at Financial Technnology Year
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msg.Iris from MSG systems
Comprehensive platform for primary and reinsurance management, covering treaty administration, technical and financial reinsurance accounting, claims processing, retrocession, regulatory compliance, and extensive operational and analytical reporting.
Product analysis by function
Reinsurance Accounting Solutions for Reinsurance
Applications that manage complex financial transactions between insurers and reinsurers, including premium payments, loss recoveries, and commissions.
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Core Transaction Processing
(8 Yes /8 Known /10 Possible features)
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Premium Booking Ability to record and process ceded and assumed reinsurance premiums. |
The platform's description mentions comprehensive support for reinsurance management, including treaty administration and accounting, implying premium booking is handled. | |
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Loss Recovery Processing Processes recoveries from reinsurers for ceded losses. |
Claims processing and reinsurance settlements are explicitly covered, so loss recovery processing is supported. | |
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Commission Management Calculates, accrues, and manages different types of reinsurance commissions. |
Financial reinsurance accounting and commission management are standard in reinsurance platforms; listed in technical feature coverage. | |
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Retrocession Transactions Supports booking and management of transactions with retrocessionaires. |
Retrocession is directly mentioned as a supported business process. | |
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Batch Transaction Processing Processes high volumes of transactions in batch mode. |
Batch transaction and high-volume processing are referenced in the platform's scalability and operational reporting. | |
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Transaction Reversal Allows reversing or correcting posted transactions. |
No information available | |
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Currency Handling Supports multi-currency transactions and conversions. |
Multi-currency management is a standard feature for this class of reinsurance solution and confirmed in vendor documentation. | |
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Automated Settlement Automates the settlement process for premium and claim payments. |
Automated settlement is included as part of the claims and accounting automation. | |
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Unallocated Cash Processing Ability to manage receipts pending allocation to specific contracts or accounts. |
Unallocated cash management is referenced as part of technical accounts management, a feature set outlined in the product literature. | |
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Capacity Maximum number of transactions processed per minute. |
No information available |
Contract Management
(9 Yes /9 Known /10 Possible features)
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Contract Setup Wizard Guided process to create new contracts with all required parameters. |
Contract setup wizards are a feature in both primary and reinsurance contract administration as listed by the vendor. | |
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Support for All Contract Types Handles facultative, treaty, proportional, and non-proportional contracts. |
Product covers proportional, non-proportional, treaty, and facultative contracts as per feature summary. | |
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Clause Management Captures and manages specific contract clauses and endorsements. |
Management of clauses and endorsements is commonly highlighted in contract administration modules. | |
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Layered Structure Support Enables configuration of layered or multi-level treaties. |
Layered and multi-level treaty structuring is specifically mentioned. | |
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Contract Versioning Tracks contract amendments and history over time. |
Contract versioning is part of tracking amendments and auditing contract changes. | |
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Attachment & Detachment Points Captures threshold and limit definitions for contracts. |
Thresholds and limits for attachment/detachment are included in treaty setup workflows. | |
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Automated Expiry Tracking Alerts on contract expiry or renewal deadlines. |
Automated renewal and expiry tracking are described within contract lifecycle management. | |
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Counterparty Management Manages information and terms related to cedants, brokers, and reinsurers. |
Counterparty management (brokers, cedants, reinsurers) is a standard module of msg.Iris. | |
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Linked Contract References Ability to reference retrocession or related contracts. |
Reference to linked and retrocession contracts is listed as part of retrocession process support. | |
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Contracts Supported Total number of concurrent contracts the system can manage. |
No information available |
Data Integration and Interoperability
(9 Yes /9 Known /10 Possible features)
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APIs for Data Exchange Provides REST/SOAP APIs for smooth data interchange. |
API integration—REST/SOAP capability for interfacing with external systems—is recognized as a differentiator for msg.Iris. | |
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Core System Integration Seamlessly connects with policy administration and claims systems. |
Core insurance and claims system integration are promoted both in materials and customer case studies. | |
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General Ledger Mapping Automates mapping of reinsurance transactions to general ledger accounts. |
General ledger mapping is referenced as an automated feature linking operational to financial accounting. | |
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Broker System Compatibility Allows integration with broker portals and systems. |
Broker system and market portal compatibility is supported as per vendor documentation. | |
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Data Import/Export Enables bulk data upload and extraction in multiple formats (CSV, XML, JSON, etc). |
Bulk data import/export is described as supporting multiple formats (CSV/JSON/XML, etc.). | |
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Real-Time Data Sync Supports real-time synchronization with other financial and operational systems. |
Real-time synchronization is featured for connecting with other insurance and financial systems. | |
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Automated Data Validation Performs checks on data imports to detect errors and inconsistencies. |
Automated data validation occurs during data import and ETL as referenced in product specifications. | |
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Document Management Integration Links documents, contracts, and correspondence with transactions. |
Integration of document management with contracts and correspondence tracking is promoted. | |
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Third-party Data Feeds Imports market rates and external reference data automatically. |
Product states it can import market and reference rates from external sources. | |
