ELRAC - Electronic reinsurance accounting
Have you ever wished there was an easier way to carry out your reinsurance business? Statements at the click of a mouse rather than vast amounts of paper and faxes? Simple and less time consuming? ELRAC - the Electronic Reinsurance Accounting tool - makes these wishes come true.
ELRAC is a web-based application which enables you to process your reinsurance business on the internet by using tailor-made templates. The basis for an automatic creation of statements are shared contract data and common rules. The contract structures and terms will be used as a basis for the processing of technical information. You only need to add premium and loss information, and the application then prepares the statement or claim transaction automatically.
As our client, ELRAC offers you significant advantages in order to:
Simplify the processing of reinsurance accounts (automatic generation)
Shorten processing times
Reduce transaction costs
Ease the access to specialist knowledge through the advance provision of all the information necessary for the preparation of reinsurance statements.
ELRAC is aimed at clients who are mainly processing their reinsurance accounts manually and who are interested in using new technologies. Currently, the following services are available:
- Contracts: all relevant contract information for accounting purposes can be viewed at any time
- Technical Accounting: generation of statements of account for obligatory and facultative reinsurance business, fully automated calculation of profit and loss accounts (profit commission, sliding scale commission, premium adjustment, no claim bonus and loss participation)
- Claims Handling: loss advices and cash claim requests can be issued for a whole reinsurance program
- Financial Accounting: easy generation of financial statements of account to support the management of the current account
- Language support in English, German, Spanish, French, Italian and Portuguese. Retakaful version is also available.