- Challenging times for reinsurers in terms of revenue growth and tightening margins
- Need to underwrite more risks to sustain growth
- Look for international platforms and product diversification, and opportunities to deploy capital efficiently
- Firming renewal rates
- Mild bounce in investment returns
- Increased M&A activity as businesses seek to gain access to capital, scale advantages and diversification benefits
Technology facilitates reinsurers to address the business challenges. Introduction of better risk and decisioning systems leading to effective underwriting, Standardization of processes by integrating the disparate systems and providing a unified view of operations, automation of manual processes would result in significant process efficiency, cost benefits and increased customer satisfaction.
HCL Domain Expertise
- HCL has proven experience in both Facultative and Treaty Management
- Domain expertise across Life and P&C reinsurance
- Business Re-engineering for leading global reinsurers
- Experience in Transformation of Underwriting frameworks
- Package implementation for reinsurers – Leverage HCL for SAP services
- Insurance practice leveraging both Life and P&C experience
- Business process improvements for large reinsurers
HCL’s deep understanding of Reinsurance domain has enabled the Business Reengineering of systems for global reinsurers in addition to development and maintenance of systems across Facultative and Treaty lines. HCL’s reinsurance practice has delivered improved efficiency by integration of disparate systems, development of decisioning systems in underwriting and reporting, and auditing tools to improve external and internal customer satisfaction.