Insurers have room to grow in the reinsurance-processing department, according to a survey conducted on behalf of Inpoint Services, an Aon company. Though reinsurance recoverables are among their largest assets, most insurers lack a dedicated staff to administer those claims, and two out of three insurers are using outdated technology to administer their reinsurance. The survey of 138 insurers revealed that 32% of insurance companies use comprehensive technology systems to support their reinsurance processing, up from just 17% in 2005. However, 42% of insurers still use partially automated systems and 26% rely on manual processes, such as spreadsheets.
“Considering that reinsurance recoverables are among most insurers’ largest assets, the number of companies relying on partially automated or even manual systems is surprising,” says Mark Richtmyer, senior account executive at Inpoint Services. “Fortunately, the survey found that the use of fully automated technology is growing. That said, companies contemplating new technology should give special consideration to how they will integrate their new systems with the processes and human resources currently in place.”
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access