Ceded Reinsurance Administration Software
FRS is a reinsurance administration system designed to meet all the ceded reinsurance processing needs of property‐casualty insurers. From calculating premium and claim cessions to producing information required for Schedule F, FRS handles complex calculations and labor-intensive tasks easily and quickly. Given regulatory requirements and the size of recoveries, true automation like FRS is a necessity if you want accuracy, reliability and peace of mind.
Your administration will be easier than ever because we have added richer, deeper functionality in the reinsurance systems we have developed for nearly two decades. We have seasoned professional services team members with a track record of successfully implementing these systems.
Our URS and FRS clients include more than 100 insurers, strong evidence that the systems help carriers reach business objectives.
Business Objective Support from a Strong Reinsurance System
With constantly changing regulations, a spreadsheet can’t help ensure regulatory compliance. How can you reduce your exposure to Schedule F penalties? Only true automation like FRS can do the job.
Key Features
- Treaty and facultative contract management for consistent contract rule application
- Automatic attachment and calculation of ceded premium, commissions, losses, reserves and LAE
- Automatic allocation of ceded transactions to reinsurers
- Accurate ceding to multi-layered inuring or non-inuring contracts
- Error and exception reporting
Accuracy, consistency and productivity … all within an environment of streamlined operations … all vital when it comes to reinsurance administration. FRS allows for maximum flexibility in applying both facultative and treaty cessions because you can create any criteria necessary for cessions easily when the contract records are built. For even greater efficiency, FRS is pre-integrated with StoneRiver’s eFreedom Annual Statement software to enhance Schedule F reporting.
Key Features
- Treaty and facultative contract management for consistent contract rule application
- Automatic attachment and calculation of ceded premium, commissions, losses, reserves and LAE
- Automatic allocation of ceded transactions to reinsurers
- Accurate ceding to multi-layered inuring or non-inuring contracts
- One-click, accurate generation of Schedules F and P
- Error and exception reporting
A significant portion of the value derived from true reinsurance automation is knowing that no claims or recoverables are overlooked. One client found $1 million of claims previously unidentified by manual methods. Another found more than $3 million in missed recoverables.
Key Features
- Better data for analysis / forecasting
- Real-time review of recoverable balance
- Reduced negative float from shorter timeframe for recoverables collection
- Lower combined ratio from lowering operating expenses