Insurers and reinsurers have engaged in a mutually beneficial, if somewhat co-dependent, relationship for centuries. It’s not only a partnership, but also a dance. And while it takes two to tango, reinsurance plays a key role in the well-being of insurers and, when managed skillfully, provides critical risk management for the long term.
Beneficial and necessary as reinsurance is to the insurer, ceding reinsurance presents insurers an increasingly complex process to manage, away from their core business. Whether the cessions are proportional, nonproportional, inuring covers, treaty or facultative, actually ceding appropriately to each of these types of reinsurance is time consuming and fraught with potential error.
These are some of the important things to consider when managing reinsurance in today’s market:
• Eliminating Complexity
• Limitations of Legacy Systems
• Adapting to New Technology Tools
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