Life Insurance Reinsurance Administration Snap Poll
Available Only for Members of the NA Celent Insurance Research Panel
Snap polls reflect questions posed by members of the Celent Executive Research Panel, a group of C level executives in the insurance industry. This question came about from a member who is was looking for insights and advice around life insurance reinsurance administration. This deck provides a summary of the responses to a Snap Poll conducted January 17 – January 31, 2021. Five insurers responded to this survey over the course of the two weeks.
The question that was posed was:
A North American life insurer is seeking a solution for managing reinsurance treaties & transactions, and is seeking information regarding the tools and approaches other carriers are using.
- How do you currently administer your life insurance reinsurance?
- Vended solution (please name vendor and solution)
- Outsource it (please name vendor)
- Homegrown solution or capabilities, please describe (for example, are you using Excel spreadsheets or did you develop a solution?)
- Hybrid of any of above (please name external vendors and solutions)
- Other, please describe
- Do not have a need for a reinsurance administration system
- Are you considering changing how you administer reinsurance, and if so, why? And please describe what you are considering.
- How do those responsible for reinsurance contracts interact with the systems to set up, maintain, and review contracts as well as enter data manually, when necessary?
- End user interface with vended solution
- End user interface with outsourced solution
- End user interface with internal, homegrown solution
- No user interface
- Are there any special terms which the system cannot support? If so, what are these exceptions? How do you handle these exceptions?
- If you do run any form of a platform (vendor or home grown), are all integration feeds automated. If not, why not? And how do you handle the exceptions?