Reinsurers Looking Beyond Spreadsheets and Legacy Systems to Manage Cession
Novarica profiles 12 solutions in new report
Boston, MA (July 14, 2020) – While many (re)insurers today use some combination of Excel and legacy systems to manage reinsurance business, there are other options available for those who want to invest in a more automated, efficient process. In Reinsurance Management, research and advisory services firm Novarica provides an overview of the current solution provider marketplace for reinsurance management solutions currently available to US insurers, as well as profiles of 12 vendor solutions.
“A simpler insurance product means that the reinsurance stage will need to handle more risk calculations,” said Chuck Gomez, Vice President of Research and Consulting, and co-author of Novarica’s new report. “It’s much more common now for reinsurers to negotiate individual treaty terms. Insurers will only drive further contract complexity as reinsurers adopt third-party data sources and better predictive analytics.”
As growth in the reinsurance marketplace remains small, Novarica has determined no vendor can be said to have a dominant position in the space.
“Dominant providers have large client bases and large new client growth year-over-year,” said Jeff Goldberg, Executive Vice President of Research and Consulting. “It is possible in the coming years that one or two vendors will pull away from the pack if insurers see an ROI for investing in modern reinsurance management that goes beyond operating expense and processing timelines.”
Click here for the table of contents or to access the report.
Report Summary
Most modern reinsurance solutions support a wide range of contracts, as well as better business intelligence, data analysis, and claims leakage prevention. This report provides an overview of the reinsurance management solutions currently available to US insurers. The report contains profiles of 12 vendor solutions that summarize the vendor organization, technology used, differentiators, client base, lines of business supported, deployment options, implementation approaches, upgrades/enhancements, and key functionality.
Vendors included: AdvantageGo, Duck Creek, DXC, FIS, InsurIQ, Policy Administration Solutions, Prevail, Prima, Sapiens, TAI, and TCS.
Click here for the table of contents or to access the report.
About Novarica
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 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. For more information, visit www.novarica.com.
Source: Novarica
Tags: Duck Creek, legacy systems, Novarica, reinsurance, Sapiens, United States (USA)
Read the original article at Insurance-Canada.ca