For better or worse, the reinsurance industry is in the middle of its 15 minutes of fame. With regulators shining a spotlight-some might call it a blinding one-on the industry, insurance companies are being forced to take a hard look at their reinsurance practices.Regardless of the overall impact the attention will have on the reinsurance market-specifically on finite reinsurance (see "Regulators Focus on Finite Reinsurance" ), it's a safe bet to say that insurance carriers will start to more closely examine their reinsurance automation needs, according to Donald Light, senior analyst at Celent Communications Inc., a Boston-based financial services research and consulting firm.
"You know the ad that says 'It's 10 p.m., do you know where your children are?' Well, it's time now for senior insurance and reinsurance management to know what agreements they've made, the terms of those agreements and what claims have been paid and not paid," says Light, author of a report titled, "Property/Casualty Reinsurance Cedent Technology Strategies." "These have always been big issues in the reinsurance department, but now they have senior management's attention."
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