Reinsurance Accounting

Reinsurers receive a huge amount of data in a wide variety of formats. The main entry point of the data are the technical accountants who need to check these cedents files and to book the figures in their accounting environment.

Then, several issues raise:

• Lack of time due to the variety of formats and number of files to deal with
• Financial risks due to non-consistency between seriatim data, statement of accounts and treaty wordings
• Large amount of data non-used preventing accountants to correctly check their data, underwriters to use more accurate figures for renewals and valuation actuaries to use them to improve model assumptions (especially with IFRS 17 needs)

OSIRIS Enterprise provides a data management environment on which:

1. Import: accountants upload cedents' data at the finest level available in a lot of different formats: text, excel, databases, pdf, images, etc
2. Data selection: machine learning and scoring algorithms suggest them how to standardize the uploaded data based on the OSIRIS configurations and past uploaded files
3. Standardization: accountants can accept, modify or reject these suggestions based on their knowledge of the portfolio and cedents' files. OSIRIS manages the standardized data storage in several databases
4. Validation: data are available for checks and reports, so that accountants can validate their consistency with expected figures or treaty wordings: generate a statement of account, process a commission rate check, etc
5. Adjustements can be done if necessary to enrich the data directly into OSIRIS
6. Usage: OSIRIS offers many services to use standardized and qualified data. Accountants can generate upload files for the accounting environment, actuaries can use them for pricing, reserving or modelling calculations

On that business case the three main benefits for our clients are the following ones:

• Time saving on manual tasks to focus on checks and other accountants responsabilities
• Data quality improvement and complete audit trail of all data treatments
• DataLake available for the entire internal community to answer to the different needs of the company