In a world of risks, insurers and reinsurers can't afford to hold on to all their exposures nor put them all in one basket. Handing off risks and keeping track of them can ensure neither side gets burned. Managing claims and contract information and enhancing communication between the two sides have become paramount, particularly as the stakes rise with the potential for increasingly large payouts. Here is a look inside the reinsurance IT arsenal carriers depend on to ensure their flanks are covered.
by Robert Regis Hyle
Insurance companies are a lot like you and I, according to Art Trevethan, director of risk management and reinsurance for Nationwide. You make a judgment based on your financial abilities to cover the routine events that can occur, he says. You know you can take $500 out of your savings and pay for a minor loss, but anything above thata major loss that would cost a couple of thousand dollars or moreyou wouldnt want to have to go to your savings or retirement funds to pay for that.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
