Sollers Consulting have formed a partnership with re/insurance solutions provider Duck Creek Technologies aimed at assisting insurers in modernizing their reinsurance operations.
The collaboration will focus on supporting insurance and reinsurance companies worldwide by integrating Duck Creek Reinsurance, the company’s proprietary platform for centralizing, streamlining, and automating reinsurance processes.
As insurers navigate increasingly frequent and severe loss events, securing suitable reinsurance has become more challenging. Sollers says that the partnership seeks to address this by deploying a data-driven reinsurance management system.
Sollers, which has a presence in more than 20 markets and a client base exceeding 100 financial institutions, will support the implementation of Duck Creek Reinsurance, a system that aggregates and analyzes data from multiple internal sources to enhance reinsurance decision-making.
In 2023, the system also added a new functionality that supports the Lloyd’s Outwards Reinsurance Scheme (LORS). This allows Lloyd’s members and Duck Creek customers to directly connect with Lloyd’s technology platform and processes.
With the reinsurance sector facing challenges due to the rising frequency and severity of natural catastrophe events, Krzysztof Biernat (pictured above) of Sollers Consulting said that the partnership aims to solve the issue of reinsurance procurement becoming more complex.
Reinsurance systems rely on data from claims management, policy administration, credit control, actuarial and reserving, business intelligence reporting, document management, and exposure management.
The reinsurance industry is increasingly recognizing the imperative to modernize legacy systems to enhance efficiency, accuracy, and competitiveness. Traditional reinsurance administration often relies on outdated technologies and manual processes, leading to operational challenges and financial risks.
According to Deloitte, many re/insurers continue to use antiquated systems, such as those built on COBOL or reliant on spreadsheets, to manage reinsurance contracts. These outdated platforms can result in errors, claims leakage, and slow deal implementation.
Moreover, the complexity of modern reinsurance arrangements often surpasses the capabilities of these legacy systems, necessitating significant manual intervention and increasing the risk of operational inefficiencies.
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