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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.

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 processes are catered for both Treaties (Proportional and Non-Proportional) and Facultative Contracts as well as handling of Direct underwriting and Retrocession businesses.

Evolution

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FirstRe has been developed and continuously enhanced almost over three decades to include latest functionalities on the best platforms. 

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Benefits

Integrated Solution for Reinsurers

  • Market expansion with heightened user experience and operational efficiency

  • Intellectual decision-making with the help of NextGen Business Enablers

  • Straight through processing of both Assumed and Ceded business.

  • Speed to market with out-of-the-box industry standard capabilities

Solution Building Blocks

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  • Loosely connected business components paving way for tractable integrations, both internally and externally.​

  • FirstRe Business Data Dictionary (BDD) to support the design and deployment of new reinsurance portfolios at the speed of business.

  • State-of-the-art business enablers to manage day-to-day reinsurance operations through NextGen Rule and Rating Engine (RRE), NextGen DocCreator (DC) and NextGen Field Property Configurator.

  • Built-in intelligence to evaluate the accumulated risks by clients or portfolios and suggest best possible outward allocation

  • Simplified and sophisticated configurators to create and maintain complex reinsurance programs, layered pattern panel arrangements and outward reinsurance contracts. Pre-configured data file templates form the basis for bulk data import that can be tailored to implementation needs.

  • Auto-generated insurance agnostic and product specific APIs based upon FirstRe product definition within the BDD configuration aim to provide both digital and omnichannel experiences for cedants, brokers and reinsurers via Nextgen Integration Platform (NIP) API Sandbox.

  • Enhanced and unified User Experience for both back-office business operators and IT users.

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Capabilities

Ahead of the competition

  • Tap your data from any source and bring it to life with FirstRe Data Import and Dashboards

  • Modular architecture with ready to use APIs and pre-configured dashboard widgets

  • Multi-lingual and multi-currency

  • Diversified hosting options with both on-prem and on-cloud deployments

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