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IT solution for clients

Challenge Group has its own insurance/reinsurance accounting software that is especially designed to cater for the needs of an insurance/reinsurance company or a captive.

The basic elements of this software include:

  • Policies, class of insurance, type of reinsurance
  • Date/Period
  • Currency
  • Geographical/Territorial
  • Business partners – clients, reinsurers, brokers and so on
  • Portfolio and Layering
  • Schedule of premiums
  • Claims
  • Preliminary Loss Advice, Definite Loss Advice, Cash Calls
  • Statistics on a weekly monthly, quarterly or annual basis
  • Management Accounts
  • Reserves Calculations
  • Balance Sheet
  • Financial Reports for LFSA

The program is also equipped with additional features that can help with reconciliation, monitoring, reporting and analysis. These include:

  • Monitoring of outstanding payments
  • Liability of Reinsurance Contract Report
  • Notifications/Alerts
  • Attachment of documents
  • Notice of inconsistencies
  • IBNR
  • Reserves UPR and losses

Our IT solutions are one of our most fundamental assets and we are always looking for ways to enhance the features we offer, so we can cope with the latest demands of the market. The application and database are kept on Challenge Group’s server, which is accessible from anywhere in the world, as long as you have an internet connection and authorization.

Materials
Challenge Group Presentation
Agricultural Insurance
Additional services
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News
07.06.2017
The event is a joint effort between Labuan IBFC and the Labuan International Insurance Association, an association representing the insurance and risk management industry in the jurisdiction. The conference will highlight the benefits of self-insurance, with special focus on captive insurance...
11.01.2017
On10th January, Insurance Institute of London (IIL) held a lecture on a new reinsurance player in the Russian market – Russian National Reinsurance Company (NRC). Mr. Nikolay Galushin, the president-chairman of NRC, was invited to update the London market on NRC’s current opportunities...