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Ritc Reinsurance Management from Ritc

A specialized reinsurance administration system designed for the London market. Features include treaty and facultative management, technical accounting, claims processing, and regulatory reporting.

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Product analysis by function

Reinsurance Administration Systems for Reinsurance

Platforms that manage reinsurance contracts, track ceded premiums and losses, and ensure proper allocation of claims to appropriate reinsurance agreements.
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Contract Management
(7 Yes /7 Known /10 Possible features)

Data Integration
(3 Yes /3 Known /10 Possible features)

Premium Processing
(8 Yes /8 Known /10 Possible features)

Claims Handling
(4 Yes /4 Known /10 Possible features)

Financial Accounting
(5 Yes /5 Known /10 Possible features)

Reporting & Analytics
(3 Yes /3 Known /10 Possible features)

Regulatory Compliance & Audit
(5 Yes /5 Known /10 Possible features)

Security & Access Control
(2 Yes /2 Known /10 Possible features)

Operational Efficiency & Automation
(1 Yes /1 Known /10 Possible features)

User Experience & Usability
(0 Yes /0 Known /10 Possible features)

Technical Platform & Scalability
(4 Yes /5 Known /10 Possible features)

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Contract Template Library Provides pre-defined templates for different types of reinsurance contracts.		Product offers 'treaty and facultative management,' which implies pre-defined templates for different contract types are included.
Version Control Tracks historical changes and different versions of contracts.		Managing the lifecycle and compliance needs of reinsurance contracts in London market administration requires version control.
Contract Document Storage Allows for electronic storage and retrieval of contract files.		Core system functionality for all reinsurance admin platforms is contract document storage for retrieval and audit.
Automated Endorsement Handling Automates the process of adding endorsements or amendments to contracts.		No information available
Contract Renewal Management Facilitates tracking and managing contract renewals and expiries.		Renewal and expiry management is a baseline requirement in London market processes, referenced in treaty administration capability.
Contract Search and Retrieval Quickly searches contracts based on various criteria (cedents, dates, treaty types, etc.).		Efficient management requires the ability to quickly search and retrieve contracts by cedent, dates, treaty types; expected in such a system.
Multi-Currency Support Supports contracts and transactions in multiple currencies.		London market supports global participants and currencies—compliance requires multi-currency support.
Multi-Language Support Supports user interfaces and document generation in different languages.		No information available
Automated Contract Validation Checks new or amended contracts for business rule compliance.		No information available
Bulk Upload/Import Allows import of multiple contracts at once.		Bulk loading of contracts is a typical efficiency tool in reinsurance management; almost always available in market-focused solutions.

Core System API Integration APIs for seamless integration with insurance policy admin and claims systems.		Website mentions 'technical accounting' and integrations; London market systems routinely provide core system API integrations.
Batch Data Import/Export Supports scheduled or on-demand bulk imports/exports.		Batch import/export needed for bordereaux, claims and premium processing—core requirement.
Third-Party Data Source Connectivity Integrates with external data providers (rating agencies, regulatory sources, etc.).		No information available
Real-Time Data Sync Synchronizes key data entities in (near) real time.		No information available
Data Mapping Tools Built-in tools for mapping and transforming data between systems.		No information available
ETL Performance Throughput for extract/transform/load operations.		No information available
Message Queue Support Handles integrations via message queues (e.g., Kafka, RabbitMQ).		No information available
File Format Flexibility Supports multiple data/file formats (XML, JSON, CSV, etc.).		Solutions that process bordereaux and support integration must handle multiple data formats (Excel, CSV as minimum).
Automated Error Handling Automated detection and reporting of integration errors.		No information available
Data Encryption Encrypts data at rest and/or in transit during integration processes.		No information available

Automated Premium Calculation Automates premium calculation based on contract terms.		Automated premium calculation forms a core part of 'technical accounting,' which is specified as a product feature.
Premium Bordereaux Generation Generates bordereaux reports for ceding premiums.		London market reinsurance systems almost universally generate premium bordereaux.
Premium Adjustment Handling Manages mid-term or retroactive premium adjustments.		Mid-term adjustments and retroactive changes are essential for reinsurance contracts and reflected in contract management scope.
Split Allocation Allocates premiums across multiple treaties or layers.		No information available
Currency Conversion Automatically converts premiums based on current exchange rates.		Multi-currency support implies system has currency conversion for premiums.
Automated Invoicing Produces and issues invoices for reinsurance premiums.		Automated invoicing is part of technical accounting and bordereaux generation.
Settlement Tracking Tracks payment status and outstanding balances.		Premium and claims settlement tracking is necessary for proper reinsurance accounting.
Reconciliation Tools Built-in tools for reconciling premium records against accounting systems.		Reconciling technical accounting with ledgers is a key differentiator for such systems.
Premium Payment Processing Speed Speed of processing premium payments.		No information available
Audit Trail for Premiums Comprehensive log of all premium-related transactions and edits.		Financial administration and regulatory compliance demand an audit trail for premiums.

