Adapting for change
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.
With technology, information can be generated efficiently, rather than what a team of people working with spreadsheets and mountains of data could produce in weeks.
What software does CATEX offer to support the industry?
CATEX offers the Pivot Point Reinsurance & Insurance Transaction Platform and Data Vera. Pivot Point is a web-based, software as a service (SaaS) platform that encompasses the reinsurance, commercial insurance and delegated authority transaction from end to end. Our clients are brokers, markets and MGAs. Clients have their placement, contracts, claims and accounting teams on Pivot Point and often utilise the system from multiple offices around the world.
Data Vera is part of the Pivot Point platform and is a unique web-based application that cleanses incoming data by examining every cell in an incoming Excel document and compares it against business rules set by the client. Data Vera automatically corrects the data in imported cells based on the user’s rules and based on what the user’s Data Vera system has seen before.
What are the biggest challenges with implementing new software?
The quality of migrated data can raise problems. However, by using the tools and processes we’ve developed for both migration and data verification, we can find anomalies in data that a new user wants to migrate to Pivot Point. By using our software, we get these corrected before they go into the new system.
The second challenge is the fear of the unknown. There’s nothing we can do about this except to work as hard as we can to allay those concerns.
