Benefits

Insurer Benefits

For many large insurers, the purchase of facultative reinsurance is a decentralized process. But centralized visibility into this process can be an important part of an insurer's management of its portfolio of risks. eReinsure provides a state of the art technology platform designed to create consistent processes for negotiating reinsurance; provide consolidated information; establish straight through processing and support compliance.

Top Line Growth and Expense Reduction

The eReinsure Placing platform enables the underwriter to quickly and easily reach a broad market to seek competitive terms and conditions. The more quickly underwriters can arrange reinsurance, the more competitively they can service their clients. In addition to the savings associated with the underwriting process, the platform provides downstream savings for reconciliation and claims recovery due to the availability of a single record of the reinsurance agreement.

Consistent Process for Negotiating Reinsurance

Workflow Diagram The eReinsure platform provides a familiar workflow which eliminates inaccuracy and uncertainty by providing a complete audit trail of the placing transaction. It allows for customized solutions when standardized terms and conditions are insufficient. eReinsure can save underwriters precious time that is better used to seek new business and meet customer needs. Using eReinsure's consistent process for placing facultative reinsurance leads directly to cost savings and represents an opportunity for top line growth. The eReinsure platform allows users to:

  • Broadcast a submission to selected reinsurance markets or brokers and then carry out separate and confidential negotiations with each.
  • Negotiate with a flexible and familiar workflow.
  • Compare offers from multiple reinsurers.
  • Bind online with reinsurers when the deal is satisfactory.

Consolidated Information

Report screen small Access to real-time information permits an insurer to actively and effectively manage reinsurance purchasing. This ability is critical at a time when reinsurance prices are increasing and capacity is shrinking. Not only is the information available at any time, but it is strongly protected with secure, authorized access and strict separation between different accounts. The eReinsure platform allows clients to:

  • Obtain essential information on all transactions whether they are in process or completed.
  • Review all submission and negotiation information stored in a central database.
  • Track all activity in a simplified, traceable negotiation process from first submission through negotiation to issuance of a certificate - every stage of the transaction is stored and available for future review.

Straight Through Processing

The eReinsure platform is designed to improve the efficiency and accuracy of information exchanged between insurers and their reinsurance partners. Integration with eReinsure reduces duplicate data entry and any associated inaccuracy. eReinsure allows clients to:

  • Integrate existing policy and back office processing systems with eReinsure. eReinsure is designed to establish XML connections with insurers' existing systems.
  • Create a seamless process between current systems and eReinsure for all facultative placements.

Improved Rates of Return on Capital

Analyzing reinsurance purchasing trends and centrally guiding reinsurance decisions without limiting local authority can lead to an improved rate of return. eReinsure provides the means to:

  • Maintain and manage a strategic view of reinsurance purchasing.
  • Manage counter party credit risk.
  • Reduce costs further by integrating policy and back office processing systems with eReinsure Placing.

Efficient Distribution of Information

eReinsure Placing provides you with the ability to distribute common underwriting information and reinsurance submissions to multiple reinsurers and brokers without additional effort. The Placing platform allows you to:

  • Distribute information quickly and effortlessly to multiple partners in the reinsurance process.
  • Maintain an audit trail for all parties in the reinsurance arrangement.

Regulatory Compliance

eReinsure Placing provides a control framework for compliance with regulations. Specifically, you can:

  • Control the markets with whom you are placing reinsurance even when your reinsurance purchases are distributed among your underwriters company-wide.
  • Control access to submission and certificate data to select individuals within your organization.
  • Monitor your reinsurance placements with each market and through each broker with up-to-date reports.

Contract Certainty

eReinsure placing provides a framework to ensure contract certainty at inception of the reinsurance coverage. Features that help to establish contract certainty include:

  • Electronic Market acknowledgement on each step in the process, from quoting to agreement to bind and endorsement.
  • Full audit trail on each transaction, with the history and progression of each negotiation available at the click of the mouse.
  • Electronic document exchange, allowing markets to provide binders and certificates online.
  • eReinsure Placing will notify you when the binder is attached to your submission or when the certificate of reinsurance is issued.