eReinsure Expands Product Offering

eReinsure.com, Inc., a provider of e-commerce technology to the insurance and reinsurance industries, has expanded its technology platform to deliver four distinct solutions: Providing process control for individual risk placing; enabling automatic rating and bordereaux reporting; supporting compliance for internal reinsurance; and linking systems through XML messaging.

eReinsure Placing is a Web-based application used to manage the placing of risks.

With the increased emphasis on process controls, eReinsure Placing ensures consistency and the ability to audit transactions. "Since 2001 our placing platform's capabilities have grown with expanded workflow options and configuration capability," says Igor Best-Devereux, CEO of eReinsure. "The system always has consisted of a series of services for communication and interaction between the parties to a negotiation. As the system has evolved to include greater functionality, we have been able to deploy these services to offer additional solutions."

The eReinsure Automatic rules engine permits brokers and reinsurers to reduce cost and improve service by incorporating automatic rating in accordance with pre-agreed terms.

The eReinsure Internal solution can be available in combination with the Placing platform or on a stand-alone basis. For insurers that rely on affiliated companies to reinsure specialized areas of programs, ensuring such risks are handled appropriately and in a timely manner is critical. The eReinsure Internal workflow enables companies to manage such transactions within an auditable control framework.

Commenting on the eReinsure Message service, Best-Devereux says, "Our core business remains the 'bridge' between a company and its trading partners, providing process control and information management resources. Increasingly, our customers ask us to link the eReinsure platform to their systems using the ACORD XML standards. The XML messages that are transmitted or received eliminate reentry of data with all the associated costs and inaccuracies. Our proven messaging capability offers significant benefit to customers as this technology is more widely adopted in the insurance and reinsurance markets."