The SurSite® Solution
- The SurSITE® Advantage
- Reinsurance Management
- Technical Accounting
- Contract Types
- Business Intelligence
- Solving Problems with SurSITE®
Increase Accuracy
Supports complex facultative and treaty contract scenarios, eliminating costly, difficult-to-detect human errors made in manually calculating premium and loss allocations
Save Time
Reduces time used for complex multi-contract reinsurance recoveries while increasing the accuracy of the underlying calculations.
Save Money
Reduces large administrative costs by extensively automating technical accounting methods to industry standards.
System Contract Types
Assumed Ceding Contracts
SurSITE® uses an internal system specific contract type that takes the role of both the ceded and assumed contracts when configuring the reinsurance contract workflow. We refer to this combination contract as the “Assumed Ceding Contract”, which enables configuration and process automation of extensive treaty and facultative contract combinations and reinsurance programs. “Assumed Ceding “Contracts” are defined by Cedant, underwriting year, business type (direct or indirect), and technical accounting methodology. These “Assumed Ceding Contracts” can then be mapped to one or more retention or book-of-business treaties. All business transactions are processed through the assumed ceding contracts, with the exception of any manual transactions (which, as mentioned, can be entered into the reinsurance contracts at any point in the reinsurance workflow).
Book-of-Business Contracts
Book-of-Business treaty contracts are defined by underwriting year, line-of business, exposure and/or geographic area. Hence, the Book-of-Business contracts are the primary data repositories for an organization’s assumed, ceded and retroceded business where technical net results before and after applied reinsurance can be retrieved in real time.
Retrocession Contracts
Retrocession contracts are defined by underwriting year, business type, and technical accounting methodology. These retrocession contracts can then be mapped to one or more retentions or book-of-business treaties to provide the desired level of protection. Retrocession contracts also allow the user to set a cash loss limit and claim notification limit for a contract. These are used for generating claim notifications and claim recovery notices respectively.