ReAdmin Framework

ReAdmin Framework offers customers a solid core for building Life and A&H Reinsurance Administration systems that can be fitted to your best practices. Our integrated approach to reinsurance business process automation can save you time and money otherwise wasted on inefficient processes and correcting costly mistakes.

ReAdmin Framework provides a solid basis for automating the following business processes:

• Retention management
• Premium billing, policy exhibits
• Claims management, administration and payment
• Standard reporting, process analysis (including time-in-service report) and ad-hoc reporting

ReAdmin Framework consists of fully-integrated modules supporting these processes for all Life and A&H lines of businesses. Nevertheless, each module can be implemented separately to interface with existing customer applications. These modules are:

• Treaty Maintenance - This module includes screens and data structures for capturing and managing reinsurance treaty information. It provides a flexible repository to capture the characteristics of a wide range of reinsurance treaties. Management of treaty amendments and corrections is part of the core design. Some of the advanced features of this module include:
  • Flexible retention schedules, autobinding schedules, etc. working in concert with our Risk Administration module
  • Factor table management
  • Versions/amendments
  • Correction processing
  • Approval and authorization process management for new treaties, changes and amendments
• Risk Administration - This module includes screens and data structures for administering inforce, retention and cession information. The Risk Repository can be used for managing cession business by the direct insurer, assumed inforce by the reinsurer, or retrocession by the reinsurer. Risk Repository functionality is integrated with the treaty information captured in the Treaty Administration module. Some of the highlights of this module include:
  • Retention management
  • Policy management (individual cession, self-administered risk, retrocession risk)
  • Auto verification of cession against the treaty terms
  • Alpha indexing tools/management
  • Advanced algorithms for matching policies to insured, including name match scoring and routing of questionable matches through resolution processes
  • Mergers and acquisitions handling capability
  • Errors routed through the built-in business process management sub-system
  • Group and credit lines of business management
• Billing Services - This module handles billing, payment reconciliation, as well as the changes related to rectifying incorrect billing. Incorrect bills may result from mistakes in policy information or incorrectly entered treaty terms. Some of the features of this component include:
  • Bill generation based on the individual cession premium, fees, commissions, allowances, etc.
  • Payment reconciliation, including partial payments
  • Reversing the premium back to the date of correction
  • Billing the correct amount, presenting it on the bill and consequent reconciliation with customer payments
• Claims Processing - This module includes screens to manage reinsurance claims adjudication and payment. Advanced tools are provided to enforce your claim review requirements and approvals processes. Efficient electronic routing and signoffs ensure timely turn around of simple and complex claims without compromising the quality of review and approval. Some of its features include:
  • Business process automation for claims processing, including:
    • Initial notice
    • Proofs collection
    • Administrative claim review
    • Payment approvals and authorizations
    • Claim payment
  • Bulk and individual claim processing
  • Retrocession recoverable processing
  • Claims netted out of premium
  • Adjustment and payment history
• Summary Accounting - This module serves to post aggregate premium, claim and inforce information, including estimates. Some of the highlights include:
  • Estimate of the inforce and premium
  • Management of the self-administered, cession, group, retrocession and paper inforce information

The modules are designed to work together as a complete unit, or they can be integrated with the systems currently running your business. For example, if the customer has an existing treaty maintenance system, the Risk Administration module can be integrated with it by implementing a well-defined set of interfaces on top of the existing system.

The framework has a built-in workflow engine (Lynx Workflow Engine), thus allowing our customers to integrate the processes that flow between reinsurance administration and other departments. For example, if the claim adjudication process requires medical or underwriter review, ReAdmin can be configured to include such users and notify them to complete the tasks required.

For more information please contact us at readmin@insurapro.com