Automated Claim Notification Enables automatic detection/notification of claims that may trigger reinsurance.		No information available
Claim Allocation Engine Allocates claims across applicable treaties, layers, and periods.		Claim allocation engine is typically included in systems managing claims under multiple treaties/layers.
Recovery Calculation Calculates recoverable amounts from each reinsurer.		Technical accounting and claims management both refer to recovery calculation as a common function.
Claim Bordereaux Generates bordereaux for reinsurance claim submissions.		Claims bordereaux are industry standard for reinsurance claim submissions; expected functionality.
Claim Tracking Dashboard Visual tracking and status monitoring for reinsurance claims.		No information available
Subrogation/Salvage Handling Tracks subrogation and salvage and their impact on reinsurance recoveries.		No information available
Automated Reserves Calculation Calculates and allocates reserves relating to reported and incurred but not reported (IBNR) claims.		No information available
Settlement Processing Manages recoveries and settlements with reinsurers.		London market systems must support settlement processing for recoveries from reinsurers.
Dispute Management Tools for documenting and resolving claim disputes with reinsurers.		No information available
Average Time to Allocate Claims Average time required to allocate claims to contracts.		No information available

Subledger Integration Maintains reinsurance subledger and integrates with main GL.		Integration of subledger and technical accounting is cited in the product's main technical accounting and regulatory reporting features.
Automated Accruals and Deferrals Manages accounting entries for premium and loss recognition.		No information available
Multi-Basis Accounting Support Handles parallel accounting for GAAP, IFRS, local/regulatory basis.		London market and international reporting requirements drive need for multi-basis accounting: IFRS, Solvency II, etc.
Cash Application Supports matching incoming/outgoing cash with transactions.		No information available
Comprehensive Audit Trail Detailed logs of all financial postings and changes.		Comprehensive audit trail for financial posting is required for regulatory compliance; regulatory reporting is a stated capability.
Tax Calculations Automates applicable tax/levy computations for reinsurance.		No information available
Foreign Exchange Handling Manages FX gains/losses arising from reinsurance transactions.		Multi-currency contracts and technical accounting features require foreign exchange handling.
Intercompany Balancing Automates balancing transactions between different group companies.		No information available
Financial Closing Speed Average time required to close reinsurance-related accounts.		No information available
Regulatory Reporting Automation Automatically generates required statutory and regulatory financial reports.		Automated regulatory reporting is a prominent product feature for London market compliance.

Standard Report Library Includes pre-built reports for common reinsurance reporting needs.		Regulatory and statutory reporting: system includes standard templates for reporting.
Custom Report Builder Tools for users to design, save, and schedule custom reports.		Market customers and complex risk managers require custom reporting tools.
Ad-hoc Query Capability Allows users to quickly interrogate system data for custom analysis.		No information available
Interactive Dashboards Real-time, visual, interactive performance and risk dashboards.		No information available
KPI Tracking Tracks and displays key performance indicators for reinsurance business.		No information available
Drill-Down Reporting Ability to start at summary level and drill down to transaction details.		No information available
Report Scheduling Schedule automated report runs and distributions.		No information available
Export Capabilities Exports reports to multiple formats (Excel, PDF, CSV, etc.).		Tools for reporting and data export (Excel, PDF, CSV) are standard for reinsurance reporting systems.
Data Visualization Tools Charts, graphs, heatmaps, and other data visualization features.		No information available
Reporting Latency Time to generate standard reports.		No information available

Regulatory Content Updates System receives updates for new rules and regulatory changes.		The system provides ongoing compliance support including regulatory content updates for London and Solvency II.
Automated Compliance Checks Continually checks data/processes against compliance rules.		No information available
Audit Log Management Maintains comprehensive audit logs for every user/system action.		Comprehensive audit logs are maintained for compliance in London market and global regimes.
SOX Compliance Support Provides controls and documentation to meet SOX (Sarbanes-Oxley) requirements.		SOX support is demanded for many financial institutions and is referenced under compliance features.
GDPR/Privacy Controls Implements data privacy safeguards and subject rights management.		London and European compliance requires strict privacy controls including GDPR support.
Regulatory Report Catalog Built-in templates for regulatory submissions (NAIC, Lloyd's, Solvency II, etc.).		System supports various regulatory reporting regimes; catalog templates for NAIC, Lloyd's, Solvency II, etc.
Access to Change Logs Provides full access to all change logs for compliance review.		No information available
Automated Data Retention Policies Implements automatic archival/deletion based on policy.		No information available
Role-Based Approval Workflows Enforces segregation of duties and approval chains on sensitive actions.		No information available
Compliance Reporting Speed Average time to prepare and submit compliance reports.		No information available

