Reinsurance programs are a complex but integral part of operations for many insurance companies. Despite being one of the biggest items on an insurance company's balance sheets, many insurers lack the tools required to successfully manage their reinsurance programs.
If you are looking for a simple and effective way to improve the way you oversee your reinsurance efforts, investing in a specialized software program could be the answer. Here are three must-have features to look for when evaluating reinsurance software options for your insurance company.
1. Full Support for all Reinsurance Types
For a reinsurance software program to effectively streamline your reinsurance management approach, the software must provide full support for all reinsurance types your company deals with regularly.
The best software program is one that is equipped to handle treaty, facultative, proportional, and non-proportional reinsurance information. By investing in software that offers full support, you will have all the information you need to manage your reinsurance programs more efficiently over time.
2. Automated Calculations
A wide range of calculations must be conducted when overseeing a reinsurance program. Having someone complete these calculations manually can leave you susceptible to errors that might compromise the success of your insurance company over time.
A reinsurance software program should allow you to eliminate the potential for human error when it comes to the advanced calculations required for premium and claims allocation.
Choose a reinsurance software that also offers support for retroactive processing and mid-term changes in reinsurance contracts, and you won't have to worry about calculation errors interfering with the effective management of your reinsurance efforts.
3. Integrated Document Management
All insurance companies know that there is a significant amount of paperwork associated with any reinsurance program. You want the ability to keep all documents in one repository so that they can be easily accessed when working with reinsurance contracts in the future.
A good reinsurance software will be able to integrate with your document management programs so that you can attach all types of files to specific records within the software program. This creates a detailed information repository that can make it easier for you to complete regulatory reports and oversee multi-company reinsurance programs with ease. Don't let mistakes in the management of your reinsurance program compromise your insurance agency.
Invest in software that can store your documents, perform advanced calculations, and support all types of reinsurance programs to maximize your efficiency over time.