In recent years, the reinsurance industry has faced a variety of challenges, including fluctuating market conditions and major losses. To rebound, reinsurers need to invest in technology to improve analytics, harness their intellectual capital, improve productivity, streamline processes and become more efficient, according to a new report Novarica.
According to the research and advisory firm, which focuses on insurance technology and strategy, some reinsurers are investing in several technology areas that will help them combat the challenges they face, including tremendous losses from man-made and natural catastrophes and open-ended liabilities such as terrorism and years of a soft market followed by sudden and sharp hardening periods.
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