Delphi Technology, Inc. Introduces Enhanced Version Of OASIS Reinsurance System
Boston, TX - Delphi Technology, Inc. (dti), an established provider of technology solutions to the property and casualty insurance market, recently launched an enhanced version of its OASIS Reinsurance (OASIS Re) system. Available for immediate delivery, the newest release of the OASIS Reinsurance system offers insurers comprehensive treaty and facultative reinsurance processing for improved management of reinsurance programs. Already running in a production environment at dti client, OHA Insurance Solutions, OASIS Reinsurance is also currently being implemented at four additional dti client sites. The OASIS Re solution is available through a traditional software license or through dti's hosting option.
Designed to work with any primary policy or claims system, the enhanced OASIS Re system includes extensive new functionality to further streamline the operation, improve cash flow, and provide more timely, accurate and consistent reporting. With OASIS Re, dti clients are better equipped to provide accurate and complete identification of claims to their reinsurers, more aggressively manage aging recoverables, and leverage the system's business intelligence capabilities for greater insight into their reinsurance program.
OASIS Re user, Ralph Burnheimer, Chief Financial Officer with OHA Insurance Solutions, commented, "dti's OASIS Re solution has proven to be an ideal fit for our reinsurance needs. Not only does the system provide the functionality and information we need to most effectively manage our reinsurance program, but it is also easy to use and extremely flexible. But, the system is only half the solution – the quality service and support provided by dti's team has been just as important."
Commenting on the OASIS Re launch, Sam Fang, dti's President, said, "The entire dti team is committed to continually raising our product bar with unmatched flexibility, enhanced functionality, and the highest quality service and support. But, our clients also deserve a lot of the credit. We appreciate their loyalty to dti as well as their ongoing and honest communications with our team. The enhancements to OASIS Re are a direct result of their input and feedback."
Highlights of the OASIS Re system include:
- Ability to handle and balance multiple expense options
- Extensive clash processing, including interlock, "involved claim" wording, & occurrence versus policy aggregate limits
- Automatic recalculation of claim cessions, highlighting prior period adjustments and booking them to the current accounting period
- Automatic management of inner and outer aggregate deductible, commutations, and novations while maintaining actuarial integrity of the ceded claim history
- Ability to control and modify clash events within the system and/or using host system controls
- All contract information stored in tables and maintained by the user
- Support for all treaty reinsurance structures QS, pro-rata, XL, cat, stop-loss, and clash
- Facultative contracts are maintained in OASIS Re; no manual intervention is needed to apply fac to claims
- Automatic retroactive re-ceding is triggered when contract terms change
- Multiple, simultaneous expense rules can be handled
- Reopens of old claims are handled automatically
- Cessions to insolvent companies are maintained in case of future recovery
- Monthly snapshots of aged, earned, and incurred by treaty, reinsurer, and class of business are maintained
- Reinsurance is controlled at participant level
- Multiple inuring relationships, and layering, are supported
- General Ledger interface and cash processing are at item, treaty, or participant level
- Produces proofs, notices, and bordereaux
- Support for companion claims, loss funds, letters of credit, aggregate deductibles, sunset clauses, specials claims, "back door" corrections, for special cases that fall outside of OASIS such as IBNR changes
SOURCE: Delphi Technology, Inc.