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System and method for reinsurance placement

A technology for risk and communication applications, applied in data processing applications, special data processing applications, finance, etc.

Inactive Publication Date: 2005-01-19
SWISS REINSURANCE CO LTD
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  • Summary
  • Abstract
  • Description
  • Claims
  • Application Information

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Problems solved by technology

[0023] This process is repeated periodically as reinsurance products are typically reviewed and repriced annually unless market conditions dictate more frequent action

Method used

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  • System and method for reinsurance placement
  • System and method for reinsurance placement
  • System and method for reinsurance placement

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Embodiment Construction

[0114] Embodiments of the present invention are a process manager, document management system, and collaboration platform for generating, managing, and disposing of reinsurance documents. The present invention accompanies the parties involved throughout the creation, management and disposal of reinsurance documents, facilitating interaction in a standardized and user-customized manner - including management and storage of related documents and data.

[0115] All (insurance) cedents and reinsurers have a convention that neither party wants to give up. In fact due to their hierarchical structure, the internal business processes they set up, and the software already used for contract management, accounting and pricing. With these characteristics in mind, the process manager of the present invention includes two systems: the cedent system and the reinsurer system. Each system can be highly customized to suit the requirements of all parties.

[0116] figure 1 An overview of the ...

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Abstract

A system and method for facilitating the placement of reinsurance, the method involving a cedent collecting risk data to determine if a need for reinsurance exists, and, if so, preparing a renewal package containing data reinsurers need to provide a quotation. A renewal package includes programs, possibly in different combinations, to be sent to different selected reinsurers. The renewal package is dispatched to the reinsurers, who evaluate it and return quotations. The cedent evaluates the quotations, benchmarks prices, negotiates, and agrees to a final reinsurance program structure, written share, and price from chosen reinsurers. The chosen reinsurers forward written share proposals to the cedent, who evaluates the proposals and captures a final share and price. The cedent and chosen reinsurers sign off on the final share and price.

Description

[0001] This application claims priority to Application Serial No. 60 / 328,441 filed October 12, 2001 in the United States, which is hereby incorporated by reference in its entirety. [0002] A part of the disclosure of this patent document contains the subject matter protected by copyright. The copyright owner has no objection to facsimile reproduction by anyone of the patent document or patent disclosure, but does object to all copyright rights as they appear in the Patent and Trademark Office patent files and files. technical field [0003] The present invention relates generally to the insurance and reinsurance industries, and more particularly to systems and methods for the origination and placement of reinsurance. The present invention provides direct insurers with a reinsurance origination and placement tool that can be accessed as a stand-alone tool or combined with tools from reinsurers. Background technique [0004] Reinsurance is the insurance against the risks of ...

Claims

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Application Information

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Patent Type & Authority Applications(China)
IPC IPC(8): G06Q40/00
CPCG06Q40/08
Inventor 西尔维娅·斯坦曼
Owner SWISS REINSURANCE CO LTD
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