As the baby boomer generation retires, property/casualty reinsurance departments worry about who will have the knowledge to replace these knowledge workers, according to recent research from StoneRiver. The fourth annual “StoneRiver Reinsurance Administration Survey,” indicates that as the baby boomer generation retires, this challenge seems likely to continue until insurers recruit, groom or train replacements.
More than 40 chief financial officers and reinsurance administration leaders at property/casualty (P&C) insurance carriers responded to the survey, which revealed respondents also worry about the lack of reinsurance automation and accuracy of spreadsheet formulas tied for second place as vital issues. One-third of the responding companies have reinsurance automation, nearly double the number reported last year. The highest use of automation occurred at companies with $100-$500 million in direct written premium. However, even with greater use of automation reported, 60% still rely on spreadsheets and 7% use manual methods. While the majority still lacks automation, only one-quarter replied that their company does an average or less than average job of managing their reinsurance recoverables. That might be due, in part, to the fact that 57% receive recoveries in less than two months.
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