Reinsurance Solutions for Peace of Mind
Did you know that 30% of the worldwide Reinsurance Gross Written Premium is managed through the SAP Reinsurance solution?
Rarely were the incentives for insurers to make strategic use of reinsurance higher than today!
With the strengthened capital requirements under Solvency II, any increase in reinsurance coverage will limit one’s risk exposure thus preserving equity for accelerated business growth.
Furthermore, over the last few years and as a consequence of the fierce competition from Natcat bonds, reinsurance conditions have developed favorably for the ceding parties, especially for the ones that can demonstrate transparency of their risk exposure and provide information of high quality.
While incentives to do so are high, developing and diversifying its Reinsurance portfolio while complying with new regulations can quickly become an overwhelming challenge for an Insurance company, and limits its operations and flexibility.
For almost 15 years, SAP has provided Insurance and Reinsurance companies with peace of mind for the management and administration of their Reinsurance processes. Today, more than 40 companies, ceding insurers and reinsurance carriers, small and large, from niche players to global leaders, all over the world, rely on SAP day after day for their Reinsurance related operations.
Beyond compliance to regulations, the utilization of the SAP proven and dedicated solution, SAP FS-RI, will tremendously simplify the end-to-end Reinsurance process, ensure accuracy of daily operations, speed payments and optimize cash management. SAP FS-RI automates assignment of claims to the corresponding Reinsurance programs, calculates complex treaty conditions, integrates with the accounting systems and creates the bordereau. The solution is designed to handle facultative and treaty reinsurance, proportional and non-proportional and it supports all market treaty types, thus reducing the risk of underwriting business without adequate coverage to high exposure.
Portfolio analysis and risk management, prognosis and estimations are streamlined by a holistic view on the reinsurance portfolio. Furthermore, the solution embeds the latest SAP technological developments, such as in-memory analytics, and state-of-the-art user interfaces, granting end-users a unique and satisfactory experience. Finally, it integrates with the legacy policies and claims systems and can be implemented without having to replace them.
The peace of mind of using an SAP solution will free resources in the organization and enable it to focus on topics it could not always ideally tackle. The organization can spend more time deepening customer intimacy, offering its clients new insurance products and services, developing new distribution channels and generally adapting to the challenges of the Digital era.
Since its origins, when merchants of the antiquity started to protect each other by mutualizing the risks associated with the transportation of goods, peace of mind is what Insurance provides individuals and businesses, allowing the safe development of modern society. With SAP specialized solutions and services, start enjoying peace of mind for your Reinsurance activities.