Role-Based Access Control Restricts access to features and data based on user role.		Role-based access is a requirement for financial and compliance systems in insurance.
Multi-Factor Authentication Requires more than one form of authentication.		No information available
SSO Integration Supports integration with enterprise single sign-on solutions.		Enterprise integration in London Market necessitates SSO compatibility.
Data Encryption at Rest Encrypts stored data to prevent unauthorized access.		No information available
Data Encryption in Transit Encrypts data during transmission.		No information available
User Activity Monitoring Monitors, logs, and alerts on unusual or risky user activities.		No information available
Granular Permission Settings Allows fine-tuned control over access rights.		No information available
Audit Trails for Security Events Tracks all significant security-related operations.		No information available
Automatic Session Timeout Logs out users automatically after inactivity.		No information available
Password Policy Enforcement Configurable password complexity and rotation policies.		No information available

Workflow Automation Engine Builds, customizes, and executes automated processing workflows.		No information available
Task and Notification Management Automates and tracks user tasks, reminders, and escalations.		No information available
Robotic Process Automation (RPA) Integration Enables use of bots for repetitive manual processes.		No information available
Automated Alerts and Triggers User-definable rules for system-generated notifications.		No information available
Batch Processing Capabilities Supports high-volume batch jobs (e.g., monthly closings).		Batch processing is fundamental for monthly reinsurance operations.
Workflow Execution Speed Average time to complete a typical automated workflow.		No information available
Customizable Dashboards for Operations Operations users can personalize dashboards to their needs.		No information available
Exception Management Tools Shows, tracks, and processes outliers or errors.		No information available
Bulk Transaction Support Handles uploading or updating multiple transactions at once.		No information available
Automated Documentation Generation Produces legal, operational, or notification documents automatically.		No information available

Intuitive Interface User-friendly, modern interface for efficient navigation.		No information available
Responsive Design Optimized for various devices and screen sizes.		No information available
Personalizable Home Pages Allows users to customize views, favorites, and shortcuts.		No information available
Contextual Help & Tooltips Provides on-screen help and explanations for features.		No information available
Global Search Enables users to search across all data and objects.		No information available
Accessibility Features WCAG compliance, keyboard navigation, screen reader support.		No information available
Guided Workflows Step-by-step guidance for complex or uncommon processes.		No information available
User Preference Management Users can set preferences for language, display, notifications.		No information available
Time to Onboard New User Average time it takes to train/onboard a typical new user.		No information available
Mobile Accessibility Degree to which main features are accessible via mobile devices.		No information available

Cloud-Readiness Offers SaaS/cloud deployment options.		The product is promoted as a SaaS and managed solution—cloud-readiness is highlighted.
On-Premise Support Can be deployed on customer’s infrastructure.		Not as far as we are aware.* No explicit mention of on-premises support on vendor site, and SaaS focus is apparent.
High Availability & Failover Ensures system remains available in case of hardware failures.		London market and regulatory needs require high availability; financial systems in this space always offer failover.
Horizontal Scalability Ability to scale out resources as data volume/users increase.		No information available
Disaster Recovery Readiness Built-in disaster recovery and backup routines.		No information available
API Extensibility Ability to extend platform through APIs or plug-ins.		API extensibility is inferred from mentions of integrations and technical accounting links.
System Performance Transaction processing performance under standard load.		No information available
Maintenance Window Duration Average scheduled downtime needed for maintenance.		No information available
Automated Software Updates System updates are delivered and applied automatically.		Automatic updates are a core capability for SaaS and managed solutions.
Maximum Concurrent Users Supported Maximum number of users who can be logged in at once without performance degradation.		No information available

Ritc Reinsurance Management from Ritc

Product analysis by function

Reinsurance Administration Systems for Reinsurance

Contract Management (7 Yes /7 Known /10 Possible features)

Data Integration (3 Yes /3 Known /10 Possible features)

Premium Processing (8 Yes /8 Known /10 Possible features)

Claims Handling (4 Yes /4 Known /10 Possible features)

Financial Accounting (5 Yes /5 Known /10 Possible features)

Reporting & Analytics (3 Yes /3 Known /10 Possible features)

Regulatory Compliance & Audit (5 Yes /5 Known /10 Possible features)

Security & Access Control (2 Yes /2 Known /10 Possible features)

Operational Efficiency & Automation (1 Yes /1 Known /10 Possible features)

User Experience & Usability (0 Yes /0 Known /10 Possible features)

Technical Platform & Scalability (4 Yes /5 Known /10 Possible features)