Author : Apoorv Chaturvedi
COE-Insurance Engagement
06/Jan/2022

Apoorv heads the Insurance Engagements COE for Espire. With an rich experience of over 13 years in the insurance domain across Life Insurance, P&C and Reinsurance, he ensures rapid development of frameworks and meticulous implementation of digital transformation & CX processes for businesses in the insurance industry.


Top Benefits of Automated Reinsurance to fast-track business growth

Reinsurance is the practice of different insurance companies purchasing multiple insurance policies to share the risk and reduce their loss in case of a calamity. By sharing the risk, insurance companies can provide end-to-end coverage to large enterprises, which is impossible for a single insurer to bear alone.

Automated reinsurance helps leading brands in the insurance industry simplify key processes while reducing operational costs and facilitating seamless audit management. In this blog, we will discuss the top benefits of automated reinsurance to fast-track business growth.

Improves Underwriting Opportunities

With their expansive knowledge across sectors, reinsurers can provide technical advice to large brands, allowing them to initiate new lines of coverage or to write off new risks as they broaden their scope of business and unwriting opportunities.

Provides Financial Growth

Reinsurance allows the cedent to manage their surplus funds efficiently and facilitates rapid financial growth as the premiums ceded to reinsurers does not add to the cedent’s unearned premium reserve, which reduces the cedent’s premium to surplus ratio, enhancing their ability to write more business.

Stabilization

Reinsurance helps smooth the cedent's overall operating results from year to year generated by economic, social and natural forces. It protects the cedent's capital and surplus needed for growth as well as a cedent’s customers, shareholders and to some extent its employees.

Provides Protection Against Catastrophes

Reinsurance protects the cedent against catastrophic losses which are caused due to natural calamities or unforeseen disasters, safeguarding the business interests from large losses.

Simplified Withdrawals

Reinsurance allows the cedent to build risk appetite for brands while simplifying withdrawals from different lines of business and geographies.

Automated reinsurance brings the below 3 value additions to an organization's overall business goals -

  • Fully controlled financial management with no financial leakages
  • A centralized and streamlined reinsurance framework
  • Saves time when the organization is being audited

How Espire can help leading brands in the insurance sector implement automated reinsurance

As an expert in providing both inward and outward reinsurance services, Espire is helping leading brands in the insurance sector in the areas of application development, automations and efficient transactional communication for insurers with reinsurers.

Top benefits of automated reinsurance to fast track business growth1

Our reinsurance solution capabilities include:

1. Digital Communications

Delivering engaging customer communications forms the bedrock of building lasting customer relationships and loyalty for insurance companies. Leading companies in the insurance sector can leverage agile Digital Communications or Customer Communication Management solutions for seamlessly driving contextual customer communications across touchpoints.

Auto controls in a system acts as a placeholder, reinsurers can leverage it for sharing status reports in the form of a notification to the customers. For example, the first notification can be a settlement presentation notification and a concluded agreement notification can be shared on the completion of the processing.

2. Streamlining Business Processes

Espire helps insurance companies drive process efficiency and business innovation by implementing state-of-the-art tech solutions. Our key service areas include:

  • Inward and outward reinsurance capabilities support Lloyds market business.
  • Reinsurance line of businesses supported are Facultative(FAC), Quota Share(Treaty) and Excess Of Loss(XL)
  • All types of brokers and reinsurers arrangement are supported
  • Auto reinsurer's recovery calculations based on pre-defined business rules setup in the system
  • Automated outward ledger closings/reinsurer closings calculations and posting to the ledgers
  • Fully automated/controlled Crystallisation/Commutation processing of cedents/reinsurers

Legacy Transformation in Insurance with low cost, low risk cloud-based systems in record time

3. Data Analytics, Reporting and BI

With our expertise in data analytics, BI and reporting, we are helping leading reinsurance brands simplify complex processes of report generation and data management by designing credit control reports, reinsurance listings report, reinsurance invoicing report and reinsurance workflow reports.

As a leading Digital Transformation and Total Experience Leader, Espire is helping businesses in the insurance and reinsurance sector drive impeccable customer experience, employee experience and business experience by designing agile technology solutions to fast-track growth. To discover how we’re assisting businesses accelerate their growth & build resilience, visit > https:// www. espire.com/industries/insurance or get in touch at marketing@espire.com



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