OASIS Reinsurance Management including Schedule F 

It has been estimated that, industry-wide, between 2% and 4% of reinsurance recoveries are lost because of inadequate control over reinsurance processing.  Think of what that number might be for your company.

Then consider the value of maintaining a fruitful relationship with your reinsurer partner – expanded underwriting capabilities, access to capital solutions, and a stabilizing factor for your company’s credit rating.  A positive insurer – reinsurer relationship can bolster your company’s ability to be consistent and stable as market conditions change.

The OASIS Reinsurance Management module, OASIS Reinsurance, provides primary carriers with comprehensive and proven treaty and facultative reinsurance processing.  OASIS Reinsurance can help you tighten management of your reinsurance program, improve cash flow, and generate timely, accurate, and consistent reporting – which will help keep your bottom line healthy and your reinsurer happy.

Key Challenges:

• The need to reduce the chance of human error
• Lack of transparency of reinsurance agreements
• Labor-intensive calculation processes, understood by only one or two employees
• Lack of confidence in the accuracy and auditability of manual processes
• Verbal agreements may result in misunderstandings about contractual technical points

The Solution:

OASIS Reinsurance provides insurers with the capability to automate the calculation of ceded premiums and claims.  OASIS Reinsurance was designed to work with any primary policy and claim system, and all lines of business.  It receives subject premium and loss data directly or via download files, and returns complete and accurate cessions.  This allows companies with single or multiple processing systems to centralize all reinsurance accounting and reporting in a single application.  All the functions needed to process treaty and facultative reinsurance exists within OASIS Reinsurance.  OASIS Reinsurance can manage cash, interface to a General Ledger, and produce a wide array of reinsurance management reports, including proofs, notices, bordereaux, Schedule F and Schedule P.
OASIS Reinsurance is available through either a standard license option or a hosted option.

Key Functionality:

OASIS Reinsurance will empower your reinsurance team to tightly manage reinsurance at the push of a button.

• All contract information is stored in tables and maintained by the user.
• Support for all treaty reinsurance structures QS, pro-rata, XL, cat, stop-loss, clash.
• Facultative contracts are maintained in OASIS Reinsurance; no manual intervention is needed to apply fac to claims.
• Automatic retroactive re-ceding is triggered when contract terms change.
• Multiple, simultaneous expense rules can be handled.
• Reopens of old claims are handled automatically.
• Cessions to insolvent companies are maintained in case of future recovery.
• Monthly snapshots of aged, earned, and incurred by treaty, reinsurer, and class of business are maintained.
• Reinsurance is controlled at the participant level.
• Multiple inuring relationships, and layering, are supported.
• General Ledger interface and cash processing are at item, treaty, or participant level.
• Produces proofs, notices, and bordereaux.
• Support for companion claims, loss funds, letters of credit, aggregate deductibles, sunset clauses, special claims, “back door” corrections, for special cases that fall outside of OASIS such as IBNR changes.

Business Benefits:
Demonstrated benefits include:

• Transparency of Calculations – OASIS Reinsurance will maintain an audit trail of reinsurance transactions to mitigate the risk resulting from unclear or misunderstood reinsurance programs.
• Less Time Required for Calculations = More Time for Analysis – By automatically performing reinsurance calculations, OASIS Reinsurance will free up your reinsurance team to focus on identifying recoverables and designing effective reinsurance programs.
• Simple Integration – OASIS Reinsurance was designed to work with any primary policy and claim system, and all lines of business.  It receives subject premium and loss data directly or via download files, and returns complete and accurate cessions.
• Flexible Delivery Options – dti offers OASIS Reinsurance through either a standard license option or through a hosting option.  Under the standard license option, customers acquire a license to the product and the installation of OASIS Reinsurance occurs at the customer’s site. Under the hosting option, dti sets up an instance of OASIS Reinsurance at dti’s hosting facility.  The customer accesses OASIS Reinsurance through a secure Internet connection.  The features and functions available to the customer are identical for both delivery mechanisms.
  

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