WebXL Version 4.1 streamlines management of ceded reinsurance and assumed reinsurance
CORAL GABLES, Florida,—January 30, 2018--WebXL 4.1, the new version of the widely used software that simplifies reinsurance management, was introduced in January by Effisoft and its North American division, Effisoft USA.
According to Effisoft, a software company serving insurance and reinsurance professionals worldwide, the new version has many new features for managing life and non-life reinsurance. It also boasts improved ergonomics and new standard data imports.
“This includes a natural-disaster management feature that has already attracted a lot of customer interest, especially in America, which has been hit by hurricanes, tornadoes and earthquakes," said Effisoft USA CEO Grégory Moliner.
Additionally, WebXL further simplifies the filing of Schedule F, used by U.S. insurers to report reinsurance coverage to state regulators.
On the individual life reinsurance side, WebXL has many new features, including enhanced reporting. Users may now place all information related to policies or claims on slips formatted to meet reinsurers’ requirements.
Version 4.1 also simplifies individual life reinsurance commissions (selection commissions) by integrating complex calculation rules.
Ergonomics incorporate the reinsurance best practices
Reinsurance administrators save time with new advanced features, such as tracking changes by sending automatic emails and limiting the size of attached documents.
Additionally, the software has been enriched with a contextualized user interface and automatic controls for data consistency and quality.
WebXL 4.1 features standard data imports that make it easy to integrate WebXL with other insurance systems. Imports include policies, premiums and claims, individual claims and events, reinsurance contracts, participation rates, and exchange rates. Cutting manual entries boosts productivity at ceded reinsurance departments.
Catastrophes and higher reinsurance rates call for new solutions
In the fall of 2017, a series of hurricanes and earthquakes in Mexico marked the end of a six-year cycle of declining reinsurance rates, forcing insurers to rethink their reinsurance programs and implement more complex models. Meanwhile, increased reinsurance market regulation has led to a proliferation of controls.
The digital transformation of insurance companies has given reinsurance departments more resources to optimize their operations to both save money and reduce the risk of errors
."This situation is driving reinsurance players, especially cedants, to equip themselves better,” said Julien Victor, Effisoft’s managing director. “Reinsurance professionals are investing in sustainable IT solutions capable of automating the management of all types of reinsurance programs, from the simplest to the most complex.
“Effisoft, which has offered solutions for reinsurance management for more than 20 years, is constantly listening to the market to monitor regulatory changes, automate best practices and work with customers in the WebXL software-development process.” The property and casualty reinsurance modules have been upgraded to cover natural disasters. With the new “hours clause” module, insurers can optimize the time window to obtain the best possible recovery from their reinsurers.