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.
Applications that manage complex financial transactions between insurers and reinsurers, including premium payments, loss recoveries, and commissions.
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Premium Booking Ability to record and process ceded and assumed reinsurance premiums. |
Marketing indicates full premium capture and handling for cession/assumption; 'integrated reinsurance management' and technical accounting. | |
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Loss Recovery Processing Processes recoveries from reinsurers for ceded losses. |
Claims and recoverable management mentioned in product summary. | |
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Commission Management Calculates, accrues, and manages different types of reinsurance commissions. |
Commission management is a core part of reinsurance suites; supported based on product claims about financial/technical accounting. | |
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Retrocession Transactions Supports booking and management of transactions with retrocessionaires. |
Treaty retrocessions are referenced on product webpage under contract/transaction processing. | |
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Batch Transaction Processing Processes high volumes of transactions in batch mode. |
Automated cession and claims management implies batch processing use cases. | |
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Transaction Reversal Allows reversing or correcting posted transactions. |
Industry standard and transaction reversals referenced in documentation. | |
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Currency Handling Supports multi-currency transactions and conversions. |
Multi-currency accounting explicitly mentioned in marketing materials. | |
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Automated Settlement Automates the settlement process for premium and claim payments. |
Automated settlement for premiums/claims stated in technical documentation. | |
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Unallocated Cash Processing Ability to manage receipts pending allocation to specific contracts or accounts. |
Unallocated cash and pending receipts referenced as part of technical accounting. | |
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Capacity Maximum number of transactions processed per minute. |
No information available |
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Contract Setup Wizard Guided process to create new contracts with all required parameters. |
Guided contract creation/wizard featured on official site. | |
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Support for All Contract Types Handles facultative, treaty, proportional, and non-proportional contracts. |
Supports treaty and facultative (proportional, non-proportional) per website. | |
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Clause Management Captures and manages specific contract clauses and endorsements. |
No information available | |
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Layered Structure Support Enables configuration of layered or multi-level treaties. |
Layered/multi-level treaty structures are cited as supported in product features. | |
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Contract Versioning Tracks contract amendments and history over time. |
No information available | |
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Attachment & Detachment Points Captures threshold and limit definitions for contracts. |
Thresholds, limits and XOL modeling (attachment/detachment) typical and referenced in technical descriptions. | |
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Automated Expiry Tracking Alerts on contract expiry or renewal deadlines. |
Automated expiry/renewal tracking for contract management is described on the website. | |
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Counterparty Management Manages information and terms related to cedants, brokers, and reinsurers. |
Counterparty, cedant, broker management specifically listed in NOVUM's capabilities. | |
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Linked Contract References Ability to reference retrocession or related contracts. |
No information available | |
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Contracts Supported Total number of concurrent contracts the system can manage. |
No information available |
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APIs for Data Exchange Provides REST/SOAP APIs for smooth data interchange. |
APIs for internal/external data exchange promoted as a solution differentiator. | |
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Core System Integration Seamlessly connects with policy administration and claims systems. |
References integration with core systems like policy admin and claims management. | |
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General Ledger Mapping Automates mapping of reinsurance transactions to general ledger accounts. |
GL mapping for reinsurance is standard functionality, listed in financial accounting options. | |
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Broker System Compatibility Allows integration with broker portals and systems. |
No information available | |
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Data Import/Export Enables bulk data upload and extraction in multiple formats (CSV, XML, JSON, etc). |
Bulk data import/export and multiple formats (CSV, XML) mentioned in integration documentation. | |
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Real-Time Data Sync Supports real-time synchronization with other financial and operational systems. |
Real-time data sync with operational systems noted as an architecture capability. | |
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Automated Data Validation Performs checks on data imports to detect errors and inconsistencies. |
No information available | |
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Document Management Integration Links documents, contracts, and correspondence with transactions. |
Document management and correspondence linking are described as integration points. | |
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Third-party Data Feeds Imports market rates and external reference data automatically. |
Automatic external data/reference (market rates) feeds supported per NOVUM solution page. | |
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Integration Speed Average time to sync core data feeds. |
No information available |
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Sub-ledger Accounting Maintains sub-ledgers for premiums, losses, commissions, etc. |
Sub-ledger balances for premiums, losses, commissions, listed under financial accounting. | |
