New York--The Catastrophe Risk Exchange International, Inc. (CATEX) announced today that it has completed delivery of a Web based Property Aggregate Monitoring System to facilitate the underwriting of facultative property business by the reinsurer QBE Reinsurance Corporation (QBE).
The system was delivered earlier this year and has undergone testing and function review by QBE. The CATEX developed system permits QBE to retire a non-Web-based system and increase system performance level to better serve its facultative reinsurance underwriters. The new system permits capture of unlimited individual location data per risk while allowing users to review "real time" information and data modeling exports.
All of the data collected by the CATEX designed system is synchronized with the reinsurer's legacy reinsurance system. All location data resident in the former system was successfully migrated to the new system. This successful data migration and synchronization provides QBE with a seamless interface from the new system to all of its historical risk information. The new system is 100% Web based and may be accessed by QBE underwriters from any location without the need for cumbersome and expensive client based installation software.
The Web based nature of the system permits QBE underwriters to produce real time analysis of property risk aggregations without waiting for scheduled batch data processing. The new system is currently in operation and is being populated with all facultative reinsurance underwriting location data submitted to and reinsured by QBE.
The Catastrophe Risk Exchange International, Inc. (CATEX) is a leading technology solution provider for the commercial insurance and reinsurance industry, and also maintains the CATEX Global Exchange that has processed over 4,000 transactions since its inception. CATEX has developed and implemented dozens of complex web based placement, reporting and accounting systems for the reinsurance industry.
