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FirstRe Reinsurance Suite

Business Challenges

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Reinsurers today face significant challenges of rapid business environment changes including the rise of natural and man-made disasters worldwide, resulting in business pressures like risk of over-exposure, shrinking margins, insufficient capacity etc. with increased focus on compliance and financial controls. Need for real-time global view of exposures, risk / capacity analysis along with compliance and controls are key in Reinsurance business processing.

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FirstRe embraces Reinsurance processing's best practices and addresses global processing / reporting needs. FirstRe is a fully integrated software solution developed specifically for the Professional Reinsurance market, facilitates processing of both assumed and ceded reinsurance businesses. 

Operational and business process support for both Treaties (Proportional and Non-Proportional) and Facultative Contracts is catered for, as well as handling Direct underwriting and Retrocession businesses, providing cohesiveness between Reinsurance Underwriting, Claims, Retrocession, Risk Accumulation & Control and Accounting. The application is built with strong business controls and the design supports flexibility in implementing bespoke business requirements and controls.

FirstRe enables Reinsurers with

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  • Ability to capture the terms and conditions and various negotiations details across underwriting processing stages of Offer, Acceptance and Signed Line during Assumed business underwriting.

  • RI / Retro Program definition based on various parameters like Underwriting year, Class, Risk Category etc.

  • Risk exposure, risk analysis / evaluation and retro distribution suggestion during assumed business underwriting based on Reinsurance / Retro Program definition.

  • Realtime outward premium distribution and claim / payment recoveries

  • Ability to defined externalized business rules / controls & calculations through Rule & Rating Engine

  • Dashboard – Widgets for tracking business performance, business processing approvals etc.

Benefits

Technology

  • Built for the Future: JEE SOA Design, Mobility & Cloud Ready, Intuitive & Modern UI, Platform Independent.

  • Fully Integrated: Plug-and-Play Architecture, Easy Coupling & De-coupling, Straight-through Processing.

Empowerment

  • Faster Time-to-Market: Ready-to-use Packaged Solutions, Fast Configurations & Roll-outs.

  • Operational Efficiency: Fully Integrated Solution with Real-time Data, Comprehensive Out-of-the-box Industry-standard Capabilities

Commitment

  • One Stop Shop: Products, Solutions, Tools, Services, and Infrastructure.

  • Expertise: 3 Decades of Insurance Domain Expertise, over 200 Global Insurance Clients, Trusted Advisor to insurers around the World.

Product

  • Global Solution: Multi-geography, Region/country-layers

  • Comprehensive Risk Management: Risk Blocks, Reinsurance Programs, Enterprise level Risk Management.

  • Product Innovation: Intelligent Rule & Rating Engine

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