Hallmark Financial Services has selected StoneRiver’s Freedom Reinsurance System, designed to meet P&C insurer needs in calculating premium and claims cessions, the company announced today.
Hallmark will interface multiple data sources with FRS from at least two data repositories, such as a policy/ claim admin system or data warehouse, greatly differing from traditional practices. Its decision to implement StoneRiver’s software was based on its affordability and ability to handle complex reinsurance programs, the company said.
“Today, reinsurance administration is extremely labor intensive,” said Jeff Passmore, Senior Vice President and Chief Accounting Officer of Hallmark, in a statement. “Automation will speed up the compilation and review process of our reinsurance calculations, and streamline billing, collections, and annual statement reporting. Furthermore, the time savings anticipated from implementing FRS will allow our resources to focus on more strategic initiatives.”
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