Day 9: Types of Reinsurance Contracts – Facultative Reinsurance
Genius for Reinsurance - Xuber Product Fact Sheet
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Xuber Product Fact Sheet Genius for Reinsurance The software solution for end-to-end processing of assumed and direct business in the reinsurance market from Xuber.
description
Genius – a comprehensive software solution for the Property & Casualty insurance market. Genius supports all major lines of business, including specialist and niche lines, handling multiple classes and complex policies. Across the world of insurance Genius is helping the most demanding organisations handle a wide range of domestic and international insurance programmes. With depth of functionality, stability, and continual enhancement, Genius provides a powerful platform for insurance processing.
Transcript of Genius for Reinsurance - Xuber Product Fact Sheet
Xuber Product Fact Sheet
Genius for Reinsurance The software solution
for end-to-end processing
of assumed and direct
business in the reinsurance
market from Xuber.
Xuber
For forward thinking insurance professionals Xuber is the trusted provider of unique and innovative software solutions that improve performance and enable business growth.
Xuber software solutions are built from over 30 years of insurance industry knowledge and a workforce of experienced insurance and software professionals. We have successfully implemented solutions for over 130 customers from Lloyd’s and the London Market to Bermuda, the US and Asia Pacific regions.
A comprehensive solution
Genius for Reinsurance offers comprehensive functionality to meet the needs of any reinsurance business delivering benefits at every stage of the operating process:
•Nameandaddressadministration
•Searchesandonlineenquiries
•Workflow
•Submissionclearance,registration and management
•Quoteadministration
•Contractadministration
•Claimsadministration
•Retro-cededreinsurance
•Accounting
•Regulatoryreporting
•Managementinformationand datawarehousing
•Integrationwithdocumentproductionutilities
•Integrationwith3rdpartyapplications
Workflow and Task Management
WorkQueuesforunderwriting,claimsandfinancefacilitateworkflowandsurfacekeytaskssuchaspeerreviews,modeling,legalreviews,firmorders,binding,claimsreviews,paymentapprovals,estimateprocessing,premium processing and final payment authorisations. Genius diary capabilities enable the configuration of appropriate alerts and reminders ensuring that the full lifecycle can be managed.
Submission Registration and Quote Management
GeniusforReinsurancesupportsfullrisklifecycleprocessingincludingsubmission,quote,bindandrenewal.Submissionfunctionalityincludes the ability to accept and register submissions.Quotescanbeissuedbased on submission data removing the need to re-keyinformation.
Contract Administration
Genius for Reinsurance caters for all types of assumed reinsurance including treaties (QS,Surplus,PerRiskExcess,CatExcess),facultativeandfiniterisks.Supportingfullcontractlifecycleprocessinge.g.mid-term adjustments,finalpremiumadjustments,renewals,cancellationsetc.,thesolutionenablesthe administration of reinsurance programs including theabilitytocreate,bindandrenewlayersmanagedwithinamasterprogramcontract.
Specificfunctionalityisalsoprovidedtosupport the processing of adjustable features suchas,ProfitCommissions,NoClaimsBonus,SlidingScale,RetroRatedPremium,AdditionalPremiums,ReinstatementPremium,LossCorridorsandAAD/LossCaps.
Calculationssuchasearnedpremium(basedoncustomactuarialpatterns),brokeragecommissions and ceding commissions can be automated for efficiency and improved data integrity.
Claims Administration
Supportingfullclaimlifecycleprocessing(fromopeningaclaimtoclosure),ClaimsAdministrationsupportsallclaimtypesincludingbulkclaims,perrisk,programandmemo.The workqueueprovidesnotificationoflimitreferrals and payment approvals triggered via configurable securitychecksandauthorisationlimitstosupport the monitoring of both reserves and payments.
Coverageverificationutilitiese.g.perriskandfacultativetypestakefulladvantageoftheend-to-endfunctionalitywiththeabilitytoreferto information captured earlier in the contract lifecycle.AsophisticatedFGUcalculationensures accurate apportioning of indemnity reserves and payments across claim layers.
Accounting
Accountingprovidesacomprehensivecashbookcapability,fullaccountsreceivableand accounts payable processing. Genius forReinsuranceallowsdirectcedentand/orbrokerbilling,andsupportsaccrualbased accounting e.g. estimate premium processing and adjustable features estimates. BothBordereauandDepositbusinessissupported and includes establishing estimated transactions,specializedearningpatterns,andadjustments(mid-termandfinal).Statementgenerationandreportingofkeyaccountinginformationsuchasageddebt,cashbookandledger lists is fully supported.
Management Information
Whencoordinatingthebusinessandmakingstrategic decisions regarding future activities it is vital that accurate information is available promptly.Geniusprovidesflexibleandcomprehensivemanagement,operationalandad-hocreportingutilities.GeniusforReinsuranceincorporates reinsurance based calculations to support specific business functions such as earning analysis and triangulations.
Genius for Reinsurance is a comprehensive and integrated software solution designed specifically for the reinsurance market, providing end-to-end administration for organisations writing both assumed and direct business.
Forfurtherinformationonourproducts andservices,pleasecontactCustomerSolutionson+44(0)2036043333orat [email protected]
We provide solutions for:
Xuber for Brokers
Brokasure Desktop
Brokasure Enterprise
Xuber for Insurers
Iris
Genius
Elgar
Xuber for Reinsurers
Iris
Genius for Reinsurance
Elgar
Xuber for MGAs
MGAsBrokersReinsurersInsurers
Xuber Malaysia Unit2B-2-1,PlazaSentral,
JalanStesenSentral,KLSentral, 50470KualaLumpur,Malaysia
+91(0)7838243333 [email protected]
Xuber India 271UdyogVihar,Phase-II,
Gurgaon-122016,India +91(0)7838243333 [email protected]
Xuber USA 200W.Adams,Suite1175, Chicago,IL60606,USA
+1877288-3333 [email protected]
Xuber UK Headquarters
34LeadenhallStreet, London,EC3A1AX,UK +44(0)2036043333
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