1. Did you acquire a block of business?
Get a full picture of the business and become familiar with the new data with a treaty risk assessment. Knowing that your organization is working with accurate data reduces administrative risk.
2. Are you converting or upgrading your TAI software?
Ensure that data going into your system is accurate or that data has migrated over as expected and is compliant.
3. Are you preparing for a reinsurance audit?
Whether you are being audited by a reinsurer or are conducting an internal audit, a treaty risk assessment mitigates your risk by identifying potentially significant financial risk or uncovering problems before they take on financial implications.
4. Do your business processes rely on paper treaties or key people in the organization with treaty information?
Equip your team with digital treaty summaries that accurately outline how the business should be administered. You’ll have an up-to-date view on your blocks of business that significantly reduces the risk of relying on paper treaties and/or one person having all of the critical information for administering a treaty.
5. Have your claims been denied because of bad reporting?
Identify and flag any errors in your system that are impacting the status of claims and exposing your organization to financial risks. One of the most common errors we see, for example, is cessions incorrectly ceded to the wrong treaty code.
6. Are you experiencing financial fluctuations?
If financial fluctuations are reoccurring, inaccurate treaty data could be the root cause. Treaty risk assessments allow you to identify the source of error, gain full insight into the current financial landscape, and understand drivers to ensure accurate, efficient processing in the future.