Benefits

Reinsurer Benefits

By receiving reinsurance submissions, quoting and binding reinsurance on the eReinsure platform, reinsurance companies and brokers can realize multiple benefits. eReinsure provides a state of the art technology platform designed to establish a consistent process for negotiating reinsurance, provide consolidated information and improve rates of return on capital.

Distribution Technology

eReinsure Placing provides an efficient distribution channel, allowing you to quickly introduce products and bring in business from a number of sources. Leverage eReinsure Placing to increase your bottom line with:

  • Low-cost and proven technology to reach multiple ceding company opportunities.
  • Fast time-to-market with online communication and the easy-to-use eReinsure interface.

New Source of Business

The concentration of business through eReinsure enables a reinsurer to manage the flow of business from multiple offices of an insurer. eReinsure enables reinsurers to:

  • Allocate the time saved to seek new business and meet customer needs.
  • Arrange mutually beneficial terms based on verifiable commitments on submission quality and business volumes.

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 also allows for unique and competitive solutions to demonstrate "value add" rather than simply responding with standardized terms and conditions. Using eReinsure's streamlined process leads to cost savings and represents an opportunity for top line growth and improved client service. The eReinsure platform allows users to:

  • Negotiate solutions with an insurance company or broker.
  • Receive and respond to submissions quickly.

Consolidated Information

Reports screen small Access to real-time information permits a reinsurer to actively manage relationships with clients. 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.

Data Quality

Submissions created within eReinsure can be more consistent in terms of data format and layout. The opportunity exists to improve the quality of data through encouraging the use of appropriate data input templates and through participation in the design of new templates for the platform. eReinsure placing:

  • Improves data quality as insurer underwriters become familiar with the screens and data requirements.
  • Decreases misunderstanding miscommunication on underwriting issues.
  • Cuts cost of interpreting submissions and writing lines without complete data to support it.

Straight Through Processing

Reliable data is essential to managing accounts and claims. Integrating existing systems with the eReinsure platform provides the means to maintain accurate data and reduce costs. Integration also 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 existing systems.
  • Create a seamless process between current systems and eReinsure for all facultative placements.