CONTACT

Please fill in your contact details and your request:

Reinsurance Technical Accounting Blockchain - RITA

The goal of RITA is to easily integrate each participant's reinsurance accounting system for an easy sending and receiving of accounts. RITA offers:

  • a direct bilateral exchange of accounts with all partners involved via „Blockchain“,

  • the avoidance of media breaks and manual processes at the recipient's and sender's side,

  • the exchange of structured data and attachments (e.g. PDF) between sender and recipient,

  • a direct integration with your own reinsurance system and automated posting,

  • the mapping of necessary business logic in RITA,

  • a process monitoring in RITA,

  • the development of a "self-learning" standard of the mappings.
     

RITA revolutionizes the process of reinsurance accounting with the use of blockchain technology in the form of a "distributed ledger". Accounting data can be securely, quickly and efficiently exchanged and verified. In addition to the transfer of data, RITA also contains business logic in order to carry out additional necessary transformations of the data structures and mappings of the field contents between the sender and the recipient.

All current reinsurance systems (like SAP FS-RI, ProRis, SICS, RAIS) can be connected to RITA through simple integration. The reinsurance systems ProRis provides a direct integration of the Reinsurance Accounting Blockchain RITA, which is available to all ProRis customers after the delivery of the latest ProRis release. For the connection of SAP FS-RI corresponding add on's (User Exits) are available. However, all market participants - irrespective of their reinsurance system - can use the RITA blockchain to exchange their reinsurance accounts and connect RITA to their own software solution. 


RITA contains the business logic for the consistent and automated processing of accounting data between the partners:

  • Transformation of data structures ("structure mappings")

  • Mapping of the structures via a graphical user interface

  • Predefined structure mappings for PRORIS, SAP FS-RI, SICS, ACORD

  • Transformation of values ("value mappings"), such as booking codes / accounts, branches, perils etc.

  • A common, structured andreusable database of the structure and value mappings as well as a "self-learning" logic, in which mappings between individual partners can program-technically be derived from the mappings of other senders / recipients.
     

RITA (Reinsurance Technical Accounting on Blockchain) achieves a very high degree of automation in sending and processing of accounting data - especially in reinsurance and co-insurance – under consideration and in compliance with the current requirements for security, control and traceability.
 

The technological basis of the RITA network is R3 Corda. R3 Corda is a product of the British company R3 (https://www.r3.com/). Each participant operates its own local network node with its own decentralized data management and thus receives technical access to the network. A network node consists of a Corda layer and a RITA layer. Corda handles the communication and data management, RITA contains the business logic and interface to the accounting system..