Consolidate your reinsurance management and optimize your capital requirements
Reinsurance is a particularly complex business. In many insurance companies, reinsurance is managed by each business department using a different system, if any. Such complexity makes reporting a daunting task and can have many drawbacks on efficiency throughout the organization, from maintenance issues to tedious accounting, from redundant staffing to inefficient auditing, from inadequate allocation of capital to regulatory breach.
Consolidate to optimize
Insurance companies need to consolidate their reinsurance management to optimize their capital needs and meet the requirements that new regulations such as SOX and Solvency II demand.
Imagine having a system that guarantees:
Consolidated views on the reinsurance programs at the corporate level
Central management of the reinsurance contracts
Automatic linkage and reconciliation between inwards contracts and reinsurance contracts
Prima Solutions has exactly the system you need. Prima’s new product, Prima Re™, provides you with a ready-to-use answer to all your reinsurance needs.
Manage, Reference, Produce
Prima Re™ is a powerful reinsurance management system that works on three levels.
Manages information from several sources (e.g. cessions, placements, events),
References other types of information with full traceability (e.g. inwards claims, policies or technical accounting) and
Produces data that can be used by other applications (e.g. statistics, inventory, reserves).
With Prima Re™, actions that were performed by several systems in different departments are now performed by the same centralized system.
Prima Re™ offers reinsurance departments both views of their reinsurance activity:
Transactions: record, update and calculate data, such as cessions, events, closings or outwards technical accounting.
Reports: view consolidated reports such as dashboards of cessions, technical & financial evolution over the life of a cession, overview of reinsurer's and broker's activities, protection programs’ performances.
Simple, practical and effective
Prima Re™’s user interface is straightforward and practical. Information is presented contextually through graphics, reports or data sheets. Intuitive wizards guide the user step by step while while defining reinsurance programs, creating contracts and allocating placements. Information is only entered once and a powerful search engine enables finding and reusing any content. Prima Re™ provides a rich user experience and is easily accessible from any web browser.