13 May Digital Contracts and Enhanced Wording Manager
Ahead of the upcoming release of B3i Re v3.0 – we would like to share more in-depth insights on the new product features. This month B3i Reinsurance Product Owner, Nazgol McGhee, talks about B3i Re’s new Digital Contracts and Facultative Reinsurance features.
Digital Contracts and Enhanced Wording Manager
B3i Re is introducing digital contracts which enable Cedents, Brokers and Reinsurers to qualify the reinsurance contract as prose and non-binding parameters to enable validations and the generation of post placement messages, which continue to integrate with reinsurance admin systems.
Enhanced wording delivers a ‘What you see is what you get’ experience to underwriters and wording specialists to manage the reinsurance contract wording with the possibility of injecting the digital parameters into the wording from the digital structure.
This is a feature that introduces higher flexibility in the contract definition, preserving the definition of key reinsurance parameters while enhancing the wording management and user experience.
Going further with Facultative Reinsurance
We are supporting the use of more parameters within the Facultative smart contract structure such as a comprehensive risk participation overview. This allows the user to choose from two options of showing the risk participation.
The new Reinsurance deductions feature enables the user full flexibility when defining the deductions within a Reinsurance contract and once legally bound on ledger, will automatically generate technical accounting items for all parties.
List of Enhancements
Improvements on Treaty and Facultative
- Supporting more parameters within the Facultative smart contract structure such as a comprehensive share participation overview and a flexible Reinsurance deductions feature.
- Enabling off-ledger contract placeholders for reinsurers outside of the application so that users can get an overview of the full Reinsurance participation on a Program or Treaty.
- User Experience improvements and User Interface enhancements based on Customer Feedback.
Digital Contract and an Enhanced Wording Manager
- Ability to create a digital contract that is prose driven.
- An enhanced wording manager has been added to all contract types to help enable the natural language and not only rely on the parameters, while still being able to inject parameters into the wording area and leverage the smart contract which automates post-placement activities.