Facultative underwriting system and method

An electronic network-based and transmission-channel-based facultative reinsurance transaction system with improved efficiency and performance and an adaptive back-coupled audit process providing a shared decision making process for electronically processing a life insurance facultative case summary submission over a network between a ceding company and one or multiple reinsurers, comprising:

• a computer electronically connected to said network, said computer including a processor, a memory device, and a network interface, the processor being configured to:
• receive a username and password entered at a system user login screen;
• determine whether a system user is a ceding company or a reinsurer, based upon the username and password entered at the user login screen;
• dynamically generating user-specific web pages based upon whether the system user is with a ceding company or with a reinsurance company,
• wherein the system generates case summary information pages for the system user with a ceding company, and
• wherein the system generates reinsurance summary information view screens for the system user with a reinsurance company;
• provide a first web page in response to a request to generate a new life insurance facultative case summary submission for at least one new individual to one or more electronically connected computer terminals via a network,
• prompt, by the first web page, a user of the ceding company to enter facultative case summary information including basic information and risk factor information for evaluating a risk in providing reinsurance for the at least one new individual, the basic information including basic data to allow a plurality of reinsurers to determine whether the at least one new individual has a pre-existing adverse insurance history,
• prompt, by the first web page, the user of the ceding company to identify the plurality of reinsurers to receive the facultative case summary information,
• receive from the user of the ceding company, over said network, the facultative case summary information and the plurality of reinsurers identified by the user of the ceding company to receive the facultative case summary information, wherein the facultative case summary information contains a subset of information from a corresponding case history file of newly submitted facultative case summary information,
• store the received facultative case summary information and the plurality of identified reinsurers in the memory device, determine a plurality of identified reinsurers to receive the facultative case summary information based on the received plurality of reinsurers identified by the user of the ceding company, and
• provide the stored facultative case summary information in a second web page to users of the plurality of identified reinsurers, the facultative case summary information being used by the users of the plurality of identified reinsurers to render initial facultative decisions on whether to provide reinsurance for the newly submitted facultative case summary information,
• wherein the second web page displays, for a user of each of the plurality of identified reinsurers, a list including the stored facultative case summary information and any other facultative case summary information for other individuals that the server determines was submitted to the respective identified reinsurer,
• wherein the basic information included in the facultative case summary information includes a policy number, insurance policy amount, date of birth, and sex for the at least one new individual for which the generation of the new life insurance facultative case summary submission is requested,
• wherein the risk factor information included in the facultative case summary information includes range of cholesterol/HDL level, build, and blood pressure level for the at least one new individual for which the generation of the new life insurance facultative case summary submission is requested,
• wherein the server performs an audit of facultative reinsurance by retrospectively and periodically reviewing original source material that formed a basis for the facultative case summary information after a facultative decision has been rendered by one of the reinsurers to confirm accuracy of the facultative case summary information submitted by the ceding company, wherein, upon random request by the one of the reinsurers, the ceding company retrospectively provides a complete original case files for review, and
• wherein the audit of the facultative reinsurance includes:
• (i) determining whether all routine age-amount requirements were ordered, received, and reviewed by the ceding company;
• (ii) determining whether impairments were accurately summarized in the facultative case summary information;
• and (iii) determining whether currentness of evidence and requirements are maintained by the ceding company.