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.
Technical Accounting Transaction Engine
Once the contracts have been created and configured within the Reinsurance Contract Management ("RCM") module, the system can accept transactions reported via any interface to the system (either through the API, a direct business reporting module, or via the indirect transaction entry screens in the RCM module).
The Technical Accounting Transaction Engine ("TATE") then performs the necessary calculations and generates the appropriate technical accounting transactions. These transactions are propagated throughout the reinsurance contract model by generating the appropriate transactions for each assumed ceding contract, book-of-business treaty, and retrocession contract. The system generates the transactions and technical accounts (documents) for each participant based on their participation at each stage of the model. Thus, the technical accounting transactions provide the particulars for following cash transactions at the financial accounting level. The technical and financial transactions are then used to support regulatory accounting and reporting.
The system allows a single original transaction to be applied to multiple assumed ceding contracts, e.g. a single original premium transaction may be applicable to a facultative quota share, quota share treaty, and an excess of loss treaty. In the same manner, a single book-of-business contract may be mapped to multiple retrocession contracts (and vice versa).
If the Technical Accounting Transaction Engine encounters a pending reinsurance contract in the chain of contracts, it will move the transaction to a holding queue and then notify persons responsible for Reinsurance Contract Management via e-mail about the pending contract and the transaction affected. All transactions placed in the holding queue are automatically processed again within a given timeframe, e.g. 48 hours.
The transaction engine also notifies the designated users via e-mail should any errors or business rule violations occur, such as incompatible multiple contracts being applied to the same transaction (e.g. both risk excess and surplus in one case; or the existence of an assumed ceding contract which has not been mapped to a retention or book-of-business treaty). Where it finds a serious error that will impact results, the system stops processing until the error is corrected.
For each transaction in the assumed ceding contract, a reverse entry is generated for the retention or book-of-business treaty. The entries into the retention or book-of-business treaty trigger an evaluation of the retrocession contracts based on the transaction type. For each transaction generated for any retrocession contracts, a reverse entry is generated for the retention or book-of-business treaty.