CORAL GABLES, FL—October 31, 2018—Insurers need a modern dedicated system for handling ceded reinsurance, experts at Effisoft, a provider of reinsurance software, have said for years. Novarica’s new report on reinsurance solutions confirms that view.
“Today’s simpler insurance product means more risk calculation will need to be handled during the reinsurance stage. It will no longer be feasible for insurers to manage cession with spreadsheets or inflexible legacy systems,” said Novarica senior vice president Jeff Goldberg, co-author of the report.
Novarica, a research and advisory firm, reviews reinsurance management solutions available to US insurers and profiles vendor solutions, including Effisoft’s WebXL software.
Reinsurance Management covers technology, differentiators, client base, lines of business supported, deployment options, implementation approaches, upgrades/enhancements, and key functionality. A preview is available online at https://www.novarica.com/reinsurance-management/.
A good reinsurance system provides better business intelligence and data analysis; prevention of claims leakage; and better operational efficiency supported by full automation of cession calculations, billing calculations, and Schedule F reporting, according to Novarica.
“Novarica’s research is an important advance,” says Effisoft USA CEO Gregory Moliner. “Insurers seeking a reinsurance solution should read the report and take action.”
WebXL is the only cloud-based reinsurance software that automates all ceded and assumed reinsurance operations from underwriting to financial accounting, Moliner says. Its advanced features include Schedule F generation, catastrophe claims administration, runoff management, and BI reporting. WebXL offers fast accounting, automatic identification of claims recoveries, and much more, he points out.
Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and of more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. More information at www.novarica.com.