TIRS - Submission and Underwriting

  • Document Information

    • Customer: TIRS

    • Module: Submission and Underwriting

    • Document Version: 1.1

    • Identifier: TIRSTreatySubmissionAndUWDomainDoc_Ver 1.1

    • Status: Proposed

    • Authors: Kanishka Prajapati, Hina Naeem

    • Approvers: Ruth Lavarro, Ayesha Ahmad, Jawad Arif

    • Issue Date: January 30, 2025

Introduction

  • This document outlines the submission and underwriting processes for treaty submission in the TIRS desktop application.

TIRS Operational Unit

Submission

  • A submission is a proposal from an insurance company to a reinsurer that includes details about a risk.

  • The reinsurer decides whether to accept the risk and on what terms.

  • UW primarily decides whether to accept or reject a submission, with input from the Actuarial team.

  • Three types of submissions can be created:

    • Treaty Submission

    • Facultative Submission

    • Primary Submission

Underwriting

  • Evaluating risks, setting pricing, and determining reinsurance contract terms.

  • Underwriters assess risk exposure, calculate premiums, define coverage terms, and decide whether to accept or reject the submission.

  • Underwriting types in TIRS:

    • Treaty Underwriting

    • Certificate Underwriting

    • Policy Underwriting

Functional Details: Treaty Submission

  • Ways to create a treaty submission:

    • Creating a new submission by entering the required data.

    • Creating a new submission by copying an existing one.

    • Creating a submission by copying or renewing a treaty.

Creating a New Submission

Steps

  1. Go to File → New.

  2. A popup will appear with different options.

  3. Select Treaty Submission and click OK.

  4. A new blank submission screen will open.

  5. Input data for mandatory and non-mandatory fields.

  6. After entering data in all required fields in General Information tab, click the Save icon.

  7. A submission number is assigned.

  8. A pop-up appears with two buttons to send the acknowledgement letter:

Creating a New Submission by Copying an Existing One

Steps

  1. Open a submission from which new submission need to create.

  2. Click Activities → Submission → Copy.

  3. A Copy Submission pop-up will appear, allowing the user to input the submission number.

  • Checking "Include Submission Notes" copies any existing notes to the new submission.

Creating a Submission by Copying or Renewing a Treaty

Steps for Renewing the Treaty
Prerequisite

  • Treaty will be only renewed if it is expired or canceled.

  1. Navigate to Underwriting à Activities àTreaty.

  2. Select the Renew option.

  3. The system will display a confirmation message in a popup. Click OK.

  4. The user will be redirected to the Submission page, which will display the renewing Treaty Number.

Submission Detail Section - All Tabs

Tabs

  • General Information

  • CA Modeling

  • Electronic Folder DMS
    Note: In all these 3 tabs some fields are in read-only mode and some required input from the user.

Submission → General Information Tab

  • Includes text and financial fields.

  • Data provided here will be utilized further in the underwriting.

Key Fields
Name

  • Editable text field for the submission's name/description.

Group

  • Editable drop-down menu listing business-specific groups in TIRS.

Division

  • Read-only field displaying the business nature, auto-filled based on the selected sub-department.

Department

  • Read-only field indicating the department the submission belongs to, auto-filled based on the sub-department selection.

Sub-Department

  • Editable drop-down menu listing available sub-departments, each configured for specific business needs or groups.

Submission Group

  • Editable drop-down menu listing available Submission Groups.

Ceding Company

  • Editable text field with a counterparty search button.

Broker

  • Editable text field with a Counterparty Search Button.

Underwriter

  • Editable drop-down menu listing available underwriters.

TA, RA, CA (User Roles)

  • Editable drop-down listing available TA, RA, and CA in TIRS.

Treaty Type

  • A drop-down list in TIRS specifying contract/agreement types.

Line of Business

  • A drop-down list in TIRS containing all business types handled.

Company Domicile

  • A drop-down list in TIRS containing the ceding company's country.

Exposure Territory

  • A drop-down list specifying the geographical area covered under a treaty/contract.

Layer

  • Represents the breakdown of risk coverage in a submission.

MGA

  • An editable text field with a Counterparty Search Button to select the required MGA Feed Provider.

Base Currency

  • A drop-down menu listing available currencies.

Branch Office

  • A drop-down menu listing the ceding company's branch offices in TIRS.

Status

  • A drop-down menu listing submission status.

Final Disposition

  • A drop-down menu listing the status of the submission/deal.

Assigned Treaty No

  • A read-only alphanumeric field showing the assigned treaty number after treaty Creation.

Renewal Treaty No

  • A read-only alphanumeric field displaying the renewed treaty number with the new underwriting year.

Last Update

  • A date field records the most recent change to the submission screen in MM/DD/YYYY HH:MM:SS format, regardless of the user's region.

Received Date

  • A date field (MM/DD/YYYY) records the stamped date when the submission document was received, regardless of the user's region.

Effective Date

  • A date field (MM/DD/YYYY) records the effective date of the policy, regardless of the user's region.

