For More Information
By Mail:
Delphi Technology, Inc.
One Washington Mall, Suite 3
Boston, MA 02108
By Telephone: 617-259-1247
By Fax: 617-778-2296
By Email:
sales@delphi-tech.com
Reinsurance
OASIS Reinsurance provides insurers with the ability to automate the calculation of ceded premiums and claims. 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 making it easy to identify, correct and quantify the financial impact of any existing errors. OASIS Reinsurance possesses all of the functions necessary to process treaty and facultative reinsurance. It can manage cash, interface to a General Ledge, and produce a wide array of reinsurance management reports, including proofs notices, bordereaux, Schedule F and Schedule P, resulting in reinsurance audits that benefit both the ceding company and the reinsurer.
Key Challenges
OASIS Reinsurance will enable your organization to address the following challenges:
- Poorly designed reinsurance programs
- Lack of documentation regarding processing procedures, workflows, and controls
- Lack of metrics to measure reinsurance processing
- Failure to realize all financial benefits available under a contract
- Lack of transparency in reinsurance agreements
- Labor-intensive calculation processes, understood by only one or two employees
- Lack of confidence in the accuracy and auditability of manual processes
Key Features
- Extensive clash processing, including interlock, “involved claim” wording, and occurrence vs. policy aggregate limits
- Automatic recalculation of claims cessions, automatically highlighting prior period adjustments and booking them to the current accounting period
- Automatic management of inner and outer aggregate deductible, commutations, and novations while maintaining actuarial integrity of the ceded claim history
- Support for all treaty insurance structures QS, pro-rata, XL, cat, stop-loss, and clash
- Automatic retroactive re-ceding is triggered when contract terms change
- Multiple, simultaneous expense rules can be handled
- 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
- 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
