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NOVUM Reinsurance Suite from NOVUM-RGI
Integrated reinsurance management for primary insurers, reinsurers, and brokers with treaty and facultative handling, financial and technical accounting, automated cession processing, claims and recoverable management, and reporting.
Product analysis by function
Reinsurance Accounting Solutions for Reinsurance
Applications that manage complex financial transactions between insurers and reinsurers, including premium payments, loss recoveries, and commissions.
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Core Transaction Processing
(0 Yes /0 Known /10 Possible features)
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Premium Booking Ability to record and process ceded and assumed reinsurance premiums. |
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Loss Recovery Processing Processes recoveries from reinsurers for ceded losses. |
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Commission Management Calculates, accrues, and manages different types of reinsurance commissions. |
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Retrocession Transactions Supports booking and management of transactions with retrocessionaires. |
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Batch Transaction Processing Processes high volumes of transactions in batch mode. |
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Transaction Reversal Allows reversing or correcting posted transactions. |
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Currency Handling Supports multi-currency transactions and conversions. |
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Automated Settlement Automates the settlement process for premium and claim payments. |
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Unallocated Cash Processing Ability to manage receipts pending allocation to specific contracts or accounts. |
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Capacity Maximum number of transactions processed per minute. |
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Contract Management
(0 Yes /0 Known /10 Possible features)
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Contract Setup Wizard Guided process to create new contracts with all required parameters. |
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Support for All Contract Types Handles facultative, treaty, proportional, and non-proportional contracts. |
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Clause Management Captures and manages specific contract clauses and endorsements. |
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Layered Structure Support Enables configuration of layered or multi-level treaties. |
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Contract Versioning Tracks contract amendments and history over time. |
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Attachment & Detachment Points Captures threshold and limit definitions for contracts. |
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Automated Expiry Tracking Alerts on contract expiry or renewal deadlines. |
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Counterparty Management Manages information and terms related to cedants, brokers, and reinsurers. |
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Linked Contract References Ability to reference retrocession or related contracts. |
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Contracts Supported Total number of concurrent contracts the system can manage. |
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Data Integration and Interoperability
(0 Yes /0 Known /10 Possible features)
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APIs for Data Exchange Provides REST/SOAP APIs for smooth data interchange. |
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Core System Integration Seamlessly connects with policy administration and claims systems. |
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General Ledger Mapping Automates mapping of reinsurance transactions to general ledger accounts. |
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Broker System Compatibility Allows integration with broker portals and systems. |
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Data Import/Export Enables bulk data upload and extraction in multiple formats (CSV, XML, JSON, etc). |
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Real-Time Data Sync Supports real-time synchronization with other financial and operational systems. |
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Automated Data Validation Performs checks on data imports to detect errors and inconsistencies. |
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Document Management Integration Links documents, contracts, and correspondence with transactions. |
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Third-party Data Feeds Imports market rates and external reference data automatically. |
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Integration Speed Average time to sync core data feeds. |
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Accounting & Reporting
(0 Yes /0 Known /10 Possible features)
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Sub-ledger Accounting Maintains sub-ledgers for premiums, losses, commissions, etc. |
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Automated Accruals Automates calculation and posting of accruals for future obligations. |
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Reconciliation Tools Enables reconciliation of system balances with external systems. |
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Standardized & Customizable Reporting Provides a library of standard reports and tools to build custom reports. |
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Financial Statement Generation Creates GAAP, IFRS, and statutory financial statements. |
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Aging Reports Tracks overdue balances for receivables and payables. |
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Audit Trail Captures a complete record of all accounting entries and modifications. |
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Automated Journal Creation Automatically generates journal entries from transactions. |
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Currency Translation Reporting Provides translated reports by currency for multi-national operations. |
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Report Generation Speed Average time to generate a standard accounting report. |
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Claims & Settlements Management
(0 Yes /0 Known /10 Possible features)
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Automated Claims Notification Notifies relevant parties when a claim is recoverable under reinsurance. |
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Claim Recovery Calculation Automatically calculates recoverable amounts and shares by reinsurer. |
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Large Loss Tracking Monitors high-value or CAT event claims and recovery status. |
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Partial & Installment Settlements Handles claims settled in parts or through payment plans. |
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Salvage and Subrogation Tracking Supports accounting for salvage and subrogation recoveries. |
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Interest and Penalty Calculation Automatically calculates penalties or interest for late settlements. |
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Subrogation Sharing Automatically shares subrogation recovery among participants. |
