The SurSite® Solution

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.

Solving Problems with SurSITE®

The SurSITE® solution was designed by industry "insiders" with extensive hands-on experience from both the insurance and reinsurance domains. Emphasis was on solving common problems associated with accurately managing complex proportional and non-proportional technical accounting methods throughout the entire reinsurance contract workflow from assumed and ceded to retroceded business.

The SurSITE® solution provides both basic and advanced reporting capabilities. All defined reports in the system can be printed and exported as PDF, Excel, Tiff, XML or Web Archive formats and are available from the same web interface. Some of the core analytical reports include; Book-of-Business reviews, accumulation summaries, Loss Exposure by risk by region can be made part of an interactive map control feature. You can track claims and premium allocations from assumed and ceded to retroceded business down to each individual contract and participating reinsurer.

Read a more comprehensive review of how an industry problem is resolved using SurSITE® below:

Solving Problems - Part 1

Problem/Issue

Impact/Workaround

SurSITE® Resolution
Administration of premium and loss allocations for active treaty and facultative reinsurance contracts Manual extraction of contract rules partially supported by reports and spreadsheet calculations with professional staff engaged at many levels throughout the reinsurance contract workflow The Technical Accounting Transaction Engine ("TATE") automates calculations and generates transactions for premiums, commissions, and claims based on events and transactions at the original policy level, throughout the entire reinsurance contract workflow, from assumed and ceded to retroceded business. Hence, staff with scarce reinsurance experience and knowledge can be redeployed to activities more important than administration of fragmented processes
Fragmented reinsurance contract workflow causes delays in timely aggregation of reinsurance transaction data from multiple business units and results before and after applied reinsurance Each business unit prepares summary data reports often by using spreadsheets. Thereafter, the home office consolidates the received reports into a corporate aggregate summary - a process that may take 30 - 45 days to complete SurSITE® supports automation of premium and loss transactions related to complex facultative and treaty contract scenarios, eliminating costly, difficult-to-detect human errors made in manually calculating premium and loss allocations throughout the entire organization
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Solving Problems - Part 2

Problem/Issue

Impact/Workaround

SurSITE® Resolution
By tradition, many insurance groups have allowed individual business units to procure and manage their reinsurance programs needed with little or no coordination and/or guidance from the home office Primary cause of the above identified process fragmentation and problems addressed above SurSITE® supports almost any kind of reinsurance entity or organization, conforming to almost any workflow requirements. Hence, an insurance group has the option to arrange the most efficient process environment for its organization
Internal and external auditors are having problems in accurately audit enterprise-wide reinsurance transactions throughout an insurance organization Audits not always accurate since there are difficulties in following a premium or loss currency unit through the entire reinsurance workflow due to a "broken" process environment SurSITE® provides support for end-to-end audits across its entire solution spectrum from assumed and ceded to retroceded business throughout the RCM, TATE, Business and System Administration modules
Fragmented administration of individual reinsurance programs where each business unit and/or subsidiary is responsible to acquire needed reinsurance without enterprise-wide coordination The aggregate buying power of purchasing reinsurance for like exposure written by several subsidiaries not fully utilized. Common cause of time consuming multi-company effort to aggregate results before and after applied reinsurance SurSITE® offers a unique ability to configure and simplify reinsurance processes throughout an entire insurance enterprise by making use of the "Book-of-Business" concept and its universal data repository. Most importantly, the solution provides the foundation for real-time business intelligence
Delayed loss recovery from a lead reinsurer due to lack of information is a common phenomenon The manual interaction in compiling the required loss information from multiple sources takes time and may not always be satisfactory to the lead reinsurer resulting in delayed recovery and negative cash flow A common system data repository reduces time required to compile, generate and validate data for complex multi-contract reinsurance recoveries while increasing the accuracy of the underlying calculations for each participating reinsurer. It improves cash flow, due to faster, more accurate recoveries
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Solving Problems - Part 3

Problem/Issue

Impact/Workaround

SurSITE® Resolution
High administrative cost due to repetitive staff assignment, software and other IT expenses Employees with reinsurance experience to retain and manage contract information for active reinsurance contracts that otherwise could be utilized in non- administrative and more domain specific productive functions Reduces large administrative costs by extensively automating technical accounting methods to industry standards
Managing active treaty, facultative and associated premium and claim allocation rules for all contracts in a reinsurance program Manually setting up basic contract rules in a spreadsheet while working with original contract documents Electronic Forms (InfoPath) offers a simple and quick pathway in defining limits and rules for multiple reinsurance contracts. Once defined, SurSITE® automatically generates the defined contracts throughout the system and therewith eliminates spending input time while moving through numerous UI screens
A potential client uses an enterprise-wide financial accounting system other than what is offered in conjunction with the SurSITE® reinsurance (technical accounting) solution Partial double entry or integration between the technical and financial accounting environments SurSITE® generates technical accounting summary invoices ("XML") for easy integration into external financial accounting systems
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US Patent Pending

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