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Life Insurance Reinsurance Administration Snap Poll

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2022/02/06
Karen Monks

Available Only for Members of the NA Celent Insurance Research Panel

Abstract

Abstract

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:

Background:

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.

Questions:

  1. How do you currently administer your life insurance reinsurance?
    1. Vended solution (please name vendor and solution)
    2. Outsource it (please name vendor)
    3. Homegrown solution or capabilities, please describe (for example, are you using Excel spreadsheets or did you develop a solution?)
    4. Hybrid of any of above (please name external vendors and solutions)
    5. Other, please describe
    6. Do not have a need for a reinsurance administration system
  2. Are you considering changing how you administer reinsurance, and if so, why? And please describe what you are considering.
  3. 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?
    1. End user interface with vended solution
    2. End user interface with outsourced solution
    3. End user interface with internal, homegrown solution
    4. No user interface
  4. Are there any special terms which the system cannot support? If so, what are these exceptions? How do you handle these exceptions?
  5. 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?
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