If the life reinsurance market suffers in its ability to embrace technology, the good news is that it's got a lot to gain by doing so. From a technology perspective, "building the deal," i.e., processing myriad communications between cedants, reinsurers and retrocessionaires, involves layer upon layer of data input and information exchange, integration and ultimate transaction processing.From a business perspective, the drivers-competitive advantage, regulatory reporting, cost reduction and shareholder and broker demands, among others-are as pressing as ever.
Whatever the drivers, life reinsurers are rethinking the role technology standards play in their ability to remain competitive, and as a result, are taking a step away from processes that have historically resonated with frustration.
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