The treaty is the cornerstone of any reinsurance relationship and needs to be treated as such. Similar to reinsurance data, there is no widely adopted treaty standard. If you do not manage the treaty process then regardless of what you do elsewhere you risk being non-compliant and creating issues further down the road.
At LOGiQ3, our treaty experts can assist you with with all aspects of treaty support from treaty design, initiation, execution to implementation. Our objective is to ensure your treaty is compliant and consistent with your data, systems, and administrative practices.
Is this Solution Right For You?
If the following situations are familiar to you, our team of treaty experts can assist you.
- Is a business event such as a merger or acquisition creating a need for you to review and summarize your treaties?
- Are you undertaking a system conversion or data management project where structured treaty data is required?
- Are you about to undertake a recapture project and need to better document or understand what your reinsurance treaty states?
- Are you considering a reinsurance data compliance project?
- Do you lack structured treaty data for your reinsurance audits?
Read about how we have helped some clients solve their reinsurance operations problems:
Problem: A UK reinsurer was not familiar with a number of treaties being reinsured and the client data that pertains to those treaty terms.
Solution: LOGiQ3 provided treaty experts to assist with a complete analysis of assumed treaties and amendments to identify any gaps in documentation and conducted a thorough client data review to ensure data received was in line with treaty terms set forth.
Results: The client gained a complete understanding of client data files, assumed treaties, and develop an on-going treaty maintenance process.
Problem: A North American reinsurer was building a valuation model for numerous reinsurance treaties but lacked the structured treaty data necessary (such as product types, and rate classes) to proceed.
Solution: LOGiQ3 implemented a project to evaluate and summarize the relevant treaty data, including mapping it to client inforce values, to enable the valuation team to accurately establish reserves for the affected treaties.
Results: With an aggressive timeline to complete the project for year-end reporting, LOGiQ3 was able to build a process to review each reinsurance treaty, compile the necessary values for the valuation models, and map that information to ceding company data to achieve the client's objectives.
Interested in a full service solution for your reinsurance operations instead? We also offer ceded and assumed reinsurance administration services.
The features of our treaty management solutions include:
- Creation of treaty summaries for reinsurance auditing
- Compiling and mapping treaty information for valuation models and actuarial studies
- Building readily importable treaty templates for reinsurance systems conversions
- Assistance with treaty backlogs due to lack of resources or specific deadlines
The benefits of choosing LOGiQ3 to assist you in your treaty projects:
- Talented staff with extensive experience with interpreting reinsurance treaties
- An understanding of downstream impacts of treaty information and the negative implications of poor data
- Training and mentoring of treaty staff
- Industry best practices
Still not sure how we can help better manage your treaties? Contact us to set up a free consultation.