iRe.Cloud –
Instant Reinsurance by msg

Questions?

Andreas Weiß - Senior Vice President Innovation
Products & Development - msg

Andreas Weiss
Division Manager Innovation
Products & Development

How iRe.Cloud works

iRe.Cloud is amongst the first Software as a Service (SaaS) offerings running on SAP Cloud Platform and is able to independently adapt processes through self-learning.

  • SET UP

    • 2 to 4 weeks
    • Program design
    • Treaty generation
    • Data structuring
    • Start learning mode

    An expert defines the program and treaty parameters, structures the data in advance and creates or modifies the rules for reinsurance business, all with the help of a self-learning algorithm.

  • RUN

    • Daily
    • Simplified data input for risks, premiums and claims
    • Real-time editing
    • Maximum transparency

    Transaction data is verified on a daily basis and data added as needed.

  • ENJOY

    • Daily
    • Reporting
    • Easy data exchange
    • Simulations

    Business results are verified in real-time based on the verified transaction data. Reports and quarterly statements are generated automatically. Forecasts and as-if simulations are possible as well. Allowing you, e.g., to see what sort of impact changing the reinsurance rules would have or whether data can be exchanged with the reinsurer.

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Overview of the iRe.Cloud Functions

  • SET UP

      • Graphic creation and display of reinsurance programs
      • Modernization of reinsurance programs
      • Creation of new or editing and deleting of unlimited quota share treaties and non-proportional single loss XoLs
      • Creation of new or editing and deleting of reinsurance participations
      • Definition of one commission per reinsurance participation
      • Integration into a business partner system
    • RUN

      • Uploading of risk data, premiums, claims and claim postings, including field and value mapping
      • Real-time editing
      • Support of new business, supplements, renewals and cancellation of insured risks
      • Graphic display of uncovered structural characteristics
      • Immediate processing of risks and posting data, including:
        • Distribution to the treaties of the reinsurance programs
        • Calculation of the utilization of a single loss XoL
        • Distribution to the reinsurer
        • Premium transfer / AAD / commission calculation
      • Autonomous monthly transfer to the general ledger
      • Autonomous quarterly generation of the settlement account/current account statement and transfer thereof to the current account system
    • ENJOY

        • Overview of consolidated reinsurance postings
        • Display of the settlement account/current account statements, including details
        • Export to Excel for settlement account/current account statements
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      iRe.Cloud: How it Benefits You

      Efficient reinsurance management
      Efficient reinsurance management
      • Streamlined,  automated processes
      • Automatic reports and quarterly financial statements
      • Valid data for predicting future risks
      • Designed to meet your needs
      Easy implementation, integration and use
      Easy implementation, integration and use
      • Fast, smooth integration by upload or online integration
      • Interfaces to all relevant primary insurance systems
      • Infrastructure is available immediately and can be used worldwide
      • Regular updates
      • Standardized processes
      • Self-learning system
      • Immediate results
      Low costs
      Low costs
      • No need to provide infrastructure: Hardware and software, as well as functions such as big data analytics and artificial intelligence, are provided
      • You only pay for the services you actually use (pay as you go)
      • iRe.Cloud is flexible and scalable

      iRe.Cloud Roadmap

      The iRe.Cloud is updated on a regular basis and development is ongoing in order to support the digitalization of the insurance industry. Our next steps:

      2020
      2020

      Expansion of non-proportional treaty 

      • AAL and AAD
      • Distribution of the advance premium 

      Reinsurance set-up

      • Modification of the reinsurance program and contract, including posting adjustments 
      • Broker 
      • Manual postings in treaties

      Integration

      • Expanded cockpit, including processing status and troubleshooting
      • Settlement account/current account statement: total funds held and reserves 
      2021
      2021

      Risk-based reinsurance

      • Facultative reinsurance
      • Cumulation

      Reinsurance set-up

      • Advanced conditions
      • Cascading cessions 

      Integration

      • Digital communication
      • Reporting

       

      2022 and beyond
      2022 and beyond

      Active business

      • Dialogs for maintaining treaties, risks, claims and accounts
      • Retrocession

      Advanced reinsurance functions 

      • Simulations
      • Forecasts
      • Underwriting
      • Placement
      • Multi-GAAP
      • Portfolio restructuring
      • Claim-specific coverages
      • Commutation
      • Merger & acquisition 

      Cloud for Insurance

      Cloud for insurance – opportunities and prospects

      What opportunities does the use of cloud-based reinsurance solutions open up? Andreas Weiss, Division Manager Innovation, Product & Development at msg systems ag, provides valuable insights into the subject of the iRe.Cloud

       

      iRe.Cloud in a nutshell

      The basic principle behind how msg´s cloud-based iRe.Cloud reinsurance solution works - explained clearly and concisely in just one minute (English language video). 

       

      Cloud Computing Artikel Description

      iRe.Cloud Computing Artikel

      Platforms and innovative ecosystems will shape the world of tomorrow. Even insurance companies need to adapt their business models and processes to this new situation - and, with cloud computing, can be even more competitive yet even more customer-centric as well. 

       

      As insurance and technology experts with more than 35 years of experience, we are well versed in all processes related to (re)insurance business and offer competent consulting and support for all matters related to iRe.Cloud.

      Contact us!

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      Andreas Weiß - Senior Vice President Innovation
Products & Development - msg

      Andreas Weiss
      Division Manager Innovation
      Products & Development