Reinsurance is a complex global business. A slowdown in catastrophes in 2012 has lead to supply outpacing demand. This presents problems for Reinsurance carriers to find new sources of revenue due to the weaker demand for Reinsurance in the standard insurance market. While demand for insurance continues to grow globally, the growth is much slower in the emerging markets.
Reinsurers are taking different approaches with value added services that will help build customer loyalty and attract new customers. Most Reinsurance carriers are data rich and information poor. By mining the data, reinsurers can use the information to provide risk mitigation strategies to their clients.
Mphasis recognizes the challenges that Reinsurance carriers face. The promise of new technologies like Big Data and Analytics will give reinsurers the ability to better understand the risk they are reinsuring and/or the risk associated with the policies their customer is writing.
Having a platform that can efficiently and effectively process Reinsurance claims is also a critical requirement moving forward. Mphasis provides information technology services that help address software and infrastructure requirements for Reinsurance carriers. Platform options are also available through our partnerships.