Eight Steps for a Successful Reinsurance System Implementation

A reinsurance management system has become a necessity for insurers. But installing a new ceded reinsurance system can go wrong if you don’t follow the right strategy.

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The reinsurance industry has tripled since 2000 to reach 240 billion USD in 2013. Eager to keep up with this pace, major players in the business are seeking new outlets.

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This Rendez-Vous de Monte Carlo is the major event for all the players in the global reinsurance market and is an opportunity for Effisoft to meet with our clients and partners. 

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We would like to thank all the AIRMIC conference attendees who visited our stand this year, it was great to receive so much interest from managers keen to improve their operations through the use of technology. In addition to the friends we always look forward to seeing, there were lots of new people to get to know and with whom to exchange ideas and experiences.

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RMORSA, which became effective Jan. 1, and has been adopted by many states, requires insurers to have a systematic way of identifying, assessing and managing risk, including documenting ceded reinsurance coverage in detail.

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Aon subsidiary Inpoint has formed a strategic partnership with reinsurance system provider Effisoft USA Inc.. The two firms will join forces to offer property-casualty insurers Reinsurance Processing Services (RPS ), which includes Effisoft's robust reinsurance processing platform, WebXL, coupled with Inpoint's reinsurance technical accounting expertise.

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Selecting a Ceded Reinsurance System? Consider SaaS or a Hybrid Solution

Insurers recognize they need a better solution, and there's progress. While quite a few insurers have implemented a ceded reinsurance system in the last few years, many more are planning to install their first system sometime soon. They want to have software that lets them manage complex facultative reinsurance and treaties and the corresponding policies and claims efficiently in one place.