The reinsurance business involves extremely complex, logic-driven processes that are facilitated mainly by software applications. These applications provide an opportunity for reinsurance companies to differentiate themselves. Nothing is more frustrating than missing great business opportunities because IT departments can’t respond fast enough, or existing systems are too difficult to modify.
Adding an agile layer on top of these rigid systems offers COOs and CIOs at reinsurance companies the opportunity to react quickly without employing large teams of developers. We call this layer a “change layer” because it enables rapid changes that offer immediate business value on top of an otherwise inflexible core system.
Inefficient manual process? Automate it. Disparate systems slowing you down? Connect them. Underwriters doing arduous tasks? It’s called a microflow; and it’s a logic-based process flow. Have a novel idea that will win more business, but no IT horsepower to implement it? That’s what your change layer is for. It allows you to build even the most complex applications 10x faster, with minimal input from IT.
Most of these applications are custom portals, and while you might think those two words equate to a whole lot of time and money, your change layer gives you the ability to ensure a rapid and significant ROI. The key here is that you don’t need to employ an army of developers to implement a new portal.
Most of the work can be done by business people, and in our opinion, it should be. They are the ones who know the problem and are likely to have an idea for a solution. We worked with Arch Re to help them get into the Program business by building a custom application that provides a more efficient mechanism for clients to report the risks subject to the contract. Click here to read the case study.