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Prima Solutions Group, leading software provider for insurance and reinsurance professionals, has released version 4.3 of its Prima XL (former WebXL)reinsurance software. Available on the cloud, the solution is enhanced with new features for managing both life and non-life reinsurance. The latest release includes optimized natural disaster management and a brand-new dynamic reporting module.

Superior catastrophe management

Marked by frequent natural disasters, 2018 ranked as the fourth costliest year ever for insurers, with nearly $80 billion in estimated insured losses worldwide. The increased intensity and frequency of natural disasters over the past two years has prompted many insurers to rethink their strategies, ceding more risk to reinsurers and lowering their own retention levels. In particular, the prolonged storms have led cedants and reinsurers to review their approach to the hours clause.

Prima XL 4.3 includes several new features to help reinsurance professionals cope with increased disaster occurrences, including improved management of the hours clause and an automated claim-linkage process for catastrophes. CAT claims can now be imported and detailed with greater accuracy over time.

“In Prima XL, claims and events are defined very precisely because an hour can be very expensive for an event like Hurricane Michael. This can impact cedants considerably,” said Grégory Moliner, CEO of Effisoft USA, the US subsidiary in Coral Gables, Florida.

Life reinsurance: new functions for a stable growth market

With an average lifespan of 20 years, life reinsurance contracts can be an administrative burden for reinsurance managers. WebXL now makes it possible to quickly and easily amend these contracts by changing only the effective dates.

The new release also enables users to record changes in life insurance contract rates via different variables linked to the contract (VI layer, CPI, NBI, VB). For example, VI layer (voluntary increase) is a new variable that allows users to increase protection at the insurer’s request.

“Each new version of WebXL strengthens our solution, especially the components dedicated to life. The merger with Prima Solutions reinforced these efforts; in 2017, Prima Solutions expanded on its existing non-life offerings to provide since 2017 a comprehensive solution for life insurers,” said Julien Victor, CEO of Prima Solutions-Effisoft Group.

New dynamic reporting module

Prima XL’s dynamic reports now cover all accounting processes (recognition of payables and receivables, transactional accounting, review of accounts, closing of accounts, etc.). The powerful module is capable of exporting dynamic reports, such as profit and loss accounts and balance sheets, in all major file formats.

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