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Event Aggregation Aggregates claims for event-based or CAT treaties. |
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Claims Settlement Capacity Maximum number of claim settlements processed per hour. |
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Disputed Claim Handling Manages workflows for claim disputes and negotiation with partners. |
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Security & Compliance
(0 Yes /0 Known /10 Possible features)
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Role-Based Access Control Restricts access to functions and data by user role. |
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Audit Logging Maintains detailed audit logs of all user and system actions. |
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Data Encryption Uses encryption for data at rest and in transit. |
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Regulatory Reporting Compliance Supports SFCR, NAIC, Solvency II, IFRS 17 and other reporting standards. |
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User Authentication Methods Enables SSO, MFA, and other secure login technologies. |
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Data Masking Masks PII in screens and reports as required. |
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Automated Compliance Checks Performs ongoing compliance checks as per rules. |
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Disaster Recovery Capabilities Supports high-availability and system failover. |
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GDPR/CCPA Support Includes tools to comply with data privacy laws. |
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Audit Retention Period Number of years audit logs are retained. |
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Automation & Workflow
(0 Yes /0 Known /10 Possible features)
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Automated Notification Engine Sends automated alerts/reminders to users for due actions. |
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Custom Workflow Builder Allows customization and automation of common business processes. |
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Task Assignment & Escalation Assigns tasks and auto-escalates uncompleted tasks. |
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Bulk Action Processing Performs actions on groups of similar transactions at once. |
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Template Library Provides standard templates for documents and emails. |
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Business Rule Automation Automates steps based on user-defined rules. |
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Approval Routing Routes items for approval according to workflow maps. |
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Integration with Communication Tools Connects with email and chat for notifications and workflow actions. |
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Process Throughput Average number of workflow tasks completed per hour. |
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Scheduled Task Automation Runs routine jobs (e.g., nightly settlements) based on schedules. |
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Analytics & Business Intelligence
(0 Yes /0 Known /10 Possible features)
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Dashboards Interactive dashboards for real-time monitoring of KPIs. |
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Portfolio Performance Analytics Analyzes contract, treaty, or portfolio-level financial performance. |
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Claims and Loss Analysis Generates insights on loss ratios, claim frequencies, severities, etc. |
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Counterparty Exposure Analysis Assesses exposure to reinsurers/retrocessionaires by metrics. |
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Predictive Modeling Supports predictive models (e.g., cash flow forecasts, reserve adequacy). |
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Export to BI Tools Allows export of data to tools like Power BI, Tableau. |
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Scenario & What-If Analysis Enables modeling of alternative portfolio or treaty outcomes. |
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Automated Alerts on KPIs Creates configurable alerts on critical analytics metrics. |
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Drilldown Capabilities Provides detailed transaction-level drilldowns from dashboards. |
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Analytics Query Speed Response time for typical ad hoc analytics queries. |
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User Experience & Usability
(0 Yes /0 Known /10 Possible features)
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Modern User Interface Provides intuitive, clean, and responsive web-based UI. |
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Customizable Dashboards Allows users to configure their homepage/widgets. |
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Search and Retrieval Tools Advanced filters and queries for quick record retrieval. |
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Contextual Help & Documentation Built-in help, wizards, and guidance for users. |
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Accessibility Compliance Meets accessibility standards (WCAG, Section 508, etc.). |
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Localization/Language Support Supports multiple languages and localizations. |
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Mobile Device Compatibility Optimized for use on tablets and smartphones. |
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Personalized Settings Users can personalize notifications and data views. |
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Minimal Clicks Navigation Average number of clicks to complete a key task. |
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Bulk Entry/Edit Tools Allows user to edit or add multiple records at once. |
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Customer Support & Vendor Services
(0 Yes /0 Known /10 Possible features)
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24/7 Support Availability Round-the-clock support for urgent issues. |
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Dedicated Account Manager Assigned manager for ongoing relationship and escalations. |
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Implementation Services Vendor assistance for project implementation and migration. |
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Training Resources Access to user guides, training materials, and webinars. |
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Regular Feature Updates Ongoing product enhancements and patching. |
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User Community Forum Online forum for peer-to-peer support and idea sharing. |
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Service Level Agreements (SLAs) Formalized commitments to uptime and support response times. |
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Customization Services Ability to deliver software customizations as per client needs. |
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Customer Satisfaction Rating Average customer satisfaction score with vendor services. |
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On-site Support Availability Can provide in-person, on-premise support as required. |
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