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Follow on Google News | Novarica Study Identifies Top Technology Priorities for Reinsurers in 2015By: Novarica The reinsurance industry faces multiple challenges. Years of soft market conditions followed by sudden and sharp hardening periods, tremendous losses from man-made and natural catastrophes and open-ended liabilities, such as asbestos and terrorism are putting severe pressure on reinsurers. These difficult conditions challenge reinsurers to adapt and come up with creative solutions. To support these solutions some reinsurers are investing in several technology areas, including: ·Advanced analytics for better decision-making and product development ·Externalizing and centralizing intellectual capital (to avoid all the firms’ knowledge being held in a few people’s heads) ·Better handling of claims assignment and prevention of claims leakage ·Workflow applications to improve productivity, customer service and efficiency ·More sophisticated financial modeling, enabled by analytics ·Faster quarterly close/reconciliation and regulatory reporting ·And more “Novarica research has shown that technology solutions in place at most reinsurance companies often lags behind other areas of the insurance industry,” explains Jeff Goldberg, Vice President of Research & Consulting, Novarica. “Reinsurers typically have a lower degree of automation than other insurance sectors, as well as a much simpler technology architecture. Going forward most reinsurers see data analysis as core to their business and are investing in business intelligence, data analytics and the use of sophisticated specialized components such as modeling tools. Once some reinsurers begin investing in data analysis and predictive modeling, other reinsurers must follow; otherwise, they will face adverse risk selection and lose market position,” says Goldberg. For a free preview of this report, visit http://www.novarica.com/ About Novarica Novarica provides information, insights, and perspectives on markets, operations, and technology to financial services and insurance executives. The company delivers its service through published research, retained advisory services, and project-based consulting. Novarica draws its knowledge from the personal experience of its principals, the ongoing information gathering initiatives of dedicated research staff, and regular communication with insurer executives through informal networks and through the Novarica Insurance Technology Research Council, a moderated knowledge-sharing community of more than 325 senior IT executives representing more than 300 North American insurers. More information at www.novarica.com End
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