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Automated Accruals Automates calculation and posting of accruals for future obligations. |
Accruals management automated in financial module details. | |
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Reconciliation Tools Enables reconciliation of system balances with external systems. |
Reconciliation with external systems/partners listed among reporting controls. | |
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Standardized & Customizable Reporting Provides a library of standard reports and tools to build custom reports. |
Standard/custom reporting explicitly provided (standard in all reinsurance accounting solutions). | |
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Financial Statement Generation Creates GAAP, IFRS, and statutory financial statements. |
Can generate financial statements (GAAP/IFRS/statutory); referenced under reporting. | |
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Aging Reports Tracks overdue balances for receivables and payables. |
Aging reports and overdue analysis part of standard receivables/payables reporting. | |
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Audit Trail Captures a complete record of all accounting entries and modifications. |
Comprehensive audit trail for financial and operational activity confirmed in solution security/controls. | |
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Automated Journal Creation Automatically generates journal entries from transactions. |
Automated journal generation noted as a feature within technical/financial accounting. | |
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Currency Translation Reporting Provides translated reports by currency for multi-national operations. |
Currency translation for reporting and regulatory outputs described in product notes. | |
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Report Generation Speed Average time to generate a standard accounting report. |
No information available |
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Automated Claims Notification Notifies relevant parties when a claim is recoverable under reinsurance. |
Automated claims notifications are part of recoverable management workflows. | |
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Claim Recovery Calculation Automatically calculates recoverable amounts and shares by reinsurer. |
Automatic claim recovery calculations are foundational functionality. | |
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Large Loss Tracking Monitors high-value or CAT event claims and recovery status. |
Large/catastrophic loss monitoring referenced in technical documentation. | |
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Partial & Installment Settlements Handles claims settled in parts or through payment plans. |
Partial/installment settlements for recoveries and claims are supported. | |
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Salvage and Subrogation Tracking Supports accounting for salvage and subrogation recoveries. |
No information available | |
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Interest and Penalty Calculation Automatically calculates penalties or interest for late settlements. |
No information available | |
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Subrogation Sharing Automatically shares subrogation recovery among participants. |
No information available | |
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Event Aggregation Aggregates claims for event-based or CAT treaties. |
Event aggregation (CAT/event treaties) explicitly mentioned in solution overview. | |
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Claims Settlement Capacity Maximum number of claim settlements processed per hour. |
No information available | |
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Disputed Claim Handling Manages workflows for claim disputes and negotiation with partners. |
No information available |
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Role-Based Access Control Restricts access to functions and data by user role. |
Role-based security described in feature set. | |
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Audit Logging Maintains detailed audit logs of all user and system actions. |
Audit logging for all user/system activity covered under security features. | |
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Data Encryption Uses encryption for data at rest and in transit. |
Data encrypted at rest/in transit described in security compliance documentation. | |
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Regulatory Reporting Compliance Supports SFCR, NAIC, Solvency II, IFRS 17 and other reporting standards. |
Explicit support for regulatory reporting (IFRS17, Solvency II, etc.) | |
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User Authentication Methods Enables SSO, MFA, and other secure login technologies. |
User authentication via SSO and MFA is noted as available. | |
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Data Masking Masks PII in screens and reports as required. |
No information available | |
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Automated Compliance Checks Performs ongoing compliance checks as per rules. |
Automated compliance (regulatory/process) checks are described in documentation. | |
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Disaster Recovery Capabilities Supports high-availability and system failover. |
Disaster recovery and high-availability stated in technical solution architecture. | |
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GDPR/CCPA Support Includes tools to comply with data privacy laws. |
GDPR/CCPA: Data privacy compliance (data access, removal) outlined in brochures. | |
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Audit Retention Period Number of years audit logs are retained. |
No information available |
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Automated Notification Engine Sends automated alerts/reminders to users for due actions. |
No information available | |
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Custom Workflow Builder Allows customization and automation of common business processes. |
Workflow customization/automation featured as a product strength. | |
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Task Assignment & Escalation Assigns tasks and auto-escalates uncompleted tasks. |
No information available | |
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Bulk Action Processing Performs actions on groups of similar transactions at once. |
No information available | |
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Template Library Provides standard templates for documents and emails. |
Library of email/notification/document templates is included. | |
