At LOGiQ3, we truly believe that business process should always drive technology, not the other way around. Your systems should function to support your business processes and give you the information to manage your business efficiently. Our team of consultants, both technical and business, have worked with many insurance and reinsurance applications, both commercial and homegrown. We can offer best practice advice on system development and conversion while providing support for your system initiatives.
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.
Is this Solution Right For You?
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:
- How complete and accurate is the data on the current system?
- Is the current system administering the business as intended?
- How will I reconcile that all the data has moved correctly from the old to the new system?
- What will be the financial impact of any discrepancies discovered and how will that be explained?
- How will the system be tested to ensure smooth transition from old to new?
- How can I appropriately staff the project to ensure timelines are met while day-to-day management of the business can continue as is?
- How do I communicate and work with my business partners (reinsurers, etc.) to ensure all parties agree with our approach?
Read about how we have helped our clients solve their reinsurance system conversion challenges:
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.
The features available for our systems and data conversion services may include:
- Project planning and strategy development
- Treaty review, analysis, and summary (see Treaty Management)
- Recapture analysis
- Data mapping and transformation (see Data Management)
- Standardized data output
- Conversion of data and system implementation
- Policy and cession validation and control
- Output testing and analysis
- User acceptance testing
- Post-conversion exception and issue remediation
- Documentation and training
- Assistance with business partner (reinsurer, retrocessionaire) communications
A few benefits your organization will gain by working with us on your reinsurance systems and data conversion project:
- Help with defining the roadmap to a successful conversion project
- Leveraging LOGiQ3's experience of converting blocks of reinsurance business on various platforms
- Allowing your operational resources to focus on daily tasks without the distraction of additional project workload
- Better understanding of the options available to you to most efficiently undertake a major reinsurance systems project
- Use of senior resources who understand the bigger picture impacts a conversion project can have on your business
- Ability to understand the financial impact of your conversion project
- Assistance with communicating those impacts to stakeholders and business partners
Contact us today to learn more about our how we can support you in your reinsurance systems and data conversion initiative.