By identifying all claims that are meant to be covered by reinsurance, accurately calculating recoveries, and creating reinsurance bills with speed, Reinsurance Management ensures that all reinsurance purchases achieve their intended goals of helping insurance companies manage risks and making available the capital needed to support those risks.
Digitally transforming reinsurance administration creates opportunities to strategically leverage data in ways that were previously extremely difficult. With the ability to better understand reinsurance transactions and outcomes, finance and risk management teams can leverage data to make critical decisions regarding risk appetite and support reinsurance contract negotiations.
Labor-intensive tools such as spreadsheets and unsophisticated databases, as well as legacy systems built on older platforms, are ill-equipped to manage today’s increasingly complex reinsurance programs. Through rules-based automation, standardization, and data transparency, Reinsurance Management creates a more efficient and productive reinsurance administration program.