Reinsurance and large commercial risk are particularly complex lines of business. Variety of risks, markets and types of contracts are some of the challenges insurers and reinsurers have to face each day.

For large commercial risks specialists, it can be especially hard to manage the great variety of risks involved and  the interaction needed with the different markets; reinsurers need to be ready to take charge of complex reinsurance programs and a great variety of reinsurers contracts and treaties.

Insurance companies, on the other hand, need to consolidate their reinsurance management to optimize their capital requirements. Reinsurance is often handled by each business line using a different system, if any. That is why it can be so important to centrally manage reinsurance.

What reinsurers need is a system capable of:

• Managing a diverse risk portfolio
• Handling business through different markets (Lloyd’s, coverholder market, direct channels, etc.)
• Handling complex reinsurance programs and the many variations of reinsurance contracts (proportional contracts, treaties, XL programs, etc.)

What insurers need is a system capable of:

• A consolidated view on the reinsurance programs at the corporate level
• Central management of their reinsurance contracts.
• Automatic linkage and reconciliation between their internal contracts and their reinsurance contracts

If you are looking for a reinsurance management application, Prima Solutions’ new product, Prima Re, provides  a ready-to-use answer to all your reinsurance needs.

As an alternative, Prima Solutions can build such a system for you using its products Prima IBCS and Prima Repository. Our products will ensure you create a flexible, ACORD-based system, specifically dedicated to the reinsurance and large commercial risk business.

Whichever solution you choose, our consulting team will provide their insurance and technical expertise to accompany you through the whole process and help you achieve your goals.

Choose Prima Solutions and get all the benefits they’re already enjoying:

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Secured reinsurance data warehouse system, usable for both technical reinsurance department and accounting Optimized reinsurance accounting audit chain New large commercial risk policy management system to streamline the operation while having appropriate processes for each class of risk