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Business Rule Automation Automates steps based on user-defined rules. |
Business rules automation indicated in the workflow engine features. | |
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Approval Routing Routes items for approval according to workflow maps. |
No information available | |
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Integration with Communication Tools Connects with email and chat for notifications and workflow actions. |
No information available | |
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Process Throughput Average number of workflow tasks completed per hour. |
. | No information available |
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Scheduled Task Automation Runs routine jobs (e.g., nightly settlements) based on schedules. |
Scheduled process automation (e.g., settlements, reporting) described in implementation details. |
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Dashboards Interactive dashboards for real-time monitoring of KPIs. |
Interactive dashboards are shown and advertised on the product site. | |
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Portfolio Performance Analytics Analyzes contract, treaty, or portfolio-level financial performance. |
Portfolio and performance analysis available in the analytics/reports suite. | |
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Claims and Loss Analysis Generates insights on loss ratios, claim frequencies, severities, etc. |
Claims/loss insights and analytics described for reinsurance and direct insurers. | |
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Counterparty Exposure Analysis Assesses exposure to reinsurers/retrocessionaires by metrics. |
Counterparty/retrocessionaire exposure analysis noted in risk management features. | |
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Predictive Modeling Supports predictive models (e.g., cash flow forecasts, reserve adequacy). |
No information available | |
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Export to BI Tools Allows export of data to tools like Power BI, Tableau. |
No information available | |
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Scenario & What-If Analysis Enables modeling of alternative portfolio or treaty outcomes. |
No information available | |
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Automated Alerts on KPIs Creates configurable alerts on critical analytics metrics. |
Configurable KPI alerts shown as an option in dashboard/analytics modules. | |
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Drilldown Capabilities Provides detailed transaction-level drilldowns from dashboards. |
No information available | |
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Analytics Query Speed Response time for typical ad hoc analytics queries. |
No information available |
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Modern User Interface Provides intuitive, clean, and responsive web-based UI. |
Modern, responsive web interface displayed in product screenshots and demos. | |
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Customizable Dashboards Allows users to configure their homepage/widgets. |
Individualized/customizable dashboards and user widgets are described. | |
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Search and Retrieval Tools Advanced filters and queries for quick record retrieval. |
Search and advanced filter tools referenced for all major record types. | |
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Contextual Help & Documentation Built-in help, wizards, and guidance for users. |
Contextual help, user guidance and documentation available within interface. | |
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Accessibility Compliance Meets accessibility standards (WCAG, Section 508, etc.). |
No information available | |
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Localization/Language Support Supports multiple languages and localizations. |
Multi-language and localization support outlined on website. | |
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Mobile Device Compatibility Optimized for use on tablets and smartphones. |
Access from tablets/mobiles stated as compatible in product documentation. | |
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Personalized Settings Users can personalize notifications and data views. |
Personalization (notifications, dashboard, data views) listed as usability features. | |
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Minimal Clicks Navigation Average number of clicks to complete a key task. |
No information available | |
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Bulk Entry/Edit Tools Allows user to edit or add multiple records at once. |
Bulk entry/edit actions described for contract, transaction, and claim records. |
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24/7 Support Availability Round-the-clock support for urgent issues. |
No information available | |
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Dedicated Account Manager Assigned manager for ongoing relationship and escalations. |
No information available | |
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Implementation Services Vendor assistance for project implementation and migration. |
Implementation services (migration, onboarding) offered as standard by NOVUM. | |
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Training Resources Access to user guides, training materials, and webinars. |
Dedicated user training resources available (guides, webinars, manuals). | |
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Regular Feature Updates Ongoing product enhancements and patching. |
Regular product/feature updates are a standard for enterprise SaaS solutions. | |
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User Community Forum Online forum for peer-to-peer support and idea sharing. |
No information available | |
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Service Level Agreements (SLAs) Formalized commitments to uptime and support response times. |
SLAs for uptime/support stated as available in vendor commercial information. | |
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Customization Services Ability to deliver software customizations as per client needs. |
Customization services for clients referenced directly in offerings. | |
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Customer Satisfaction Rating Average customer satisfaction score with vendor services. |
No information available | |
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On-site Support Availability Can provide in-person, on-premise support as required. |
No information available |
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