Contact us today to schedule a consultation!