It is vital that you can respond quickly to any change to your reinsurance position for many reasons, such as being in danger of exceeding your exposure limits and/or breaching your regulatory reporting requirements.
Existing systems have not been able to deliver this necessary speed or agility to dynamically respond to these changes. These legacy applications typically have two methods for the importing of inwards data to calculate premium and claim recoveries;
- Data is imported on a monthly batch basis with calculations completed at the same time
- Less frequently, there may be a mechanism for importing data more regularly, although calculations are still completed on a batch basis
In either case, premiums are only calculated when the adjustment is due.
Both of these traditional processing methods hinder the management team through the inevitable delays in making key performance metrics available. Additionally, legacy technology does not lend itself to the calculation process or the delivery of data to your data warehouse.
Large data volumes (increasingly common in these times of granular data processing) frequently require non-standard and manual interventions to the import and calculation processes. This adds further significant delays to the overall process, results are not available when needed, and management decision-making is impacted.
For larger organisations with multiple operating units, the workarounds become more tortuous, for example, the need to run individual instances of the software, or implement a separate data warehouse, to support those individual operating units. Either way, such workarounds further restrict the cost-effective buying of group covers and defeats accurate consolidated reporting across the whole organisation.
Cenata SURE from Cenata elegantly addresses the issues raised by batch processing
- Cenata SURE is a true cloud deployment, not just an application sitting in the cloud. (Please contact us for an easy to follow explanation and comparison). It has full connectivity to immediately capture all PAS inwards data from multiple sources
- It is deployed with functionally to allow you to configure your complete organisational structure within one version of the application, however complex
- Powerful cloud processing provides scalable ‘on-demand’ processing power to meet any data volume requirement you may have
It is widely acknowledged that data volumes will increase significantly over the next 5 years and beyond. This is from both internal and external sources as insurers seek to gain commercial advantage from their ability to manipulate and leverage the results of such integrated real-time data.
Come and talk to us. We will be delighted to share and demonstrate our proven expertise.