Reinsurance integration

PolicyCenter supports reinsurance handling through integration of Guidewire Reinsurance Management or your own reinsurance management system.

Note: Guidewire Reinsurance Management is available within Guidewire PolicyCenter. To determine whether your Guidewire PolicyCenter license agreement includes Reinsurance Management, contact your Guidewire sales representative. Reinsurance Management requires an additional license key. For instructions on obtaining and installing this key, contact your Guidewire support representative.

Reinsurance is insurance risk transferred to another insurance company for all or part of an assumed liability. In other words, reinsurance is insurance for insurance companies. When a company reinsures its liability with another company, it cedes business to that company. The amount an insurer keeps for its own account is its retention. When an insurance company or a reinsurance company accepts part of another company’s business, it assumes risk. It thus becomes a reinsurer.

The insurance company directly selling the policy is also known in the industry as the insurer, the reinsured, or the ceding company. The Guidewire term for this company that directly sells the policy is insurer. An insurance company accepting ceded risks is known as the reinsurer.

The following diagram illustrates the reinsurance plugin and web service that PolicyCenter provides for integration with external systems.

The plugin lets you integrate a reinsurance system with PolicyCenter. The web service lets you integrate PolicyCenter with a claims system for the purposes of reinsurance coverage.

IReinsurancePlugin – Plugin that lets you integrate a reinsurance system with PolicyCenter. The reinsurance system can be Guidewire Reinsurance Management, or it can be your own reinsurance system.
RICoverageAPI – Web service that lets claims systems, such as Guidewire ClaimCenter, retrieve reinsurance coverage information from policies in PolicyCenter.