Adopting new technologies can reduce errors and improve efficiency dramatically for re/insurers says Frank Fortunato, CEO at CATEX.
Why is technology more important than ever for the re/insurance industry?
Brokers and underwriters are under pressure, investment returns are non-existent and underwriting for profit has become a requirement. As a result, underwriters need to be 100 percent sure about the data they are dealing with.
Also, the need to look quickly at incoming data and learn what the impact of those new risks might be on business plans is a key concern. This is especially important as markets are constantly trying to gauge the effect of business they are considering on their internally set aggregate limits per line, region, country, etc.
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CATEX, Frank Fortunato, reinsurance, technology