IRIS - Integrated Reinsurance System

System Overview

IRIS is a state-of -the art reinsurance system designed by reinsurers for reinsurers. Neither hybrid, nor hand-me-down, nor a patchwork adaptation, this fully-functional system will handle an international, multi-currency account, and is year-2000 compliant.

IRIS lets you administer your portfolio with ease by making full use of the GUI (graphical user interface) offered by the Microsoft Windows operating system. If you have had any experience using Windows 3.x or 95, then you will have no trouble navigating the IRIS screens, which employ the standard Windows conventions. If, on the other hand, you are new to Windows, IRIS makes it easy to develop familiarity with the system, which you will find user-friendly and intuitive.

As we all know, underwriting profits in the reinsurance business are hard to find. By taking care of the administration and allowing sophisticated analyses, IRIS enables your underwriters to underwrite from a thoroughly informed standpoint. And, of course, that means a healthier bottom line.

System Description

IRIS is a client-server reinsurance processing system. "Client-server" means that IRIS will efficiently handle the simultaneous and varied needs of users in a multi-user environment. For you, that means fast response times and no queuing for access to a record. Just point and click!

Some of the main functions of IRIS are:

Contracts and Offers
Set up and track proposals/offers
Process offers as Signed, Declined or NTU (Not Taken Up)
Calculate earned and unearned premiums
Post written premiums, installment premiums, unearned premiums and IBNR
Enter, calculate and project profit commissions
Set up retrocession arrangements
Enter and maintain zone and block accumulation information for contracts as well as offers
Track claim aggregates for reinstatement purposes
Convert currencies

Treaty
Enter and maintain treaty contracts
Handle proportional and non-proportional treaties
Monitor accumulation

Facultative
Enter and maintain facultative contracts
Handle up to three underwriting classes per contrac
Monitor block and zone accumulation
Print certificates/cover note

Claims
Maintain claims files within each contract
Track individual, major and catastrophe losses
Monitor aggregates for reinstatement purposes

Technical Accounts
Manage Technical Account Information
Track premium reserves and releases
Generate retrocession accounts based on the inward technical account
Cross-reference inward and outward figures for a detailed audit of retrocession accounts
Process settlements
Download data to the General Ledger

Reports

The user-definable reporting capabilities of IRIS are limited only by the quality and detail of the data entered into the system. Queries "on the fly", reports to file and formal, hard-copy reports are all handled with consummate ease. Produce contingent exposure analyses, ladder charts, underwriting performance statistics, loss details, cedant results, broker results and aging analyses - or just about any kind of report your professional imagination demands. IRIS will, of course, also produce all your statutory reports, such as Schedule F in the U.S.A.

Server Network Operating System:
WindowsNT/Server 2000 or SUN Solaris or UNIX running on Intel or RISC based servers

Database RDBMS:
ORACLE v7.x / 8.x or 9.x

Client:
Windows95/98/2000/XP Pro running on PC with Pentium III 1Ghz with 64MB RAM or above