GRS Cloud is KTG's comprehensive Cloud business and accounting solution designed to support Property and Casualty reinsurance companies’ activities for all lines of business. Hosted on the Microsoft Azure Cloud platform, GRS Cloud includes a single system platform which enables the processing of all reinsurance business on a single, fully integrated and customizable platform to meet your specific business requirements. GRS Cloud provides flexible financial control of your reinsurance processes, while providing full support for all auditing requirements and statutory compliance.
The Key Features
REPORTING & ANALYSIS
- Improved efficiency
- Support for Multi-Company and Multi Currency processing
- Information maintained in a single repository
- Accurate premium calculation and superior claim recovery functionality
- Consolidated view of liabilities and risks
- Secure and accurate operational activities
- Fully-automated reinsurance calculations and processes
- Complete audit and detailed tracking of processes
- Fully integrated workflow covering all reinsurance activities and business processes
- Open Architecture with integration with document management systems including ImageRight® and SharePoint®
- Assumed and Ceded submission to fully bound contract workflow
- Full support for all reinsurance contracts types – property, casualty treaty and facultative, proportional and non-proportional
- Easy and simple method to amend and endorse contracts
- Fully automated retroactive processing support for late placements and for mid-term changes in assumed or ceded contracts
- Easily link Assumed business to ceded covers
- Built-in workflow to perform claim validations - check for duplicates, special conditions, limits, etc.
- Ability to quickly and easily set up a precautionary claim, which requires less detail
- Easily integrate to document repository
- Ability to easily post transactions to a claim and assign related catastrophe. Transactions can be reserves, recoveries, payments, expenses, etc...
- Pre-approval limits can be established at a line of business level so that transactions booked which result in a payment are automatically subjected to defined approval workflow
- ACORD® e-Messaging integration
- Integrated cash/accounting subsystem that can easily interface with any back-end GL/AP systems
- Automated installments generation based on Minimum and Deposit schedule defined for Assumed and Ceded contracts
- Automatic retrocession processing based on pre-defined rules and assumed contract setup
- Automatic "Reverse/Rebook" process when contracts are amended or endorsed
- Period Close Activities
- Assumed transactions automated run through ceded links to create ceded transactions
- Make adjustments or post bulk entries through Bulk XoL (upload facility available)
- Integration with Actuarial reserving, ability to quickly import continued adjustments to meet Actuarial Quarterly requirements for IBNR
- ACORD® e-Messaging integration
- Key standard reports for Underwriting, Claims and Finance in MS Excel®
- Supports OLAP repository and multi-dimension analysis
- Supports Triangular reporting by various dimensions (UW Year, Accounting year, Accident Year, Reserving Class, Event)
Why GRS Cloud ?
GRS Cloud is the Microsoft Azure Hosted Cloud offering of the GenSphere Reinsurance System. A nimble, integrated and scalable business and accounting solution designed exclusively for Property and Casualty reinsurance companies.
Please download our brochure to find out more.