Noria’s Insurance Solution offers comprehensive functionality for the placement of both co-insurance and reinsurance, effortlessly catering to complex reinsurance structures. It is designed to efficiently manage different types of reinsurance covers, including quota share reinsurance, facultative placements, and umbrella excess of loss programmes.

Supporting both proportional and non-proportional reinsurance arrangements, the system ensures flexibility and adaptability to the specific needs of insurers and reinsurers.

Key Features Include:

- Covers Management: Seamlessly handle the management of reinsurance covers, ensuring that all terms and conditions are accurately reflected and adhered to throughout the lifecycle of the policy.

- Quota Share Reinsurance: Efficiently manage quota share reinsurance arrangements, where risks are shared between the insurer and reinsurer in a predefined proportion, enabling balanced risk distribution.

- Facultative Placing: Support for facultative reinsurance placement, allowing for the coverage of specific risks either on a proportional basis, where risks and premiums are shared, or on a non-proportional basis, where the reinsurer provides coverage after a certain threshold is met.

- Umbrella Excess of Loss Programmes: The system is equipped to handle umbrella excess of loss programmes, providing a safety net for losses that exceed predefined limits, thereby offering robust protection against catastrophic losses.

- Calculate and Produce Collection Letters and Statements: for co-insurance, aggregates, or above limit XL claims for collection.

Bordereaux and Statements of Accounts Generation

The system can generate a variety of Bordereaux and Statements of Accounts, tailored to meet the reporting requirements of both insurers and reinsurers, including:

- Insurance Bordereaux: Comprehensive reports detailing the policies ceded to the reinsurer, including key policy information, premiums, and claims.

- Ceded Premium Automatically Produced on Bordereux and statements for settlement.

- Add (Endorsement) Bordereaux: Specialized reports capturing any endorsements or changes to existing policies, ensuring that all amendments are communicated effectively.

- Closing Bordereaux: Final reports summarising the status of all policies and covers at the end of the reporting period, providing a clear picture of outstanding liabilities and premium settlements.

- Claim Advice Bordereaux: Detailed reports advising on the status of claims that have been notified, including the nature of the claim, estimated loss, and any other relevant information required by the reinsurer.

- Claims Bordereaux: Detailed listings of all claims made during the reporting period, including claim amounts, dates, and other relevant details, facilitating accurate and transparent claims processing.

- Detailed Statements of Accounts: In-depth statements providing a comprehensive overview of all financial transactions related to the reinsurance contracts, including premiums, claims, commissions, and other adjustments.

- Technical Statements of Accounts: Focused statements that provide a detailed breakdown of the technical aspects of the reinsurance accounts, including the calculation of premiums, claims handling costs, and any other technical adjustments.

Elevate your reinsurance management with our innovative solution, designed to simplify complexity while ensuring clarity and efficiency.