The use of reinsurance as a means of risk transfer is a necessary given for most P&C insurers. Tia Reinsurance lets you manage reinsurance contracts in the same integrated system as policies and claims. An add-on to Tia Enterprise Solutions for P&C, Tia Reinsurance calculates all reinsurance premium (including reinstatement premium and various types of reinsurance commissions) and claims cover for the all the most common reinsurance contract types. You get seamless integration as well as the elimination of extensive data transfers between separate systems. This means your IT department has fewer interfaces/integration points to maintain. Also, your business benefits from having a full overview and direct- and reinsurance business within the same system.
Tia Reinsurance calculates reinsurance premium and claims cover, as well as maintaining a complete tracking between policy- and claims transactions and the corresponding reinsurance transactions. The add-on also features support for GDPR and POPIA, which further ensures compliance and data integrity from a single source of data throughout your business.
Tia Reinsurance provides a fully automated workflow, where sophisticated algorithms calculate reinsurance premium and claims cover in a multitude of different configurations and scenarios. Tia Reinsurance can even automatically identify and manage risk accumulations across policies via pre-configured accumulation criteria. In addition to 'out of the box' support for many different configurations, the add-on also provides several ways of further customising calculations via dedicated user functions and custom calculation algorithms.
1. Greater overview from a single source of data
2. Direct business and Reinsurance managed from one place
3. Automatic calculation of ceded premium and claim recoveries from reinsurers
1. Meeting regulatory requirements
2. Full traceability from PAS/Claims systems through Reinsurance to General Ledger and DW/BI systems
3. Reduced complexity and dependency on few key individuals in the Reinsurance department
Want all the nitty-gritty details that only true insurance software aficionados understand? Our experts at tia@tiatechnology.com stand by.
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