Transforming Pool Re’s Reinsurance Scheme - Revolutionary new digital treaty and claims management system built by Optalitix in just 6 months
Pool Re adopted Optalitix Quote, a powerful out-of-the-box solution that delivered everything they needed to revolutionise their quoting process, streamline claims management, and provide insurers with seamless digital access.
About Pool Re:
Pool Re are the UK’s largest terrorism reinsurer, trusted by over a hundred insurers, and globally recognised as the leading experts in terrorism risk financing. Their mission is to provide financial protection against the risk of terrorism and enhance the resilience of the UK economy. They protect £2 trillion of assets and businesses of all sizes.
Challenge: Pool Re's existing system needed to be digitised, while ensuring a speedy and easy changeover for insurers buying reinsurance cover.
Pool Re's process was encumbered by manual data entry, a constant exchange of emails, and a separation between treaty and claims systems. They needed to improve the efficiency of their quote and claims process to:
· Streamline quote issuance, claims assessment, and tracking
· Provide insurers with access to their quotes and policy information online
Solution: Optalitix Quote - the perfect end-to-end treaty and claims management platform
Optalitix Quote’s flexible pricing capabilities utilised Pool Re’s specialised pricing models to enhance pricing accuracy and performance, enabling Pool Re to quote and bind reinsurance policies. The integrated Flow technology built into Quote ensures that any operational workflow can be easily configured for a client, including intelligent workflows linked to external models.
- Ensures trusted system uptime, seamless quote acceptance (using DocuSign capabilities), and seamless integration to Pool Re’s CRM
- Provides significant flexibility to match Pool Re's own underwriting processes
- Eliminates redundant data capture
- Incorporates complex governance and audit requirements to track actions and information provided to clients, a vital component due to the size of the potential claims and the risk involved
- Enables quick settlement of claims
- Integrates with Pool Re’s finance system to ensure easier premium collection and accounting
- Analyses claims and provides MI following any terrorist attacks
Value: Pool Re have gained enormous efficiency benefits, along with auditability and reportability on quotes issued and the cost of events
A reliable, fast and integrated digital system gives enormous value to Pool Re given the large number of customers it covers and the number of quotes it issues, as well as the significant impact a terrorist event could have on insurance claims. It is a vital tool to improve the resilience of the UK insurance system to terrorist attacks.
The system:
- Removes large quantities of dual quote capture
- Streamlines the quote process and links all the data available for improved reporting and ease of use
- Includes DocuSign integration
- Integrates directly with Pool Re’s finance system to ensure seamless premium issuance and collection, and a system of record for companies covered
- Includes geo-mapping capabilities, dashboards and client portals to improve quote administration and give far more insight on terrorist events to Pool Re, its insurers and the UK government (which is the ultimate guarantor for Pool Re’s capital)
“Since launching the new system, our team has been able to digitally transact both pricing and contracts with our members smoothly and efficiently. “ Jonathan Gray - Chief Underwriting Officer at Pool Re
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