WebXL 4.2 offers more functions for assumed and ceded reinsurance: runoff management, letters of credit and improved Schedule F reporting.
CORAL GABLES, Florida --September 11, 2018 – Effisoft has released WebXL 4.2, its software for ceded and assumed reinsurance management. Now available in the cloud and on-site, version 4.2 further optimizes all reinsurance operations while integrating features for runoff management and regulatory compliance.
WebXL 4.2 is the first complete cloud-based reinsurance management solution. This frees clients from having to deal with installation or infrastructure. The software is used by both reinsurers and primary insurers.
Runoff management in a few clicks
WebXL 4.2’s new features allow managers to optimize their runoff management processes in a few clicks.
To meet compliance requirements for runoff business, insurers and reinsurers are forced to separate "non-core business" sectors from their portfolio.
"Runoff is a critical issue, especially for long-tail insurance lines,” said Julien Victor, Effisoft’s general manager. “In runoff business, there are closed contracts on which there may still be open claims.”
Indeed, non-life insurers and reinsurers worldwide manage $447 billion (€382 billion) of runoff contracts, of which more than 90 percent is concentrated in the United States and Europe. With these contracts no longer producing any premium, the runoff market continues to grow and restructure with an average growth of 4 percent a year (up 27 percent since 2011).
Thus, the market poses demands on insurers and reinsurers. "These organizations, constrained by the strengthening of reinsurance regulation and the acceleration of markets, are advancing at an ever more assiduous pace in order to remain efficient and proactive in adopting new processes and technologies,” Victor said.
Regulatory compliance and reinsurance
Schedule F is part of the annual statement and discloses insurers’ reinsurance transactions for both ceded and assumed reinsurance. Without automation, Schedule F reporting in the United States is burdensome because it requires extensive information about claims, recoverables, amounts in dispute, and other data like breakdowns by reinsurer classification and by account. WebXL 4.2 makes it simple, integrating the new layout required by regulators for 2018 year-end reporting.
New module, new imports thanks to the software factory
With the new module for managing letters of credit, a reinsurer can track all letters at each bank, monitor the amounts to be provided by the company and re-estimate amounts to cover provisions in case of discrepancies.
WebXL has also been enriched with a series of standard imports that promote simplified integration with other client applications. The standard imports available in version 4.2 include premiums, commissions and brokerage data.
Version 4.2 was developed by Effisoft’s new software factory. The factory takes advantage of collective innovation to industrialize development of new methods and tools.