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The Issues
Reassurers are specifying strict service standards on insurers for reassurance
administration. Many insurers have added to existing systems to try to meet
these requirements: with mixed degrees of success.
As reassurer
requirements have started to standardise, the time is right for Insurers
to consider a permanent solution to reassurance administration.
With good quality data being a cornerstone of their business, it is essential that
Reassurers have confidence in the information being provided to them by
insurers.
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The Solution
Having completed a successful implementation for a major UK Insurer,
KDI Applications is now able to offer significant operational benefits and cost savings to both
Insurers and Reassurers with the release of the AccurRe.
“For Insurers, the AccurRe application provides a modern web-based tool to clean up data extracts,
calculate reassurance premiums and provide reports to reassurers in the format they require.”
“For the Reassurers, it provides the means to validate data extracts supplied by insurers,
check their premium calculations and provide data in the right format for the different back-office systems”
Nigel Bradshaw, MD, Redmayne Consulting
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Benefits
The key benefits to the Insurer are:
- Guaranteed delivery of accurate and timely information to various Reassurers, in-line with their individual mandates
- Automated recovery of redundant premiums resulting from delayed notification of lapses & adjustments
- Identification of retention limits by individual accumulated across policies and systems
- Flexibility to incorporate Reassurers and add/amend treaties/ratings quickly & easily
The key benefits to the Reassurer are:
- A single application to accept input from multiple cedents and to ensure the accuracy and completeness of the information provided
- Enabling automated Retro-Cession processing for individual accumulated risk across multiple Cedents and policies
- Flexibility to incorporate insurers and add/amend treaties/ratings quickly & easily
Other benefits provided by AccurRe are:
- Reduced administration and operational costs
- Customised implementation, which is commissioned in weeks rather than months
- Return on investment achieved within months
- Reduced dependence on over-stretched internal resources
- Fixed-price maintenance contract
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Design Goals
The overall design of AccurRe encompasses the following key operational goals:
- Ease of use
- Online facility for data validation and correction
- Ensuring only valid records are submitted to / accepted by the Reassurers
- Providing an audit trail facility
- Delivering an environment to enable the business to interrogate reassurance information
- Re-usability for additional interfaces
- Minimal additional hardware and operational intervention.
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Application Overview
AccurRe for Insurers delivers a cohesive,
consistent end-to-end environment to process data from in-house source systems,
to validate and convert that data into a format acceptable to the Reassurers and to produce appropriate periodic account reports.
AccurRe for Reassurers provides a single application to accept input from multiple cedents,
to ensure the accuracy and completeness of the information provided and to enable the subsequent processing, analysis and reporting of insurer data.
Below is a conceptual overview of the AccurRe solution showing the key components.
AccurRe will accept inbound premium and claim data from a variety of sources,
either directly or via intermediary extract files.
Each data element is validated and/or converted based on predefined business rules and loaded into the
AccurRe database.
Records that fail validation are flagged for subsequent correction and authorisation via a fully auditable online facility.
AccurRe supports multiple rating tables and formulae to calculate
the various reassurance premiums and other required attributes, such as current sum reassured.
In addition to creating output files for distribution to the Reassurers,
AccurRe produces a netting report
(claims offset against premiums) for each treaty and end of year accounts
(snapshot of active policies within a treaty).
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Architecture
To ensure maximum flexibility, scalability and ease of implementation AccurRe
has been architected based on the Three Tier Model.
This allows the complete system to be installed on various platforms from a single desktop PC to a series of dedicated servers.
The three tiers of the system are as follows:
Database tier,
this can be any ODBC compliant data source, such as SQL/Server, Oracle, UDB, etc.
The main database used for product development has been SQL/Server.
Application tier,
this is predominately an Active Server Page “ASP” based application that runs under the control of Microsoft’s Internet Information Service “IIS” WEB server. Access to the inbound data sources is via a combination of OLEDB data providers and ODBC drivers. The application is object based and is highly modularised to facilitate maximum re-use and ease of maintenance.
Presentation tier,
the end-user interface is WEB based. To ensure maximum flexibility across different browser types the presentation is kept
simple and browser specific plug-ins or components have been avoided.
The presentation tier is intentionally “thin” with a small number of integral validation routines written in Java Script.
The following diagram shows a graphical representation of the overall application architecture
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Key Features
The key features of AccurRe for Insurers include:
- Extract, transform & validate premium and claim information from multiple legacy sources
- Flag invalid records for subsequent correction and authorisation
- Allocation of Retentions based on customisable rules (plus linked benefit Retentions)
- Calculate all fields mandated by Reassurers, based on multiple Treaties, Rating Tables and Formulae
- Fully customizable Premium and Claims Calculation engine by end-users
- Automate the processing of back-dated lapses & adjustments, and capitalisation of Income Benefit claims
- Maintain a central repository of premium and claims records with a comprehensive history, enabling integrated feeds to associated applications such as profit testing engines
- Flexible reporting, including Netting (premiums due & claims recovered) and End-of-Year account processing
- Extensive application administration functionality
- Comprehensive search, data amendment, data entry and audit facilities
The key features of AccurRe for Reassurers include:
- Ability to accept a variety of file formats and structures as input
- Validate data extracts from multiple cedents, containing premium and claim information
- Flag invalid records for subsequent investigation, correction and authorisation
- Verify premium calculations, based on specific treaties, rating tables & formulae and offset total premiums against claims for corresponding periods
- Fully customizable Premium and Claims Calculation engine by the Reassurer
- Audit the processing of back-dated lapses & adjustments, and capitalisation of Income Benefit claims
- Maintain a central repository of premium and claim records with a comprehensive history, enabling integrated feeds to associated back-office applications including Management Information, Modelling & Statistical Analysis systems
- Flexible reporting, including Netting (premiums due & claims recovered) and End-of-Year Account processing
- Extensive application administration functionality
- Comprehensive search, data amendment, data entry and audit facilities
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How to Order
For more information telephone
Steve Kibble on +44(0)7919 322540
or
e-mail steve.kibble@kdi-applications.com
or
download AccurRe Overview.doc.
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KDI Applications Limited
The Dairy, Wrexham Road, Ridley, CW6 9SA
Email: ask@kdi-applications.com
Tel: +44 (0)7919 322540
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AccurRe Product Description