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Reinsurance Solution
Reinsurance Solution
Introducing ReNova
Reinsurance is one of the basic Concern for any Insurer. The most complex functionalities and maintenance issues made the system unmanageable with the manual systems or moderate tools.

With the huge array of global-resources you may have to derive information for business decisions and optimization of reinsurance. You may have to configure Treaties that have complex rules and scenarios. Most important of the tasks is to review the profitability of the business with the experience gained, which require data mining and exhaustive reporting.

Hansa Solutions introduces the most beauteous system ever designed for Reinsurance administration - It is ReNova.

ReNova makes your Reinsurance administration as easy as strolling on green grass, as simple as making sand castles on sea shore, as novel as a rising sun in the dark blue sky. You really feel the difference with the other software systems, as ReNova has a unique feature of simple processing that helps you to grasp very quickly.

Beauteous designing, new generation technology, flawless architecture, robust performance, proven expertise, more practical to production and unmatchable price will make you feel the difference.

An expert group has designed the architecture that breathes out the complexity of the business in a simple go. The system has more practical approach that makes you to integrate with your existing system, in fact with any system.

The robust treaty engine configures all your treaties in simple logical notations that a common user understands and validates through all the Cessions for transaction processing.

The trusted security system ensures the data safety. Web linked application for reporting and publishing the outcome of the business. Easy reporting and dynamic search engines bring more control over the system and reduces the dependency on administrator or development team. Exhaustive reporting and drill downs make your jobs easier.
Highlights of ReNova
Treaty configuration and management is on finger tips
Arrow All models of treaties, even with complex rules, can be easily configured into the system.
Arrow The robust interface that makes the job simpler and easier for the user or the administrator.
Arrow Modification of program code is not required to configure the treaties.
Arrow Model or draft treaties can be generated
Arrow Logical representation of treaty rules are made simpler and user friendly. Even a novice user can construct a treaty rule.
Arrow Any addendums to the existing treaties can be easily accommodated without any additional effort or cost.
Arrow Creation of reinsurers account, brokers account and respective details
Arrow Configuration of mortality tables and premium tables is very easy
Facultative Underwriting and effective Tracking
Arrow Facultative proposals can be registered and underwritten
Arrow Multiple re-submission of proposals and tracking
Arrow Auto posting and marking cessions from New Business
Dynamic configuration of sum at risk formulae
Arrow Sum at risk formulae for standard plan structures are pre-configured
Arrow Any customized or new formulae can be dynamically configured through spread sheets and upload to the system
Arrow Take the full advantage of cash flow method of computing sum at risk with a spreadsheet interface
Claims Processing in a jiffy
Arrow Easy processing of claims
Arrow Easy tool to track the claims process
Arrow Maintain reser ves and IBNR
Arrow Monitor financial and activity history
Arrow Easy search and analyze claims
Arrow Settle claims by part or full
Arrow Claim investigation and tracking
Effective Management Information System
Arrow Special reports on MIS
Arrow Triangulation, risk aggregation, budget monitoring and revenue profiling
Arrow Analysis on underwriting experience
Arrow Online information sharing and reporting
Arrow High level consolidation of data and drill downs
Comprehensive Reports
Arrow Print, view, export standard reports.
Arrow Export the reports to any known data source and file format
Arrow Standard reports for SOA, Bordereaux, invoice, ledger account, etc.,
Arrow Business reports by reinsurer (if multiple reinsurers are accommodated in a treaty) , brokers etc.,
Arrow Regulatory Board/statutory reports
Arrow Analysis reports on various heads
New Business processing in a few simple steps
Arrow An automated tool dynamically processes new business data that takes care of optimization of reinsurance
Arrow Auto identification of respective treaty for cessions
Computes optimal retentions by considering all the policies and respective cessions of a life and ensures optimization of reinsurance. That is, it ensures the fundamental principle that the reinsurance is by life but not by policy.
Arrow Automated creation of transactions, invoices, bordereaux and summary of accounts
Renewal Business processing is totally automated
Arrow A robust engine processes renewal business that takes care of claims, lapse, cancel, alterations, surrender, etc.,
Arrow Any alterations, cancellations, lapsation, etc are adjusted retrospectively for any valid reason and adjusts the premiums with arrears either a refund or a collection.
Arrow Automated creation of transactions, invoices, bordereaux and summary of accounts
Arrow Auto status update from integrated legacy systems or any other data sources where the transactions of main business are being maintained.
Arrow Simple steps to process renewal
Standard accounting principles
Arrow Double entry book keeping for the transactions processed
Arrow Create account heads, financial years and process intervals in a free text naming convention form rather than in a complicated numeric-ID form.
Arrow Schedules and super schedules can be easily maintained
Arrow All transactions are assigned to financial year that controls the accounting system
Arrow Multi-currency processing
Arrow Maintains currency codes and exchange rates
ReNova comprises of four modules, each one is specific to business type as follows:
Arrow ReNova Individual
Processes individual business where all traditional, ULIP and related riders per individual are considered.
Arrow ReNova Group
Processes Group Insurance Business at member level, per each group policy.
Arrow ReNova Health
Processes Health Insurance policies of primary lives, secondary lives and family floaters are considered.
Arrow ReNova Credit Lives
Processes all credit lives business, where the policies are organized outside the conventional group business.
Important Features:
Arrow Complete Suite for Reinsurance (Life) Administration
Arrow Treaty Engine
Arrow SAR Engine
Arrow Mapping Engine
Arrow Cession Engine
Arrow Easy Administration
Arrow Inherent Accounting and Book Keeping
Accommodates various Reinsurance types (Quota Share, Surplus Share, Proportional, Non-Proportional Share, Risk Premium, Multi-Layer Ceding, etc.,)
Arrow Configurable Treaty
Arrow Claim Settlement and Tracking
Supports Net Premium based Formulae, Cash Flow based, Gross Premium (Upload) and Reserve Factor based SAR computations
Arrow Facultative Underwriting tracking and control system
Arrow Easy Configuration of Complex Treaties
Arrow Cession Processing and Management is made simple
Arrow All types of treaties like Quota share, Surplus etc are supported
Arrow Robust Rule Engine
Arrow Stunning Speed
Arrow Compatible to any Policy Admin System
Value Addition
Advantage of R&D; at Industry Level
Reinsurersí Guidance & Contribution