This is the ninth weblog in a collection on our Fall ’22 Release. Over the following few months, we’ll proceed to highlight how Majesco helps insurers obtain relentless innovation and meet the ever-changing market wants with an out of doors in strategy.
Reinsurance is a necessary device carriers use to handle their pool of danger and the quantity of capital they need to maintain to help these dangers. With the price of reinsurance skyrocketing as a consequence of a rise within the frequency and severity of pure disaster claims, efficient administration of reinsurance operations is enjoying a extra important function in carriers’ potential to realize an optimum focused danger profile. Because of this, carriers require a reinsurance administration resolution that may deal with more and more complicated reinsurance situations whereas on the similar time offering transparency into the well being of their reinsurance operations and portfolio, permitting them to stabilize underwriting outcomes and enhance capability.
Complete Reinsurance Management
As a part of the Fall ’22 Release, we’ve partnered with FIS® to combine their Reinsurance Manager product to work seamlessly inside Majesco’s P&C Core Suite, offering an entire reinsurance administration resolution that enables our prospects to elegantly handle even probably the most complicated reinsurance situations, together with extra of loss, proportional, treaty, and facultative constructions for each assumed and ceded premium.
By including Reinsurance Manager, prospects reap the benefits of a centralized resolution for reinsurance administration with an infrastructure that’s each automated and auditable, permitting them to standardize info and deepen analytics inside their portfolios. It additionally gives safe, repeatable processes for contract upkeep and billing, with operational, monetary, and statutory reporting, offering the wealthy performance and transparency required to streamline reinsurance operations and allow main good points in each effectivity and efficiency.
And as a result of Reinsurance Manager now comes pre-integrated into Majesco’s P&C core suite, prospects profit from needing minimal configuration to stand up and operating. Existing configurations are leveraged to mechanically populate the answer, permitting coverage knowledge to move seamlessly into Reinsurance Manager offering unparalleled velocity to worth.
What advantages does FIS Reinsurance Manager provide you with?
- A single repository for reinsurance enterprise knowledge
- Reconciled knowledge to subledger and common ledger
- A repeatable, auditable course of
- Organized knowledge to facilitate enterprise analytics
- Ability to trace efficiency of enterprise companions
- Improved operational and monetary efficiency
- A discount in claims leakage
By partnering with FIS® to leverage their Reinsurance Manager, we have now deeply enriched the end-to-end synergy of our ecosystem by offering a important functionality to our prospects, which permits them to simply course of and handle complicated reinsurance transactions from inside P&C coverage. Majesco’s dedication to a customer-centric product technique has supplied a streamlined, automated, and scalable reinsurance administration resolution that drives efficiency and operational effectivity, so our prospects can keep centered on rising their enterprise on the velocity of now.
Do you have got any further ideas or questions on this subject? Drop a remark or attain out to our product groups.