Overview

Policysense Reinsurance is a robust solution crafted to manage, enhance, and digitize all reinsurance and coinsurance operations for any insurer.

Policysense It is a sophisticated, "low-intrusive" application that can be deployed rapidly without disrupting policy, collections, or claims systems.

It digitizes the complete risk placement process, enabling insurers to:

• Administer proportional and non-proportional reinsurance.
• Administer automatic and optional agreements.
• Control accepted and transferred coinsurance.
• Facilitate the exchange of data regarding premium and claims transactions, which may originate from multiple CORE systems.
• Define approval workflows, incorporating the utilization of electronic signatures.
• Administer multi-currency agreements that support international operations.
• Generate premium and claims balance sheets, technical accounts, and current accounts for all entities engaged in co-insurance and reinsurance activities.

Policysense is prepared to integrate with external electronic signature systems to verify assignment acceptances and features a data viewer, which includes Looker ® for data queries and analysis. which can be exported to Excel, enabling the generation of comprehensive reports.

With three distinct areas of action that can function independently or in an integrated manner, depending on the requirements of your insurance company:

• Automated Reinsurance • Facultative Reinsurance • Co-insurance

Documentation

Typical usage scenario

With three areas of action to operate separately or integrated, according to the needs of your insurance company:  Automatic Reinsurance, Facultative Reinsurance and/or Coinsurance.

Features and limitations

Receiving synchronous or asynchronous communications from any policy, collections, and claims management system. Extract secure data to Excel for analysis, reporting, or the creation of risk files. Automated creation of premium and claims assignments Preparation of technical accounts and current accounts Stringent oversight of accumulation, disastrous occurrences, reinsurance brokers. Automated accounting of transactions.

Policysense Reinsurance is a vital component of In Motion's Policysense Suite, designed with a cloud-native, microservices architecture, entirely developed in MENDIX Low-Code, ensuring rapid response times for both online and batch operations.