What role do reinsurance companies play
Reinsurance in transition - from risk taker to service provider
The assignee as service provider
In order to assert oneself as a service provider in the market, what is needed above all is efficient systems and programs, a large pool of data, their utilization and utilization with the most varied of issues and the linking of information. Here the reinsurer can draw on its decades of experience, the mass of data it has been able to collect over the long term, as well as its international macroeconomic view and its knowledge of varying markets in order to provide its customers with optimal support. The data pool must not only be filled, but also maintained and the data it contains linked and made evaluable in order to obtain the appropriate and valid information for the respective situation. Due to the amount of data from different divisions, markets and cedants of various sizes, the assignee has possibilities that cedants can only dream of.
Application scenarios on the product and service side
There are various scenarios in which the assignee can provide the assignor with considerable “real added value”. On the one hand, the reinsurer can provide the primary insurer with products in the form of software solutions that support him in accomplishing his tasks. On the other hand, by introducing software solutions, the reinsurer can ensure internally that it offers cedants better and more extensive service. This is the case, for example, with current software that analyzes both the individual reinsurance needs of a ceding company and the structure of the reinsurance program. The repeated actuarial assessment for different structural variants is automated.
For possible major loss scenarios, especially in the area of natural disasters, which occur more and more frequently, with greater concentration and intensity, complex simulations with meaningful evaluations and possible recommendations for action must be carried out and developed for the primary insurer. In order to access the necessary data, it is not only necessary to connect to existing systems in the reinsurance company, but also to use the data accordingly.
But even after risk analysis and underwriting, the reinsurer's service and support for the primary insurer remain highly relevant. Damage and its handling are the core tasks of the insurance company. Damage cases must be examined and assessed.
Software that enables a quick and precise assessment of the amount of damage and thus also of the reserve amount represents a comparative competitive advantage because capital is not tied up unnecessarily. Particularly in the case of so-called long-tail damage, damage that develops over the long term, it is extremely difficult to precisely determine the necessary reserve. Not least because many variables (e.g. care costs, medical costs, etc.), some of which are also in the future, play a role.
The insurance industry is also characterized by internal risk aversion. It is not considered to be the most innovative industry and is often hesitant to modernize its IT with great care. This is where reinsurers can become active and provide their cedants with support in setting up and expanding the IT structure. This can be achieved not only by offering inexpensive software to support the business, but also by training the customer's employees in how to use the software.
adesso as a partner for the service provider of tomorrow
adesso can fall back on expertise since 1997. Since then, our experts have been successfully supporting insurance and reinsurance companies in the implementation of their software projects. For many years we have been supporting our customers in an advisory capacity or with the technical implementation of their applications - starting with systems for sales support and managing inventory through to the claims process. It is irrelevant whether the risks are biometric or damage-accident risks. We can demonstrate considerable added value through the combination of professionalism in (re) insurance with our pioneering role in the area of AI support, the importance of which is increasing enormously, especially in the area of damage prevention.
Would you like to find out more about exciting topics from the insurance sector at adesso? Then take a look at our blog posts that have appeared so far.
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