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Initiatives Strategy Purpose: To improve the effectiveness and efficiency of RAPA member's reinsurance understanding and processes. The initiatives work.

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Presentation on theme: "Initiatives Strategy Purpose: To improve the effectiveness and efficiency of RAPA member's reinsurance understanding and processes. The initiatives work."— Presentation transcript:

1 Initiatives Strategy Purpose: To improve the effectiveness and efficiency of RAPA member's reinsurance understanding and processes. The initiatives work streams provides the opportunity for members to work together on education, training, and to benefit from robust collaboration with industry experts within the working groups. Reinsurance Administration Professionals Association RAPA Initiatives Want to join an Initiative? Just contact one of the leads Education: Dalia Khoury, Optimum Re Data: Genevra Pflaum, Hannover Re Audit: Garfield McIntyre, Munich Re Thinking of a new initiative? Submit your suggestion to Tom Hartlett or Greg LaRochelle

2 Purpose Develop training material in case study format to illustrate the impact of processing. The document will include real life examples with fictive names in order to keep the confidentiality of the material. Topics:  Financial Impact to Business Rules (System)  Financial Impact to Conversion Process (File Mapping) assumed side to retro Deliverables & Milestones 1)We have 2 to 4 sub-groups tackling different topics. Each sub group is working one topic to complete documentation on by June Other topics will be noted for future target dates 2)Any additional topics will be decided on in the later part of 2014 Education Initiative Members (sub-groups)  Dalia Khoury, Optimum Re  Looking for volunteers Business Rules Conversion Process

3 Purpose Create a document for Guidelines for Reinsurance Reporting, in essence a document of best practices for specific areas of reinsurance administration and data quality. The document will include information, samples and realistic scenarios. Topics:  Reporting Issues  Communication/Notifications  Data Quality  Conversions  Taking a Treaty from paper to system implementation  Treaty Compliance  Samples of typical reinsurance reporting, i.e. Policy Exhibit, Transaction files, etc Deliverables & Milestones 1)We have 5 sub groups tackling different topics. Each sub group is working on 2-3 topics to complete documentation on by April Other topics will be noted for future target dates. 2)Any additional topics will be decided on in the later part of 2014 Data Initiative Members (sub-groups)  Genevra Pflaum, Hannover Re  Rhonda Nielsen-Jackson, Hannover  Ellen Fedorowicz, Jackson National  Rajesh Kavuru, Swiss Re  Betsy Russell, Munich Re  Lisa Sher, Scor Re  Melinda Bynoe, Hannover Re  Robert McCloskey, RBC insurance  Par Kambo, RBC Insurance  Clay Fowler, Scor Re  Lynn Martone, Swiss Re  Laurie Barrett, Amica  Duane Pfaff, ING Re  Diana Aversa, Pacific Life  Grace Sirianni, Munich Re Guidelines Reinsurance Reporting

4 Purpose To develop tools and techniques to provide guidelines on reinsurance audit methodology and approach. This may include an update to the current available resources to reflect leading practices, develop a standard audit program that can be modified as needed, and providing relevant training on auditing techniques. Topics:  Reinsurance auditing trends  Leading reinsurance auditing practices  Update the available auditing resources (i.e. the “Operational Risk Management” book) in order to share relevant auditing methodology, leading practices, and tools.  Provide relevant training to auditors within the reinsurance industry using the framework within the “Operational Risk Management” book. Deliverables & Milestones 1)Intent is to brainstorm auditing trends and develop potential leading practices by 2Q – 3Q )Develop a standard audit program, that can be customized as needed during 3Q – 4Q )Align the Operational Risk Management book by updating it to reflect the latest auditing trends, leading practices, and available tools that are being used in the industry during 3Q2014 – 2Q )Provide a break-out training session (2 – 4 hours) during the 2015 fall conference, and periodically going forward. *Note: The agreed deliverables and timeline will be determined after initial committee meeting(s) are held. Audit & Compliance Initiative Members (sub-groups)  Garfield McIntyre, Munich Re  Looking for volunteers Operational Risk Management


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