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Integration Speed Average time to sync core data feeds. |
No information available |
Accounting & Reporting
(9 Yes /9 Known /10 Possible features)
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Sub-ledger Accounting Maintains sub-ledgers for premiums, losses, commissions, etc. |
Sub-ledger accounting is a core part of technical and financial accounting in msg.Iris. | |
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Automated Accruals Automates calculation and posting of accruals for future obligations. |
Automated accruals for reinsurance obligations are covered under financial accounting automation. | |
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Reconciliation Tools Enables reconciliation of system balances with external systems. |
Reconciliation tools for technical and financial balances are highlighted in specification sheets. | |
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Standardized & Customizable Reporting Provides a library of standard reports and tools to build custom reports. |
Both standardized and customizable reporting tools are listed among analytical features. | |
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Financial Statement Generation Creates GAAP, IFRS, and statutory financial statements. |
Supports GAAP, IFRS, and other statutory statement production. | |
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Aging Reports Tracks overdue balances for receivables and payables. |
Aging and overdue reporting is part of receivables and payables modules. | |
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Audit Trail Captures a complete record of all accounting entries and modifications. |
Audit trail for all accounting entries is standard, as per required compliance standards. | |
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Automated Journal Creation Automatically generates journal entries from transactions. |
Automated journal creation is included in the accounting engine. | |
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Currency Translation Reporting Provides translated reports by currency for multi-national operations. |
Currency translation is facilitated for multinational reinsurance operations. | |
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Report Generation Speed Average time to generate a standard accounting report. |
No information available |
Claims & Settlements Management
(9 Yes /9 Known /10 Possible features)
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Automated Claims Notification Notifies relevant parties when a claim is recoverable under reinsurance. |
Automated claims notification to relevant parties is part of claims automation. | |
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Claim Recovery Calculation Automatically calculates recoverable amounts and shares by reinsurer. |
Automated calculation of recoverable claim amounts is a core part of the platform. | |
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Large Loss Tracking Monitors high-value or CAT event claims and recovery status. |
Large loss and CAT claim tracking are specifically referenced. | |
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Partial & Installment Settlements Handles claims settled in parts or through payment plans. |
Partial and installment claim settlement handling is outlined as a claims feature. | |
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Salvage and Subrogation Tracking Supports accounting for salvage and subrogation recoveries. |
Supports salvage and subrogation accounting as part of advanced claim processes. | |
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Interest and Penalty Calculation Automatically calculates penalties or interest for late settlements. |
Interest and penalty calculation for settlements appears in technical documentation. | |
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Subrogation Sharing Automatically shares subrogation recovery among participants. |
Subrogation recovery sharing is described alongside advanced claims processing. | |
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Event Aggregation Aggregates claims for event-based or CAT treaties. |
Event aggregation for CAT treaties is a supported feature. | |
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Claims Settlement Capacity Maximum number of claim settlements processed per hour. |
No information available | |
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Disputed Claim Handling Manages workflows for claim disputes and negotiation with partners. |
Claim dispute workflow and negotiation is standard within reinsurance claims handling. |
Security & Compliance
(9 Yes /9 Known /10 Possible features)
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Role-Based Access Control Restricts access to functions and data by user role. |
Role-based access control is included as part of platform security and compliance. | |
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Audit Logging Maintains detailed audit logs of all user and system actions. |
Detailed audit log tracking is provided for compliance and internal controls. | |
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Data Encryption Uses encryption for data at rest and in transit. |
Support for data encryption at rest and in transit is highlighted. | |
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Regulatory Reporting Compliance Supports SFCR, NAIC, Solvency II, IFRS 17 and other reporting standards. |
Statutory/regulatory reporting, including SFCR, NAIC, Solvency II, and IFRS 17, is directly supported. | |
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User Authentication Methods Enables SSO, MFA, and other secure login technologies. |
Multiple user authentication types (SSO/MFA) are referenced in the security documentation. | |
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Data Masking Masks PII in screens and reports as required. |
Data masking for privacy and compliance is supported. | |
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Automated Compliance Checks Performs ongoing compliance checks as per rules. |
Automated, rule-based compliance checks are part of regulation support. | |
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Disaster Recovery Capabilities Supports high-availability and system failover. |
Disaster recovery and high availability/failover capabilities are specifically highlighted. | |
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GDPR/CCPA Support Includes tools to comply with data privacy laws. |
GDPR and CCPA compliance support is included in documentation as compliance feature. | |
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Audit Retention Period Number of years audit logs are retained. |
No information available |
Automation & Workflow
(9 Yes /9 Known /10 Possible features)
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Automated Notification Engine Sends automated alerts/reminders to users for due actions. |
Automated notification and reminder engines are available as workflow features. | |
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Custom Workflow Builder Allows customization and automation of common business processes. |
Custom workflow builder referenced in materials detailing flexible process automation. | |
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Task Assignment & Escalation Assigns tasks and auto-escalates uncompleted tasks. |
Task assignment and auto-escalation supported via workflow management. | |
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Bulk Action Processing Performs actions on groups of similar transactions at once. |
Bulk action processing available for transaction management, as per reference documentation. | |
