Reinsurance


SAP FS-RI is an insurance solution that provides reinsurers, insurers, brokers and captive organizations with a fully integrated reinsurance process. The main components of FS-RI include:

  • Ability to process life and non-life insurance policies
  • Support for facultative, facultative obligatory, quota share, surplus and excess of loss contracts for products in non-life segment
  • Management of assumed or submitted reinsurance contracts including the calculation of retention
  • (Business) transaction processing on basis of underwriting, loss occurrence or calendar year
  • Automatic calculation of quota share commission, contingent and sliding scale commissions and retrospectively rated premium adjustments that can be calculated for a single period
  • Automated processing of single or catastrophic damage events with the ability to handle the claims costs on an individual or contractual basis
  • Automated processing of fund balance requirements
  • Automated inbound and outbound portfolio transfers
  • Automatic calculation of premium and accrual estimates, which include UEPR, late travelling premium and IBNR (Incurred But Not Reported) amounts
  • Calculation of net due date for open receivables and payables based on customizable rules
  • Calculation of intercompany reinsurance cessions based on customizable rules for calculation
  • Role-based access to all areas of the user interface to protect insurance, claims and accounting data
  • Direct interface to SAP FS-CD for the processing of cash-relevant [receivables and payables] and non-cash relevant [UEPR, loss reserves, IBNR, premium estimates] amounts
  • Interface to SAP FI-GL via FS-CD for the processing of all accounting data.
  • Support for multiple currencies
  • Ability to handle multiple GAAP accounts
  • External interfaces to an accounting system, if FI-GL is not implemented, and a billing system if FS-CD is not implemented
  • Ability to extend the standard solution with custom fields and screens using SAP’s Business Data Toolset (BDT)


VirtusaPolaris

On March 3rd, 2016, Virtusa Corporation acquired a majority interest in Polaris Consulting & Services Limited. VirtusaPolaris, our new market-facing brand, represents the combined strengths of Virtusa and Polaris, including our strong software engineering heritage, deep domain expertise and focus on applying innovation to solving critical core business issues for clients.

www.virtusapolaris.com, our new website is where we provide our latest thinking.