Freedom Reinsurance System
What is FRS?
FRS is the answer to the property and casualty insurance community's request for a comprehensive, fully automated, and cost-effective package to handle ceded reinsurance processing. FRS handles the full spectrum of administration tasks, from calculating your premium and claims cessions to providing the data for your Schedule F outputs.
What does FRS do?
FRS calculates both facultative and treaty cessions, including quota share, excess, catastrophe excess and aggregate excess of loss. Premiums can be ceded on either a written or earned basis, and the system will handle fixed commissions.
FRS allows for maximum flexibility in applying both facultative and treaty cessions, since the user can create any criteria necessary for cessions easily when the contract records are built. The system is integrated with Freedom Annual Statement software to enhance schedule F reporting.
The base system provides standard reports with the option to create customized reports using a report writer package.
What benefits will FRS provide?
FRS delivers increased productivity, exceptional flexibility with user-defined fields and customization in cession calculations and reporting, improved accuracy with consistent application of contract rules, and enhanced profitability. Some of our clients reported the following:
- Personal Lines Insurer. Shortly after the implementation of Freedom Reinsurance by this East coast insurer, the system identified $1 million dollars of claims previously unidentified by manual methods. FRS facilitated collection, and the find more than covered the cost of purchasing and implementing the system.
- Workers’ Compensation Insurer. A Midwestern workers’ compensation client found more than $3 million in missed recoverables upon implementation of FRS and was able to recover these old and previously unknown losses. They also utilized our company to provide an interface to their primary system, bringing additional accuracy and reducing data errors.
- Large Multi-line Insurer. A large Midwestern multi-line insurer identified over $10 million dollars of previously missed recoverables through the implementation of FRS. Much of the recovery was attributed to previously unidentified facultative recoveries as the former reinsurance tracking method did not provide adequate facultative processing. In addition, this insurer is able to reap other benefits, such as a reduction in the reinsurance close cycle from 3 days to 8 hours.
Administering reinsurance by using manual spreadsheets is cumbersome and prone to costly errors. Don’t wait to put FRS to work for your company.
Contact us for more information on FRS.
