Client Testimonies

    By using Virtusa, we were able to integrate the insurance industry's best practices into our solution and streamline our implementation.

    Randy Gonzalez
    Chief Information Officer, Chartis Insurance

    Virtusa’s ability to transform best practices from other industries to the health care sector was crucial in our implementation. Their knowledge of the SAP product and creative thinking are second to none.

    Chad Tate
    Director of Treasury Operations
    Blue Cross Blue Shield of Minnesota

    Virtusa’s extensive industry knowledge and deep expertise in SAP for Insurance were critical to our project going live on time and under budget. Their team of dedicated professionals supported us through every phase of our project, from the initial training to design, realization and production
    support.

    Richard Harron
    Director of IS Solutions
    Insurance Company of British Columbia

SAP for Insurance: Reinsurance

SAP’s FS-RI is an insurance solution dedicated to enabling reinsurers, direct insurers, brokers, MGA's, and captive organizations to achieve a fully integrated reinsurance process. Some of the major components of FS-RI include:

  • Ability to handle Life as well as Non-Life insurance business
  • Supports Facultative, Facultative Obligatory, Quota Share, Surplus Share & Excess treaties for non-Life products
  • Management of assumed and ceded reinsurance contracts including the calculation of retention amounts
  • Business processing on an underwriting, occurrence, or calendar year basis
  • Automated calculation of Sliding Scale Commission, Contingent Commission, and Retrospective Premium Adjustments, which can be done for a single period or a block of periods
  • Automated processing of individual or event (catastrophe) claims with the ability to specify individually or on a treaty basis how the claim expenses are handled
  • Automated processing of fund balance requirements
  • Automated incoming and outgoing portfolio transfers
  • Automated calculation of premium and loss reserves estimates which includes unearned and IBNR amounts
  • Calculation of Net Due Date for open receivables and payables based on customizable rules
  • Calculation of intercompany reinsurance assumptions/cessions based on customizable calculation rules
  • Role-based access to all areas of the user interface to protect underwriting, claim and accounting information
  • Direct interface to SAP FS-CD for processing of cash relevant [receivables and payables] and non-cash relevant [unearned, loss reserves, IBNR, premium estimates] amounts
  • Interface to SAP FI-GL via FS-CD for processing of all accounting information.
  • Multiple currency functionality
  • Multiple GAAP Account processing functionality
  • External interfaces to accounting system if FI-GL is not implemented, and billing system if FS-CD is not implemented
  • Ability to easily enhance the standard solution with custom fields and screens using SAP’s Business Data Toolset (BDT)