Quote Date

  • A date field (MM/DD/YYYY) records the date when the submission was first quoted, regardless of the user's region.

Quote Expiration Date

  • A date field (MM/DD/YYYY) records the quote's expiration date, regardless of the user's region.

  • After this date, the quote needs to be re-entered.

Contact and Ceding Broker Contact

  • An editable drop-down field containing the name and email of the Ceding/Broker.

100% Treaty Limit

  • A numeric field representing the maximum treaty limit.

  • Exceeding this limit prompts a warning when creating a claim.

Retention Amount

  • A numeric field representing the ceding company's portion of a submission.

  • The reinsurer becomes liable if the risk exceeds this amount.

100% Subject Premium

  • A numeric field saving the premium collected by the ceding company for a submission.

  • Used to calculate the reinsurer’s premium share.

100% Subject SA

  • A read-only numeric field saving the total coverage amount issued by the ceding company.

TRC Financing Amt

  • A read-only numeric field showing the total coverage amount provided by the reinsurer and users cannot update this field.

Rate

  • An editable whole number with six decimal places representing the premium rate for the submission.

Estimated Premium

  • An editable numeric field showing the premium amount calculated by multiplying the rate with '100% Subject Premium and users can modify the premium amount as needed.

Authorized Line %

  • An editable whole number with six decimal places representing the maximum authorized percentage for negotiations.

Estimated Signed Line %

  • An editable whole number with six decimal places representing the estimated participation percentage assigned to an underwriter.

Co-Insurance Factor %

  • Specifies the percentage of the treaty limit that the reinsured retains.

Margin Percentage

  • An editable whole number with six decimal places representing the profit margin a reinsurer expects to cover from the deal.

Authorized TRC Limit

  • A read-only numeric field showing the reinsurer's authorized liability limit for the submission. This value is system-calculated.

Signed TRC Limit

  • A read-only numeric field showing the reinsurer's signed liability limit. This value is system-calculated.

Authorized TRC Premium

  • A read-only numeric field showing the reinsurer's authorized premium amount for the submission. This value is system-calculated.

Signed TRC Premium

  • A read-only numeric field showing the reinsurer's signed premium amount for the submission. This value is system-calculated.

Created

  • A system-generated read-only field showing the date when the submission was created.

Approver

  • A drop-down field listing active users with the necessary privileges.
    Users select an approver from the list.

Approve Date

  • A system-generated read-only field showing the date when the approver is selected.

New/Renewal

  • A radio button specifying if the submission is new or a renewal.

  • The system selects this by default for the respective submission type.

Pro Rata

  • A submission type where the ceding company shares premiums and losses with the reinsurer at a predetermined percentage.

XOL

  • A submission type where the reinsurer pays for losses exceeding the ceding company’s limit.

Confidentiality Agreement

  • A checkbox indicating if the treaty is subject to a confidentiality agreement.

Submission → Electronic Folder (DMS)

  • This tab stores processing documents related to a submission, which the reinsurer requires from the ceding company.

  • Originating Source: Child submissions where a document is auto-added will display "AddIndex" in this column.

  • Document Filtering: Users can filter documents by type using the drop-down menu at the top right.

Electronic DMS Tab – Button Functions

Select All

  • Selects all documents in the list.

Unselect All

  • Clears all selected documents.

View Document

  • Select the document to view and click the View Document icon.
    The document will open in a new browser window.

Delete Document

  • Removes the document that no longer required for the business or wrong document was uploaded.

Xref Document

  • Users can view Cross-Referenced documents for each document by selecting a Display Xref option:
    None – Hides cross-referenced documents.
    All – Displays cross-referenced documents for all documents.
    Selected – Displays cross-referenced documents for the selected documents.

Archive Document

  • Saves the document in the system for record-keeping.

Download Document

  • User can download the selected document.

History Document

  • Displays the document’s version history and changes.

Refresh Document

  • Updates the document list to reflect the latest changes.

Treaty Submission Module Activity → Sub Menus

  • This menu offers a variety of options to access the system and carry out operations relevant to the Treaty Submission process.

Treaty Submission Activities → Underwriting

  • When the submission status is "Completed”, and the final deposition is "Bound" the activity menu option is enabled if user confirms the message to create a treaty for submission.

Treaty Submission Activities → History

  • This will maintain all the changes made after the treaty's activation in the following columns, ensuring a clear record of modifications:
    TableName: This displays the table name in which updates are made.
    ColumnName: This column specifies the unique name of column within table for which changes are made.
    PreviousValue: The purpose of this free text field column is to maintain the older value for the audit purpose.
    NewValue: The purpose of this free text field column is to maintain the new value for the audit purpose.
    ModifiedBy: This column displays the name of the user who made update.
    ModifiedDate: This column displays the date and time in the format of MM/DD/YYYY HH:MM: SS of the update, irrespective of user’s region.

Approvals

  • Name, Signature, Date details about Ruth Lavarro, Ayesha Ahmad, Jawad Arif are required during the approvals.