PARIS, France and CORAL GABLES, Florida – February 14, 2019 – Prima Solutions-Effisoft Group, leading software provider for insurance and reinsurance professionals, has released version 4.3 of its WebXL reinsurance software. Available on the cloud, the solution is enhanced with new features for managing both life and non-life reinsurance. The latest release includes optimized natural disaster management and a brand-new dynamic reporting module.
Superior catastrophe management
Marked by frequent natural disasters, 2018 ranked as the fourth costliest year ever for insurers, with nearly $80 billion in estimated insured losses worldwide. The increased intensity and frequency of natural disasters over the past two years has prompted many insurers to rethink their strategies, ceding more risk to reinsurers and lowering their own retention levels. In particular, the prolonged storms have led cedants and reinsurers to review their approach to the hours clause.
WebXL 4.3 includes several new features to help reinsurance professionals cope with increased disaster occurrences, including improved management of the hours clause and an automated claim-linkage process for catastrophes. CAT claims can now be imported and detailed with greater accuracy over time.
"In WebXL, claims and events are defined very precisely because an hour can be very expensive for an event like Hurricane Michael. This can impact cedants considerably," said Grégory Moliner, CEO of Effisoft USA, the US subsidiary in Coral Gables, Florida.
Life reinsurance: new functions for a stable growth market
With an average lifespan of 20 years, life reinsurance contracts can be an administrative burden for reinsurance managers. WebXL now makes it possible to quickly and easily amend these contracts by changing only the effective dates.
The new release also enables users to record changes in life insurance contract rates via different variables linked to the contract (VI layer, CPI, NBI, VB). For example, VI layer (voluntary increase) is a new variable that allows users to increase protection at the insurer's request.
"Each new version of WebXL strengthens our solution, especially the components dedicated to life. The merger with Prima Solutions reinforced these efforts; in 2017, Prima Solutions expanded on its existing non-life offerings to provide since 2017 a comprehensive solution for life insurers," said Julien Victor, CEO of Prima Solutions-Effisoft Group.
New dynamic reporting module
WebXL’s dynamic reports now cover all accounting processes (recognition of payables and receivables, transactional accounting, review of accounts, closing of accounts, etc.). The powerful module is capable of exporting dynamic reports, such as profit and loss accounts and balance sheets, in all major file formats.
About Prima Solutions-Effisoft Group:
The Prima Solutions-Effisoft Group is a global InsureTech group that designs software solutions for insurance and reinsurance professionals in Europe, North America and Asia-Pacific.
It covers all business processes from life and health insurance (group and individual) to non-life and life reinsurance, in addition to regulatory compliance and business intelligence, including predictive simulations and actuarial calculations.
With more than 300 customers and a worldwide network of partners, Prima Solutions-Effisoft Group enables insurance companies to accelerate their digital transformation, thanks to its highly configurable and scalable web software platform available in the cloud.