This article was originally featured in the April 2020 Issue of RISKAfrica, titled 'Efficiency is key in a post-pandemic market' and is republished with permission of RISKAfrica.
Below is an excerpt from the article.
As we write this, half the world’s leader’s are working out how to kickstart their countries’ economies once the worst of the Coronavirus aftermath has passed. Unfortunately, many countries are also still bracing themselves for the full extent of the pandemic to run its course. There can be no doubt the aftermath of COVID-19 is going to continue to reverberate through the insurance industry for months, if not years.
It is opportune then that we interviewed Tom Freitas, CEO of TAI (Tindal Associates Inc) just prior to news of the outbreak. Opportune because if there is one clear thing, the key to recovery for many insurers is going to be administration efficiency and accurate data management. And administration efficiency and accurate data management are front and centre of the TAI reinsurance administration offering.
On a global scale, how does the TAI solution stay on top of (sometimes quite disparate) compliance requirements that are in place in different countries?
We have two main levers that we use to stay up-to-date with compliance requirements for our clients. First, we have regular communication with at least 25% of our clients during the year through regular project work, steering committees, and bespoke requests. Through these interactions, we gain valuable insights as to what they need in order to remain compliant in their market or country.
The second lever is our compliance, security, and regulatory connection to our parent company, RGA, who has dedicated teams and investment in this space.
What are some of the reporting functions available to clients at treaty renewal or negotiating time?
Understanding the financial performance of a block of business is necessary to negotiate reinsurance terms effectively. However, the challenge is providing the information for a variety of stakeholders so they have insights that are useful to them. This is something we’ve addressed in our reporting functionality, or “Insights” as it’s known to customers.
For those seeking to understand volatility, profitability, and spread of risk, the system allows users to launch reports that provide this level of insight quickly. It also offers a more granular look at treaty performance, including total inforce count, new inforce count, and terminated amounts.