Improving Business Decisions
Raising the level of automation is another benefit of an
effective technology platform. First and foremost, risk
technology should automatically consolidate a captive's
data, and it should automate report generation as well.
These automations lead to a lean captive administration
and satisfy the respective stakeholders with timely
reporting while also allowing for improvements in business
processes and efficiency.
Improving Decision Making
The enhanced reporting that results from improved data
management yields actionable insights. This leads to
better and more informed decision making with benefits
covering:
• Improved notification of claims to reinsurers and
coinsurers,
• Cash-flow improvement through better tracking of
premium collections and reinsurer recoveries, and
• Evaluation of program design, diversification and
loss control.
Timely Notification of Reinsurance Claims
Managing program complexity and reinsurance or
retrocession arrangements are key benefits of risk
technology. Allocation of claim financials and premiums
handling is another benefit. And because reinsurers have
strict claim-submission deadlines, managing the
notification and recovery of claims from commercial
reinsurers is especially critical.
THE CAPTIVE INSURANCE RENAISSANCE | 10
