Claim Notifications

When claim events are reported to the transaction engine (e.g. new claims, a change in the current reserve, or a change in status of a claim), the system evaluates the event for any potential notifications, which should be sent to the retrocession's reinsurers. The evaluation starts at the assumed ceding level and works through to each retrocession contract using the same matching criteria as a normal claim transaction. If the total estimated exposure of the claim exceeds the defined claim notification threshold, or if a claim notification has previously been generated for the claim, then the system generates an updated claim notification. A claim notification is a summary of the details of the claim and the estimated exposure for each of the retrocession reinsurers. This can be used to generate a PDF that notifies reinsurers of new claims or changes to loss reserves of major potential claims. This claim notification functionality can also be used in MGA or pool scenarios where a claim notification to each participant in the pool is generated and used to create PDFs that transmit the claim details to all participating members.