Universal Reinsurance System
What is URS®?
URS is a time proven, comprehensive solution for property and casualty reinsurance administration. URS processes all of a company’s reinsurance: assumed, ceded, retroceded, treaty, facultative, proportional, and non-proportional. URS is a single, integrated system that provides a full range of reinsurance administrative functions from contract definition; through claims, accounting, and cash; to management and year end statutory reporting.
Strong Reinsurance Solution: Critical Functionality
As the most comprehensive reinsurance system available, URS:
- Manages reinsurance treaties for assumed, retroceded, pools, and affiliates.
- Automates the attachment, calculation, and posting of premium and loss cessions and retrocessions, including inter-company pooling.
URS allows for a single contract to cover multiple companies and cede to multiple reinsurers and reinsurer arrangements. Retrocession arrangements are also permitted. The preceding functions allow URS to process typical pooling scenarios.
- Provides automatic splitting by pool/retrocessional participants.
- Identifies and calculates per risk, per occurrence, proportional, and catastrophe loss recoveries.
- Manages reinsurance claims with customized billing, first notice of loss, and status request letters.
- Creates and manages receivable, payable, and funds withheld sub-ledger balances.
- Supports cash management, including receipts, disbursements, cash application, and check details.
- Facilitates statutory reporting including Schedule F Exhibits and support for Schedule P.
- Manages Letters of Credit, funds held, trusts, and deposits.
- Provides reinsurance and retrocessional information through online inquiry, extensive library of standard reports, and flexible ad hoc reporting capabilities.
- Includes reporting function for accounting, claims, underwriting, and actuarial.
- Interfaces report writer data extracts with General Ledger and other systems.
A Reinsurance System that Pays for Itself
Two of the most important advantages of any reinsurance administration solution are the automation of manual processes and the overall increase in accuracy. Some of our clients reported the following:
- Specialty Coverage Insurer. While implementing the premiums component in URS, the client recalculated two years of history. In doing so, they found approximately $800,000 in overceded premium.
- Personal Lines Insurer. During implementation, URS identified that the client ceded $120,000 of salvage to a commuted treaty. URS functionality allowed the client to identify commutations and prevent cessions. The client was able to recover the salvage.
- Workers Comp Insurer. One client reported that the automated identification of losses subject to reinsurance found $4M in previously unidentified recoverables.
Administering reinsurance by using manual spreadsheets is cumbersome and prone to costly errors. Don’t wait to put URS to work for your company.
Contact us for more information on URS.
