Manage the Process for Efficiency and Compliance
Use the platform to create online submissions. The user-friendly screens are designed to mirror the industry workflow and to allow the flexibility to present as much information as necessary.
- Classify insurance policies to communicate with reinsurers using standard or customizable fields which capture information that may be unique to an insurance company or a particular risk.
- Request reinsurance and enter policy information in line-of-business specific online forms to provide the data reinsurers need to offer a quote.
- Include existing documents as attachments to associate them with a submission.
- Manage the submission of business as a lead and follow placement or as co-reinsurance.
- Feed submission data from existing policy systems via XML to automatically populate a new submission.
Distribution of submissions on the eReinsure platform is flexible to accommodate the needs of insurance companies and underwriters.
- Distribute submissions to one or more reinsurers at a time.
- Automatically route all business to specified partners or allow underwriters to distribute to their current reinsurers and brokers.
Manage the Information for Reporting and Decision Support
The eReinsure Platform features powerful reporting capabilities allowing quick and accurate analysis of company reinsurance purchasing information.
- Standard reports provide insight into the reinsurance purchased, the efficiency of the process and the history of the transactions.
- Custom reports allow the manipulation of data to best meet management's need for the right information.
- My Views, an eReinsure feature, allows users to search for, view and sort records within their own company. This feature is only available to users whose company has granted them permission to view company records. For example, a manager would be able to review company level information on transactions, thereby enabling the monitoring of underwriter activity or inquiry into individual records.
- Request custom reports from eReinsure at any time.
Share important documents - paper or electronic - with reinsurance business partners.
- Upload electronic files which can be viewed by all parties that have been included in the negotiations.
eReinsure automatically sends notifications to the appropriate parties when submissions are created, updated or bound.
- Send notification to your business partners when policy information is updated, endorsed or canceled.
- Receive notices at multiple email addresses.
- Stay up to date with instant notification of reinsurers' quotes.
Manage the Reinsurance Asset for Return on Investment
Return on Investment
The eReinsure platform is designed to create a significant return on investment.
- Process efficiency and time saved with distribution of one submission to multiple markets and creation of electronic "placing files".
- Accuracy through potential elimination of duplicate data entry and rework of incorrect entries.
- Reduced E&O with consistent records of the placement process and information disclosed plus documentation of the placement.
- Reinsurance recoveries will be easier to track and manage.
- Negotiate preferred terms with reinsurers and ensure that these preferred markets receive submissions.
- Improved management of the use of reinsurers capacity and control over reinsurer exposure.
- Expense reduction with reduced travel and communication expenses.
- Analysis of reinsurer competitiveness and responsiveness enabling business to be directed to appropriate markets / underwriters.
- Enhanced control over what reinsurance to buy and when to buy it. Analysis of reinsurance purchased to date and monitoring of facultative purchases to avoid conflicts with treaty protections.
Not all of these savings are easy to quantify and will vary depending on market conditions. For example, the savings available from changing the amount of reinsurance purchased will be increasingly significant in a hard market.
- Business production resulting from the ability to focus the time saved by underwriters on generating new accounts.
- Arranging reinsurance more quickly can improve responsiveness to insurance buyers when fac is a prerequisite to quoting.
- Ease of canvassing multiple reinsurance markets can help underwriters to validate rates based upon prevailing market conditions.
Costs of Ownership
- Customized Master License Fees for use of the eReinsure platform are dependent on a number of factors including estimated volumes, number of users, number of offices, training and support level.
- eReinsure's ASP (Application Service Provider) model provides cost savings as the only software needed is a standard internet browser. No additional hardware or software is necessary.