We gain an understanding of your existing reinsurance operations processes and workflow. Our team of experts has in depth knowledge of reinsurance operations and its constituent functions - ceded, assumed and retro administration, treaties, reporting, retention management, accounting, and data management.
LOGiQ3 provides an array of solutions that are designed to help better manage your reinsurance operations. Our objective is provide you with the ability to measure and manage your operations going forward.
Is this Solution Right For You?
If you are looking to answer the following questions, our team of experts can consult on or design a solution to help you better manage your reinsurance operations.
- Is the reinsurance business adequately managed and controlled?
- Is the current business and process flow the most efficient it can be?
- What procedures can be added in order to improve the processes and controls currently in place?
- Is there repetition in current procedures? What can be eliminated?
- Is the current documentation consistent and reflective of existing processes? Is it thorough and up to date?
- How can we understand what risks we have on hand and have a better handle on retention management processes?
- How can better synergies be created between offices in different geographical regions?
Read about how we have helped some clients solve their reinsurance operations problems:
Problem: A reinsurer was considering future direction of its operations and its functions and needed to conduct a complete process and workflow review of their operations department (administration, claims, audit, etc.)
Solution: LOGiQ3 deployed an expert consulting team who after spending on-site time understanding the existing processes and workflow were able to identify areas for improvement and to assess potential risks.
Results: The client was able to implement key changes suggested by our team that aligned with their business go-forward strategies.
Problem: A US reinsurer who was experiencing a high staff turnover needed to create a complete set of process (user) documentation for their administration area for new staff training purposes.
Solution: LOGiQ3 completed a three week onsite visit to understand each administration process in order to update client's existing documentation, created new procedures for those not in place and noted considerations for processes that were non-existent.
Results: The client was able to effectively train new staff hires on all administrative procedures using the documentation delivered, maintain a set of up to date processing notes, and made suggested administrative procedures suggested by our team.
The features of our reinsurance operations solutions consist of but are not limited to:
- Validation of existing process maps or documentation and/or create for current state
- Suggestions on how the current processes and workflow can be rationalized and made more efficient
- Assessment of systems and processes in place (also see Data Management and System and Data Conversion)
- Outline and quantification of potential risks where possible, i.e. segregation of duties, staffing and resources, organizational structure
- Identification of interdependencies between stakeholders
- Recommendations and solutions for improvements in various reinsurance functions
The benefits of choosing LOGiQ3 to assist you:
- Access to Talent - you will gain access to resources that are experienced and have worked and/or managed reinsurance operations in various organizations
- Independent Feedback – as a leader within an organization it can be difficult to obtain unbiased, objective feedback
- Industry Best Practices – we are able to provide guidance on best practices deployed in the industry
- Actionable Insights – we provide real, tangible next steps to improve your reinsurance operations
Contact us today to learn about the various reinsurance operations services we offer.