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Template Library Provides standard templates for documents and emails. |
Template library for key documents and notifications is standard. | |
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Business Rule Automation Automates steps based on user-defined rules. |
Business rule automation included in workflow engine. | |
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Approval Routing Routes items for approval according to workflow maps. |
Approval routing according to user-defined workflow maps present. | |
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Integration with Communication Tools Connects with email and chat for notifications and workflow actions. |
Integration with email and chat tools listed as a notification/workflow feature. | |
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Process Throughput Average number of workflow tasks completed per hour. |
No information available | |
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Scheduled Task Automation Runs routine jobs (e.g., nightly settlements) based on schedules. |
Regular and scheduled automation of key batch and settlement processes is provided. |
Analytics & Business Intelligence
(9 Yes /9 Known /10 Possible features)
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Dashboards Interactive dashboards for real-time monitoring of KPIs. |
Interactive dashboards for monitoring operational and analytical KPIs are a promoted feature. | |
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Portfolio Performance Analytics Analyzes contract, treaty, or portfolio-level financial performance. |
Portfolio-level analytics for financial performance is described in analytical materials. | |
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Claims and Loss Analysis Generates insights on loss ratios, claim frequencies, severities, etc. |
Claims and loss analysis, including ratios and frequencies, are supported via analytical reports. | |
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Counterparty Exposure Analysis Assesses exposure to reinsurers/retrocessionaires by metrics. |
Counterparty exposure is specifically mentioned as a risk management and analytics feature. | |
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Predictive Modeling Supports predictive models (e.g., cash flow forecasts, reserve adequacy). |
Predictive models and scenario analysis (e.g., cash flow/claims) are referenced. | |
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Export to BI Tools Allows export of data to tools like Power BI, Tableau. |
Exports to BI tools like Power BI and Tableau are enabled via reporting interfaces. | |
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Scenario & What-If Analysis Enables modeling of alternative portfolio or treaty outcomes. |
Scenario and 'what-if' analysis comprise the advanced analytics suite. | |
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Automated Alerts on KPIs Creates configurable alerts on critical analytics metrics. |
Configurable automated alerts on analytics/KPIs exist as part of dashboards. | |
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Drilldown Capabilities Provides detailed transaction-level drilldowns from dashboards. |
Drilldown from dashboards to transaction-level data is notably present. | |
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Analytics Query Speed Response time for typical ad hoc analytics queries. |
No information available |
User Experience & Usability
(9 Yes /9 Known /10 Possible features)
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Modern User Interface Provides intuitive, clean, and responsive web-based UI. |
Modern, web-based responsive UI is featured in UI/UX descriptions. | |
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Customizable Dashboards Allows users to configure their homepage/widgets. |
Customizable dashboards and user homepages are referenced in user experience details. | |
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Search and Retrieval Tools Advanced filters and queries for quick record retrieval. |
Advanced search, query, and filtering tools available throughout the system. | |
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Contextual Help & Documentation Built-in help, wizards, and guidance for users. |
Context-sensitive help and user guidance tools are built into the platform. | |
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Accessibility Compliance Meets accessibility standards (WCAG, Section 508, etc.). |
Vendor documentation claims accessibility compliance with standards such as WCAG. | |
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Localization/Language Support Supports multiple languages and localizations. |
Localization and multi-language support are standard for international insurance platforms. | |
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Mobile Device Compatibility Optimized for use on tablets and smartphones. |
Platform is optimized for use on tablets and smartphones, as referenced in UI specs. | |
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Personalized Settings Users can personalize notifications and data views. |
Personalized user settings for notifications and views are available. | |
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Minimal Clicks Navigation Average number of clicks to complete a key task. |
No information available | |
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Bulk Entry/Edit Tools Allows user to edit or add multiple records at once. |
Bulk entry and mass edit tools are part of admin and transactional modules. |
Customer Support & Vendor Services
(8 Yes /8 Known /10 Possible features)
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24/7 Support Availability Round-the-clock support for urgent issues. |
24/7 support availability is documented as part of premium support offerings. | |
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Dedicated Account Manager Assigned manager for ongoing relationship and escalations. |
Dedicated account and relationship managers are included for enterprise clients. | |
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Implementation Services Vendor assistance for project implementation and migration. |
Implementation support and migration services are available as part of onboarding. | |
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Training Resources Access to user guides, training materials, and webinars. |
Extensive user training (manuals, webinars, onboarding) provided. | |
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Regular Feature Updates Ongoing product enhancements and patching. |
Regular product updates and feature enhancements are outlined as part of vendor roadmap. | |
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User Community Forum Online forum for peer-to-peer support and idea sharing. |
No information available | |
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Service Level Agreements (SLAs) Formalized commitments to uptime and support response times. |
SLAs for uptime and support response are contractually offered. | |
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Customization Services Ability to deliver software customizations as per client needs. |
Professional services for customizations are available through MSG. | |
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Customer Satisfaction Rating Average customer satisfaction score with vendor services. |
No information available | |
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On-site Support Availability Can provide in-person, on-premise support as required. |
On-site/on-premise support is available as an option for clients. |
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