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Optimized monthly reporting and closing process for reinsurance practices

Key messages

Setting up a reporting structure to track the reinsurance results at group level

Solve the mismatch between insurance and reinsurance claims bookings

Increased efficiency of the closing process and better view on reinsurance profitability

The author of this articleRobin Welleman - Project Consultant
This case describes how TriFinance set up an effective monthly reporting and optimized the closing process to better track the profitability of the reinsurance practices at a large Dutch insurance company.

Why TriFinance?

The client and TriFinance have a sound partnership which has been built through many years of collaboration and very good track records. TriFinance supported the client in solving many challenges in the past and keeps doing it today with a constant focus on quality and value delivery. 


We have supported the client in many challenges and we continue to do so actively today with the desire to constantly deliver the expected value and quality.

The challenge – what was the client’s issue?

Before the assignment, insurance claims were booked when they occurred but reinsurance claims were only booked at the end of the year. This created a mismatch in P&L and the client decided that a monthly view on the reinsurance results was needed. It was my job to set up such a reporting framework.

After successfully setting up a reporting structure, I performed the monthly reinsurance closing, and I increased the efficiency of the process to ensure higher data quality and faster delivery. I documented the monthly closing process so that it could easily be taken up internally. Additionally, I performed a risk analysis on the reinsurance results and created a set of formal controls to ensure risk was successfully mitigated. Finally, I was involved in regulatory reporting towards the National Bank, the regulator.

"Over a period of seven months, I gained strong insights into numerous domains. Setting up a reporting structure from scratch strongly increased my reporting and financial analysis skills. "
Robin Welleman - Project Consultant

The result – What was our solution and what did the client value most?

  • The client now has a reporting framework around the reinsurance results that allows the group to have an accurate view of the reinsurance P&L on a monthly basis. The client no longer has to wait until the end of the year to access the reinsurance results. This will allow for better monitoring and improved visualization of the different cost factors.   
  • The monthly closing process is simplified and optimized so management has earlier access to the reinsurance figures. By simplifying the process and building in controls the client has better data quality. The process can easily be taken up within the team, as a proper knowledge transfer is done and the process is clearly documented.  
  • Risks in the reinsurance closing process are successfully mitigated by setting up a system of formal controls

Learnings

Over a period of seven months, I gained strong insights into numerous domains. Setting up a reporting structure from scratch strongly increased my reporting and financial analysis skills. 

It was very rewarding to be able to completely redesign the reinsurance closing process. This experience gave a boost on my process management skills. Working within the risk team, I was confronted with risk management on a daily basis, ranging from reinsurance risk to regulatory risk management. 

For more info, you can contact Robin Welleman @ (robin.welleman@trifinance.be or 0477 27 20 35).
For more case studies take a look on our website www.trifinance.be 
 

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The author of this articleRobin Welleman - Project Consultant

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