RFS
The ROOM Financial Solution (RFS) generates financial data for all statutory and management reporting, enabling you to meet financial reporting requirements cost-effectively and with ease. For multinational operations, RFS will generate all the data needed to support highly efficient production of regulatory returns for the jurisdiction in which each legal entity operates.
RFS has been designed to meet the reporting requirements of insurance organisations through the following industry-specific capabilities:
- Generation of financial position – for each policy to date, taking into account written and earned premiums, written and accident year claims, deductions and other costs, as well as the inception and earnings profiles at your class of business or individual risk level.
- Policy specific and general expenses – the allocation is managed via the application of rules based on the accounting principles of the legal entity and/or your parent organisation.
- Generation of future financial performance projections – for each policy and class of business.
- Production of IBNR figures – from your actuarial estimates of ultimate performance ratios.
Powerful Processing Engines
The RFS processing engines manage and control the transactional data taken from policy administration and financial ledger systems. RFS will calculate your proportional reinsurance premiums and recoveries, net of reinsurance figures, for facultative, proportional and excess of loss reinsurance through the following processing engines:
- Premium Earnings Engine
We ensure compliance with US and UK GAAP reporting standards by incepting and earning the premium in line with the nature of the risk.
- Claims Engine
Accident years are allocated to claims to enable reporting and analysis of those accident year claims against earned premiums.
- Reinsurance Engine
This calculates incepted and earned premiums for proportional treaty and facultative reinsurance and uses forecasted premium to gain a materially acceptable basis for incepted and earned premium in respect of excess of loss reinsurance policies.
- IBNR Calculation Engine
A user-defined loss ratio is applied against the premium income, in order to calculate incurred losses, on an earned or written premium basis.
RFS streamlines all operational procedures for reporting and credit control, which enables your finance department to enrich the support it provides to the executive team.
Contact us to speak to a member of our team about RFS, ROOM’s financial system.
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