8.1. Mass Update Business Partner Roles

In case of mergers and acquisitions, transfers from one business partner to another are likely to happen on several businesses in your portfolio, and all affected businesses will need to be updated. Your business partner may be assigned to different business partner roles on your businesses. Instead of manually modifying contract by contract (which might be a very time-consuming process), you can update all businesses in one go by using the Mass Update function..

The Business Partner Roles Mass Update functionality gives you the options to mass update Cedents, Original Cedents, Brokers, Retrocessionaires, Producer/ Pre-Producers and Reinsurers.

Mass Update Cedent #

After e.g. company mergers, a new business partner may take over the administration of the businesses or the role as cedent with the belonging responsibilities.

To mass update with new cedent or new administrator:

1. Click Mass Update Functions icon
2. Click the Business Partner Roles Mass Update icon.
3. Click the Cedent tab
4. Select Assumed Business or Reinsurance Program
5. Specify the business partner currently acting as Cedent on your assumed businesses/reinsurance programs.
6. Specify New Administrator or New Cedent
7. If wanted, specify from which date the new Cedent applies
8. Select Find Businesses. You see all assumed businesses/reinsurance programs with this cedent.
9. Select the businesses you want to update
10. On the pop-up menu select Include
11. Click Mass Update.

Field Description - Mass Update Cedent

Mass Update Original Cedent #

If the merged or acquired business partner is acting as Original Cedent on your assumed businesses, you may want to replace the current Original Cedent with the new Original Cedent. When mass updating, the former business partner is assigned the role as Former Original Cedent.

To mass update an original cedent:

1. Click the Business Partner Roles Mass Update icon.
2. Click the Original Cedent tab and you see the Original Cedent Mass Update window.
3. Specify Current Original Cedent.
4. If wanted, specify from which date the new Original Cedent applies
5. Select List Businesses. You see all assumed businesses and insured periods on which the selected business partner has the role as Original Cedent.
6. Specify New Original Cedent.
7. Select the businesses you want to update and click on Mass Update.

Mass Update Broker #

You have two options to add a new broker on the Broker Mass Update tab.

New Broker: The system adds the new business partner as Broker to all selected businesses, and all payment tasks assigned to the current Broker are transferred to the new Broker. The valid from date of the merger or acquisition is entered in the From field of the new Broker and in the To field of the old Broker’s relationship properties.

New Broker 2: The system adds the new business partner as Broker to all selected businesses, and all administration- and payment tasks assigned to the current Broker are transferred to the new Broker. The former business partner is assigned the role as Former Broker.

To mass update a broker:

1. Click the Business Partner Roles Mass Update icon.
2. Click the Broker tab and you see the Broker Mass Update window.
3. Specify the business partner currently acting as Broker on your assumed businesses.
4. Select List Businesses. You see all assumed businesses and insured periods linked to this broker.
5. Specify New Broker and the valid from date of the merger or acquisition, or specify New Broker 2.
6. Select the businesses you want to be updated and click Mass Update.

Mass Update Retrocessionaire #

You have two options on the Retrocessionaire Mass Update tab. You can select to assign the new business partner as New Administrator or New Retrocessionaire on your outward businesses.

New Administrator: The new business partner has taken over the administration of your businesses. By mass updating the partner is assigned the role as Administrator on your businesses, and all payment tasks are transferred from the current Retrocessionaire to the Administrator.

New Retrocessionaire: The new business partner has taken over the responsibility as Retrocessionaire on your businesses. By mass updating the current Retrocessionaire is replaced with the new Retrocessionaire and the new Retrocessionaire takes over all administration- and payment tasks. The former business partner is assigned the role as Former Retrocessionaire.

To mass update a retrocessionaire:

1. Click the Business Partner Roles Mass Update icon.
2. Click the Retrocessionaire tab and you see the Retrocessionaire Mass Update window.
3. Specify the business partner currently acting as Retrocessionaire on your outward businesses.
4. Select List Businesses. You see all outward businesses and insured periods linked to this retrocessionaire.
5. Specify New Administrator or New Retrocessionaire.
6. Select the businesses you want to be updated and click Mass Update.

Mass Update Reinsurer #

When your company (base company) is involved in for example a merger or setting up new offices, you may want to transfer a large number of assumed businesses from one reinsurer to another.

If you use the SICS facility for mass updating these assumed businesses, the company currently being the reinsurer will become the original reinsurer. The company that takes over the portfolio will become the reinsurer on these businesses.

To mass update reinsurer on assumed businesses:

1. Click Mass Update Functions
2. Double-click on the Business Partner Roles Mass Update icon
3. Select the Reinsurer tab
4. Specify Current Reinsurer
5. Press Find Businesses to list all assumed businesses and insured periods linked to this reinsurer
6. Specify New Reinsurer
7. If wanted, enter From and To dates to indicate the period for which the new reinsurer applies
8. Select businesses and insured periods to be included
9. Press the Mass Update button

Field Description - Mass Update of Reinsurer

Mass Update Outward Cedent #

For the same reasons you choose to update the reinsurer of assumed businesses, you may also want to update the cedent on your outward businesses. If you use the SICS facility for mass updating these businesses, the company currently being the cedent will become the former cedent. The company that takes over the portfolio will become the cedent on these businesses.

You get a choice of businesses at their ‘highest’ level, so that if you for example choose some outward cedent’s contracts, the belonging placements will be updated automatically.

To mass update outward cedent:

1. Click Mass Update Functions

2. Double-click on the Business Partner Roles Mass Update icon

3. Select the Outward Cedent tab

4. Select Level of Business. You can select one, all or a combination of levels

5. Specify Current Cedent

6. Press Find Businesses to list all assumed businesses and insured periods linked to this reinsurer

7. Specify New Cedent

8. If wanted, enter from which date the new reinsurer applies

9. Select businesses and insured periods to be included

10. Press the Mass Update button

Field Description - Mass Update Outward Cedent