Reinsurers - what is your digital strategy?

As the reinsurance world turns its attention to the September RendezVous, the Verisk SBS team is also looking forward to meeting clients and friends in Monte Carlo.

There are so many market issues to be discussing, and we look forward to getting into them with you.

It’s not a question that is often put to reinsurers, but it probably should be: what is your digital strategy?  Do you, in fact, have a digital strategy?

There’s a perception that reinsurance has been left behind somewhat in the move towards digital and electronic trading. It’s sometimes suggested that reinsurance is too complicated, too complex, too in depth to benefit from digital trading.

And yet. There is opportunity out there. While parts of this process will inevitably remain as they are, there are ways to simplify and reduce rekeying for example – the bane of many brokers’ lives.

Certainly, the data associated with a treaty placement, for example, is huge. The reality day to day for reinsurers and brokers often involves emailing enormous spreadsheets containing gigabytes of data back and forth. FTP sites need to be used to share huge volumes of data, emails are sent around, submission packs are emailed around, slips are finally produced in the broking system, most commonly as Word or PDF documents with no usable data , added as an attachment, sent out by email (again!) and eventually the process is complete.

Wouldn’t it be easier if you could put the slip into a template, into Whitespace, adding all the markets seamlessly, with no need to rekey the information? Of course it would. You would be saving time, effort and stress immediately.

Looking further into the process, even if you are placing digitally, are you ingesting the data?  Are you enjoying the benefits of structured data in your digital approach?  Again, Whitespace and Verisk SBS can help.

This is just one of the topics we will be discussing in our meetings at the Monte Carlo RendezVous. 

Richard Reggel, Chief Commercial Officer; Reid Stanway, Chief Digital Officer; Kirstin Duffield, Chief Executive Officer of Morning Data; and Paul Buckle, Chief Commercial Officer of Morning Data, will be present at the RVS and look forward to meeting with you - you can arrange a time to chat with a member of the team below: