THE CAPTIVE INSURANCE COMPANY'S GUIDE 7
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.
IMPROVING BUSINESS PROCESSES
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.
In general, a technology solution should help the captive manager maintain
and improve focus on the task at hand, which span the range of operational
activities. At the highest level, technology should help the captive better
demonstrate its overall value to the parent organization, including the value of
the captive serving as the bridge between corporate risk appetite and business
unit risk appetite.
Drive the value
and efficiency
of the captive
through
effective data
management
