The large number of reinsurance contracts and special pool arrangements, countless policies and arrays of transactions create a massive risk of having unintended risk exposure. Inability to ensure that each risk has the appropriate reinsurance program associated with it is a recipe for disaster.
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!
Opening a branch and investing in Switzerland is a key step for Effisoft towards its objective of targeting European reinsurers in general. We are confident that our flagship product WebXL is perfectly designed to meet the specific needs of the market and we are already getting very positive feedback from our prospect customers.
CARDINAL and EFFISOFT signed their 1st customer in Angola. Confiança Seguros, a start-up company based in Angola, will use CIMS (insurance administration by CARDINAL based in Johannesburg, South Africa) and WebXL (reinsurance system by EFFISOFT based in Paris, France).