As life reinsurance professionals, we know that reading and interpreting a treaty is no easy task. While treaty language has progressed over the years, to a more standardized language, the older agreements are still relevant in today’s reinsurance eco-system. On any given day, reinsurance analysts could be working with treaties that look very different from one another. The lack of consistency makes it increasingly harder to accurately interpret the intentions of treaties. When intent and clarity are not clear, misinterpretations occur which can put your company at risk. Find out what happens when treaty language is misinterpreted, why it occurs, and how to prevent it from happening.
The September FAQ includes a combination of questions on TAI Mainframe vs. NET, general system questions, INSIGHTS and CONNECTOR.
This FAQ article was inspired by the questions we received at User Group 2017 and common ones I get from talking to reinsurance professionals about INSIGHTS and CONNECTOR. Continuing with the momentum from our summer newsletter in sharing resourceful content, I hope this article answers your questions on the latest additions to our software suite
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?
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.