In my previous blog, I explained various factors Information Technology (IT) teams should consider when implementing solutions for reinsurance operations. I also touched on the fact that IT and reinsurance operations should go together like peanut butter and jelly. But I realized that this is not always the case. In fact, our 2015 Industry Study on Life Reinsurance Operations & IT uncovered gaps in the relationship between the two departments. So why do these gaps exist and what can you do to improve the relationship between IT and reinsurance operations? Find out below.
Reinsurance operations and IT go together like peanut butter and jelly. Or at least they should to ensure smooth operations. An integral part of ‘smooth operations’ in the world of reinsurance is data management. Since IT and reinsurance operations are both stewards of data, they need to work together to find flexible solutions for data management. These solutions can take the form of systems, technologies, and processes (or ideally a combination of all three). The goal is to ensure consistent, reliable, and consumable data is available to work with. From an IT perspective, what should you consider when determining the best solutions for your reinsurance operations?