Four solutions emphasize process control, efficiency, compliance and information transfer
Salt Lake City, Utah – May 2nd, 2006. eReinsure.com, Inc., a provider of ecommerce technology to the insurance and reinsurance industries, today announced that it has expanded its technology platform to provide four distinct solutions:
Placing – providing process control for individual risk placing.
Automatic – enabling automatic rating and bordereaux reporting.
Internal – supporting compliance for internal reinsurance.
Message – linking systems through XML messaging.
eReinsure Placing is a web based application used to manage the placing of risks.
With the increased emphasis on process controls, eReinsure Placing provides a valuable tool to ensure consistency and auditability of transactions. Commenting on the expansion of eReinsure’s product offering, Igor Best-Devereux, CEO of eReinsure said “Since 2001 our Placing platform’s capabilities have grown with expanded workflow options and configuration capability. The system has always consisted of a series of services for communication and interaction between the parties to a negotiation. As the system has evolved to include greater functionality, we have been able to deploy these services to offer additional solutions”.
The eReinsure Automatic “rules engine” permits brokers and reinsurers to reduce cost and improve service by incorporating automatic rating in accordance with pre agreed terms. “Handling these automatic arrangements online with real time updates to bordereaux is the only method that makes sense in this day and age” said Paul Henriod, President of eReinsure. “The costs of handling business have to be reduced while improving the speed of quotation and timeliness of reporting”.
As with Automatics, the eReinsure Internal solution can be available in combination with the Placing platform or on a stand alone basis. For insurers that rely on affiliated companies to reinsure specialized areas of programs, ensuring that such risks are handled appropriately and in a timely manner is critical. The eReinsure Internal workflow enables companies to manage such transactions within an auditable control framework.
Commenting on the eReinsure Message service, Best-Devereux continued, “Our core business remains the “bridge” between a company and its trading partners, providing process control and information management resources. Increasingly, our customers ask us to link the eReinsure platform to their systems using the ACORD XML standards. The XML messages that are transmitted or received eliminate reentry of data with all the associated costs and inaccuracies. Our proven messaging capability offers significant benefit to customers as this technology is more widely adopted in the insurance and reinsurance markets”.
Based in Salt Lake City, New York and London, eReinsure ( www.ereinsure.com) offers a neutral and secure means by which insurers, reinsurers and brokers can more efficiently manage reinsurance transactions. It is designed to allow users to communicate, review, negotiate and manage risks, and archive documents. The patent pending technology automatically tracks each step of a transaction, providing information to monitor compliance and helping to ensure contract certainty.