FirstRe is a fully integrated software solution for the reinsurance industry. Operational and business process support for both Treaties (Proportional and Non-Proportional) and Facultative (Property, Marine, Casualty, Life, Accident, Disability etc.) is catered for, as well as handling of Direct and Retrocession businesses.The application provides seamless integration between Reinsurance Underwriting, Claims, Retrocession, Risk Accumulation and Control & Accounting.
The system addresses global as well as country-specific operational, processing and reporting requirements. It is also suited for the larger international operations in which reinsurance transactions usually take place.
Treaty functionalities for proportional (like quota share, surplus layers) and non-proportional (like excess of loss, stop loss) treaties across underwriting, claims, retrocession, financial accounting and technical accounting.
Both clean-cut and run-off treaties are supported for all lines of business across life & non-life insurance.
Group faceslips for different treaties grouped together based on common factors like by location, by cedant etc.
Facultative Business Underwriting.
Facultative Business Claims.
Facultative Business Technical Accounting.
Direct Business Underwriting.
Direct Business Claims.
Direct Business Technical Accounting.
Outward Business (Retrocession) Processing.
Outstanding loss processing through different methods like Case Reserve, Loss Reserve & Pro-rata Reserve methods.
General Ledger Link to connect to third party General Ledger solutions.
Management Enquiries and Reports.
Improves Operational, Management Information and Audit Trail processes.
Fully integrated system allows automatic transfer of underwriting data to other modules.
Business analyses - on-going agent / broker performance analysis, risk profile analysis by territory or class of business. Cedant, broker and client-wise business control.
On-line enquiry for ready information & business analysis.
Better risk management through Risk blocking facility to minimize accumulation/catastrophe exposure and arrange retrocession.
Code is user-definable and accumulation can be by territory-wise, cedant-wise, or on individual risk.
The entire renewal cycle is fully automated.
Improves Management Control tremendously through ready access to timely, relevant and accurate information for critical business decisions.