FRS - Freedom Reinsurance System

Reinsurance processing is one of the most complex and labor-intensive processes you face. Automating the process would save time and frustration, as well as reducing the margin for error.

Comprehensive Solution for Ceded Reinsurance Processing

FRS is the answer to the property and casualty insurance community's request for a comprehensive, fully automated, and cost-effective package to handle ceded reinsurance processing. From calculating your premium and claims cessions to providing the data for your Schedule F outputs.

FRS Provides reinsurance administrative functions from contract definition through claims, accounting and cash to year-end statutory reporting.

Based on Proven Technology

FRS holds IBM ServerProven® validation. Although FRS is not limited to IBM servers, this designation assures IBM customers that the system will run smoothly, quickly and reliably with their equipment.

FRS is designed to improve accuracy in the premium calculations and to ensure that the primary carrier receives its proper recoverables. At intervals selected by the user, the system creates premium and claims cessions using the contents of contract master files, and the company's premium and claims files. These great benefits provide more control over all reinsurance processing functions:

Powerful Calculations Based on User Criteria

Both facultative and treaty cessions are calculated, including quota share, excess, catastrophe excess and aggregate excess of loss. Premiums can be ceded on either a written or earned basis, and the system will handle both fixed and sliding commissions. The system allows for maximum flexibility in applying both facultative and treaty cessions, since the user can create any criteria necessary for cessions easily when the contract records are built. The system is integrated with Freedom Annual Statement software to enhance schedule F reporting.

The base system provides standard reports with the option to create customized reports using a report writer package.

Would you like to learn more about Fiserv Reinsurance solutions? Register for a free webinar led by our reinsurance specialists, or contact us for more information.