Report covers reinsurance management solutions available to US insurers and reinsurers
CORAL GABLES, FL / ACCESSWIRE / September 17, 2020 / Prima Solutions, a global insurtech group that designs software solutions for insurance and reinsurance professionals in North America, Europe and Asia-Pacific, is listed in Novarica's recent report that compares the leading reinsurance management systems on the US market.
Novarica, a research and advisory firm, reviewed reinsurance management solutions available to US insurers and profiled vendor solutions, including Prima XL from Prima Solutions.
Prima Solutions is listed in this study, among the other 10 leading companies for this industry, thanks to its strong and continuous development in the United States over recent years.
The company is well recognized in the reinsurance market since 2014 with already a dozen major references in the US market.
Its cloud-based reinsurance management platform covers all activities for ceded and assumed reinsurance, with dedicated standard features such as catastrophe, multi-currency, run-off and schedule F reporting. The recent addition of Prima Analytics provides powerful data-mining capabilities in order to give meaning to reinsurance data and help managers make strategic and operational decisions.
Prima XL capabilities are detailed in Novarica's report, published in July. A preview is available online at https://novarica.com/reinsurance-management.
Technology, differentiators, client base, lines of business supported, deployment options, implementation approaches and upgrades / enhancements are among the several key criteria studied in Reinsurance Management Systems 2020.
'Key reasons to modernize the reinsurance system include the availability of better business intelligence, claims leakage prevention, and the operational efficiency of full automation of cession calculations and Schedule F reporting. Insurers with modern reinsurance practices use their systems as part of organizational growth, leveraging more sophisticated reinsurance contracts to expand underwriting appetite while managing their risk,' said Jeff Goldberg, executive vice president and co-author of the report.
Despite the complexity and crucial importance of reinsurance, many insurers still use some combination of Excel and legacy systems to manage their cessions today. Novarica's report shows there are better options available for those who want to invest in a more automated, efficient process.
'Anyone considering a reinsurance management system should read Novarica's report,' said Gregory Moliner, CEO of Prima Solutions USA. 'It clearly identifies the key facts and players.'
About Prima Solutions
A global insurtech group and key player in insurance in Europe, North America, and Asia-Pacific, Prima Solutions designs software for insurance and reinsurance professionals, covering all business processes in the life insurance, health insurance (for groups and individuals), non-life insurance, and reinsurance sectors.
The group serves more than 300 customers and works with a global network of partners. We help insurance companies go digital more quickly through our highly configurable, modular, and cloud-based all-web software suite - www.prima-solutions.com.
About Prima Solutions USA
Based in Coral Gables, Florida, Prima-Solutions USA is the Group's North American division. U.S. clients include Encova, USAA, AXA, FBL, Fortitude Re, Progressive, Genpact, and others.
Novarica helps more than 100 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and of more than 300 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. More information at www.novarica.com.
SOURCE: Prima Solutions
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