What are the disadvantages of manual processes?
Most of insurers still rely on spreadsheets to manage their reinsurance business. According to a 2011 survey of property and casualty insurers, 60 percent of partcipants were using spreadsheets, and 7 percent were using other manual methods. Surprisingly, 86% of companies with direct premiums over $1 billion did not have a reinsurance system in place!
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By Joseph Sebbag
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