This is the ninth blog in a series on our Fall ’22 Release. Over the next few months, we will continue to spotlight how Majesco is helping insurers achieve relentless innovation and meet the ever-changing market needs with an outside in approach.
Reinsurance is an essential tool carriers use to manage their pool of risk and the amount of capital they must hold to support those risks. With the cost of reinsurance skyrocketing due to an increase in the frequency and severity of natural catastrophe claims, effective management of reinsurance operations is playing a more critical role in carriers’ ability to achieve an optimal targeted risk profile. Because of this, carriers require a reinsurance management solution that can handle increasingly complex reinsurance scenarios while at the same time providing transparency into the health of their reinsurance operations and portfolio, allowing them to stabilize underwriting results and increase capacity.
Complete Reinsurance Management
As part of the Fall ’22 Release, we’ve partnered with FIS® to integrate their Reinsurance Manager product to work seamlessly within Majesco’s P&C Core Suite, providing a complete reinsurance management solution that allows our customers to elegantly manage even the most complex reinsurance scenarios, including excess of loss, proportional, treaty, and facultative structures for both assumed and ceded premium.
By adding Reinsurance Manager, customers take advantage of a centralized solution for reinsurance management with an infrastructure that is both automated and auditable, allowing them to standardize information and deepen analytics within their portfolios. It also offers secure, repeatable processes for contract maintenance and billing, with operational, financial, and statutory reporting, providing the rich functionality and transparency required to streamline reinsurance operations and enable major gains in both efficiency and performance.
And because Reinsurance Manager now comes pre-integrated into Majesco’s P&C core suite, customers benefit from needing minimal configuration to get up and running. Existing configurations are leveraged to automatically populate the solution, allowing policy data to flow seamlessly into Reinsurance Manager providing unparalleled speed to value.
What benefits does FIS Reinsurance Manager give you?
- A single repository for reinsurance business data
- Reconciled data to subledger and general ledger
- A repeatable, auditable process
- Organized data to facilitate business analytics
- Ability to track performance of business partners
- Improved operational and financial performance
- A reduction in claims leakage
By partnering with FIS® to leverage their Reinsurance Manager, we have deeply enriched the end-to-end synergy of our ecosystem by providing a critical capability to our customers, which allows them to easily process and manage complex reinsurance transactions from within P&C policy. Majesco’s commitment to a customer-centric product strategy has provided a streamlined, automated, and scalable reinsurance management solution that drives performance and operational efficiency, so our customers can stay focused on growing their business at the speed of now.
Do you have any additional thoughts or questions on this topic? Drop a comment or reach out to our product teams.