The reinsurance industry relies on processing accurate treaty data. Yet, in many cases, treaty information is misfiled, misunderstood, or even missing. Which is a huge risk because if your organization is processing erroneous data, it can lead to large financial adjustments. Reviewing treaties allows you to validate that reinsurance is being processed accurately and identify errors that could be causing financial issues. So when is it the right time to conduct a treaty review? Like many things in life, there is never a 'right' time. It really depends on a reinsurance company's current state, business strategy, operations and processes to name a few. Based on our experience, we've identified the most common scenarios reinsurance companies approach us to conduct treaty reviews below.
In today’s digital world, information technology and data are at the center of our day-to-day lives. Whether you are browsing the internet on your smartphone, tracking your steps on a FitBit, watching Netflix or making a purchase online, there is a constant exchange of data. And these are just examples from your personal life. It’s hard to imagine a profession that doesn’t have at least one touch point with information technology or digital data. The insurance industry is no exception, holding a wealth of private data on millions of individuals and companies.
With the recent launch of Ardent, TAI's new security program, we've been receiving inquiries on how the program works, how to get recent updates and more. This FAQ blog was inspired by these inquiries. If you don't see the answer to your question, don't hesitate to reach out.
Spatulas, baking pans, cookie scoops and stand mixers are amongst the essential items bakers must have in their kitchen. Similarly, there are a handful of essential tools that reinsurance analysts use in their day-to-day work. Whether you are submitting claims, querying data or trying to manage data errors, I've curated a list of tools for reinsurance analysts to use based off of my experience:
Many inquiries from clients involve requests to find specific information. The .NET system allows users to easily query their database to get the information they are looking for. In this installment of our FAQ blog series, I’ll share a recent use case of the Ad Hoc Query tool.
The treaty is a key source of data in reinsurance. It is the formal contract that binds the ceding company with the reinsurer and lays out the terms of the agreement. Therefore it is referenced whenever there are questions about how reinsurance should be administered. However, treaties are often extremely long and contain a lot of standard legal information to sort through. This makes it challenging to zero in on specific information when you need to review treaties to answer key business questions. When do these treaty reviews happen?
Spreadsheets versus automated system. When it comes to reinsurance programmes, this is a popular debate since spreadsheets have traditionally been used to store reinsurance data. However, when considering the disadvantages of spreadsheets, it appears to be a much riskier option. As Denizon pointed out, spreadsheets can cause major issues in any business enterprise and the reinsurance industry is no exception. Below I’ll share various ways spreadsheet disadvantages apply to the reinsurance world and why an automated system is a safer, more efficient and cost effective for your business. Download the full list of reasons why spreadsheets aren't the answer for reinsurance programmes here.
True or False. Companies should be concerned if their employees are on LinkedIn. The answer – false! I recently led a session at the 2017 User Group meeting on the importance of leveraging LinkedIn for building a personal brand and developing professionally. Two things that companies should be encouraging their employees to do. One of the attendees in my session voiced concerns over what their employer or colleagues would think if they were on LinkedIn (‘aka will they think I am job hunting’). While the social media network for professionals can be used for finding new employment opportunity – this is only ONE of the many use cases. As you’ll see below, LinkedIn can be used for so much more – which is why companies should encourage their employees to be active on the network. Whether you are an employee or employer wondering if LinkedIn is the right place to be – I hope to convince you that it is indeed.
Data integrity is essential to reinsurance administration. A key part of our role as analysts is maintaining data accuracy throughout the entire chain of business. Which means we are responsible for data throughout its entire life cycle. Having the right people, processes and technology in place can be extremely beneficial for maintaining data accuracy throughout its life cycle. One tool our team of analysts uses to ensure accuracy while processing policies is TAI’s exception reports. This tool generates an itemized report of any policy that was not successfully processed as intended. The ultimate goal in reinsurance administration is to get a zero exceptions report. Why?
You know that feeling you get at the end of a conference? The energetic burst of inspiration and readiness to implement everything you learned into your everyday work? But then you get back to the office and unfortunately, allow other priorities to get in the way of implementing new learnings. While writing this blog and reflecting on my takeaways, I also thought about how we can make time for new learnings instead of putting them on the back burner. So in addition to the User Group highlights I shared in Part I and below, I'll also discuss how to keep the momentum going post conference. For now, let's dive back into highlights from the 2017 User Group.