Supporting ACORD Standards is Crucial, European Reinsurance and IT Professionals Say at French Conference
Effisoft's Julien Victor says cloud solutions are impacting reinsurance management systems
PARIS, FRANCE / ACCESSWIRE / June 27, 2018 /Speaking before a recent meeting of top reinsurance professionals in Paris, Julien Victor, Effisoft's managing director, covered key trends in technology for reinsurance management.
Effisoft, a software publisher for insurance and reinsurance professionals, participated in a recent panel on the modernization of reinsurance operations cosponsored by Swiss Re and SCOR on behalf of the Ruschlikon Initiative and supported by the Association des Professionnels de la Réassurance en France (APREF).
Attendees included experts from 30 insurers, reinsurers, brokers, consultancy firms and software publishers. They discussed issues such as P&C accounting standards and workflows, digitalization and the creation of value.
Victor spoke about the digital transformation in the French insurance sector. He also covered the potential of the market for reinsurance management solutions.
"Given constant innovation spurred by big data, artificial intelligence, blockchain, business intelligence and cloud, we see that insurers are also interested in the centralization and automation of reinsurance. They especially want to increase security and facilitate regulatory compliance," he said.
"Very often, we are asked to replace Excel files. Very few players in France and elsewhere have a dedicated reinsurance system, so there are real opportunities for IT projects in this field."
Julien Victor, Managing Director, Effisoft
The discussion then focused on dematerialization of exchanges. The experts all agreed on the need to re-engage the insurance industry in France regarding ACORD standards.
"For example, the IT departments should be more involved in reinsurance projects," Victor said, "because implementing ACORD standards is tricky and reinsurance experts and IT professionals should jointly manage such projects."
Another evolution would be the improvement of ACORD standards in order to expand their coverage, manage all types of exchanges and so, meet all the needs of reinsurance professionals.
Regarding dematerialization, Victor supported the Ruschlikon initiative, which also participated. He believes that "the adoption of software solutions and the emergence of cloud solutions to manage reinsurance should result in the better dissemination of ACORD standards. A working group is expected to be set up soon by the Ruschlikon initiative."
Founded in 1989, Effisoft is a French international group that designs software solutions for insurance and reinsurance professionals. The group is the specialist in the optimization of reinsurance operations and regulatory compliance solvency II. Effisoft team and accompanies 300 customers in more than 20 countries thanks to its offices in France and the United States as well as its global network of partners. www.effisoft.com.
Based in Coral Gables, Florida, Effisoft USA is its North American division. U.S. clients include State Auto Insurance Companies, The Motorists Insurance Group, USAA, AXA and other insurers. Several major new clients have come on board in 2017 and 2018. www.effisoft.com/us
APREF brings together almost all reinsurers active in the French market plus reinsurance brokers, captives, lawyers and auditors. APREF is the most important professional organization for reinsurers in Europe. It aims to promote reinsurance activity and to improve the knowledge of risks and their modeling in order to develop the insurability of major and emerging risks. Together with local bodies, public authorities and European bodies, it contributes to reflection on topical and market issues that affect reinsurance, including personal injury, extreme events, addiction, terrorism, and cyber risks. www.apref.org
About Ruschlikon Initiative
The Ruschlikon Initiative connects leading players of the (re)insurance industry to advanced back-office processes such as technical accounting, claims and settlement using the ACORD Global Reinsurance and Large Commercial (GRLC) Standards. Its mission is reshaping the (re)insurance industry through the design and implementation of processes that reduce operational cost and enhance client service. Offices are in London and New York. www.ruschlikon.com
Henry Stimpson, Stimpson Communications
508-647-0705 | Henry@StimpsonCommunications.com
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