(DataCede homepage screenshot.)
IDP, (Wyncote, Pa.) a developer of software and SaaS services for the property/casualty insurance segment, has launched IDP Reinsurance Services—powered by CedeRight, through a new partnership with DataCede (Princeton, N.J.) and IDP’s status as an authorized reseller of the CedeRight Reinsurance Administration System.
“Working with P&C insurer clients of all sizes, it was easy to see the need for comprehensive reinsurance functionality across the spectrum,” comments Dave Kerford, president, IDP. “DataCede’s reinsurance services solution, combined with IDP’s SaaS-based core systems and services fill that need perfectly and deliver benefits for the entire insurance value chain.”
“During the past year, IDP and DataCede teams have worked together to implement the CedeRight Reinsurance Administration System for a key customer,” says Phil Masin, EVP, Sales and Operations, DataCede. “As part of the IDP value proposition, CedeRight gives P&C insurers the opportunity to administer and process reinsurance simply, while also providing workflow and operational efficiencies.”
Significant Cost Savings
IDP asserts that property/casualty insurers can realize significant cost savings and streamline reinsurance administration work by leveraging IDP Reinsurance Services—powered by CedeRight, which provides what the vendor characterizes as robust features out-of-the-box with short implementation times while eliminating huge licensing fees, maintenance fees, and upgrade charges.
This SaaS solution supports all complex reinsurance structures, including treaty and facultative, assumed and ceded, quota share/proportional, excess of loss, and more, according to IDP. Additional key features include what the vendor calls powerful automation processes for billing production, a comprehensive audit trail for all calculations, statements, and bordereaux reports, and robust reporting capabilities with real-time reports.