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Reinsurance solutions for biometric risks

Reinsurance solutions for biometric risks

The pension fund can assign the biometric risks of disability and death to elipsLife by taking out second pillar reinsurance cover.

Customers of elipsLife have access to a wide range of reinsurance options that allow the transfer of risk in a manner suited to the pension fund’s risk capacity and risk appetite. Apart from the full assumption of the biometric risks, elipsLife also offers attractive options for the partial transfer of risks (selected risks).

Employee benefits insurance and reinsurance second pillar

These solutions range from matching reinsurance cover without retention deductible to partial reinsurance cover with retention deductible. Pure surplus reinsurance to cover peak risks is also available.

With matching reinsurance cover, elipsLife assumes all the risks of disability and death of the active insured of a pension fund. elipsLife fully matches and covers the regulatory pension benefits, which allows a complete risk factor. State-of-the-art technology and flexible processes make it possible to match the relevant regulations and allow the pension fund to reduce its risk fluctuation reserves, which has a positive effect on the funding ratio. The pension fund can also delegate the management of its disability and death cases, thereby reducing its own administrative costs.

While with matching reinsurance elipsLife assumes all the pension fund’s biometric risks, only selected risks are assigned under surplus or stop-loss reinsurance.

A deductible applies for such a partial risk transfer, which is adjusted individually to suit the pension fund’s risk appetite. With surplus reinsurance, for example, the deductible and therefore the risk appetite can be varied with an individual loss limitation. The definition of the peak risks is therefore adjusted individually to the pension fund: the lower the limits, the bigger the risk transfer.

As part of the assignment, Care Management is an integral component of all reinsurance solutions offered by elipsLife. Care Management offers affiliated pension funds and their employees active support in managing the threat of incapacity for work or disability.

The premium calculation is based on an all-inclusive premium rate which is either applied to the annual total of all pensionable salaries (matching reinsurance) or to the assigned risk total (surplus reinsurance).

The premium rate can be guaranteed for several years and depends not only on the insured benefits, but also on the claims experience and other risk factors such as the economic situation or the development of the pension group. As an alternative to products with attractive net risk premiums, elipsLife also offers its customers the option of participating in the profits generated by a good claims experience.

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