Executive & Reinsurance Management Professionals
The SurSITE® solution was designed by industry "insiders" with extensive hands-on
experience from both the insurance and reinsurance domains. Emphasis was on solving
common problems associated with accurately managing complex proportional and non-proportional
technical accounting methods throughout the entire reinsurance contract workflow
from assumed and ceded to retroceded business. We all are familiar with the cumbersomeness
in calculating "correct" premium and loss allocations in a surplus program with
multiple units making up the aggregate reinsurance capacity. Likewise, allocation
of large losses to a combination of quota share, excess-of-loss and catastrophe
excess-of-loss treaties in combination with facultative contracts on individual
risks offers its own time consuming and error prone problems. Naturally, these troubles
increase in complexity when multiple insurance subsidiaries or business departments are impacted by the
same loss occurrence within an insurance group.
The SurSITE® solution solves these problems by smart process execution between (i)
individual Book-of-Business modules (ii) the Contract Management Server and (iii)
the Technical Accounting Management Server. The Book-of-Business represents a key
element of the solution. It is a primary information repository where a subset of
policy and claims data is stored. A Book-of-Business treaty contract can be created
to assume like exposure from many subsidiary companies, or business by geographic
location. The aggregation of enterprise-wide reinsurance data at a "corporate level"
as offered by the book-of-business concept provides valuable real time information
to assist senior management in making crucial business decisions when time is of
essence. Traditional reinsurance administration, on the other hand, would require
each subsidiary to research, calculate and compile such information before it could
be forwarded to the corporate headquarter for yet another aggregation cycle which
easily can add 30 to 45 days before useful information are made available. In contrast,
SurSITE® users have instant access to the critical information when needed.
The technical accounting management server offers automated calculations and allocations
of premium and loss transactions to each individual reinsurance contract and its
participants invoked by a specific loss event and risk type. It offers decision
makers access to aggregate results on a group basis before and after applied reinsurance
– in real time! Hence, SurSITE® provides quick access to critical enterprise-wide
data such as capacity utilization and aggregate exposure by line of business by
geographical area. No longer do you have to choose between the financially most
optimal reinsurance program for your group and a less automated solution for proportional
and non-proportional contract combinations. Furthermore, the pooling of like exposure
in individual book-of-business contracts offers an opportunity also to simplify
the overall renewal process of an organization’s reinsurance programs. It is truly
reinsurance back-office administration reinvented and it is affordable.
Call your SurSITE® representative today to schedule a system demonstration based
on your unique business scenarios and reinsurance program. You’ll be glad you did.