Technology in Insurance
Reinsurers Face Challenging Market Conditions
Novarica Details Latest Business and Technology Trends in New Report
Boston, MA (Feb. 3, 2017) – In a reinsurance market made competitive by years of soft market conditions followed sharp hardening periods, huge losses from man-made and natural catastrophes, and open-ended liabilities like asbestos and terrorism, coming up with creative technology solutions is increasingly important for reinsurers.
In its latest Business and Technology Trends report, research and advisory firm Novarica provides an overview of the reinsurance business and technology landscape for 2017 and beyond.
“As reinsurers try to adapt to changing market conditions, we’re seeing more firms looking into more advanced business intelligence and modeling solutions, and replacing core systems,” said Mitch Wein, Vice President of Research and Consulting and co-author of Novarica’s new report. “In addition, many small and midsized reinsurers are using the soft market as an opportunity to leverage partnerships with hedge funds to grow their capital pool and gain access to business they wouldn’t have otherwise.”
Previews of the report are available here.
Insurance core systems heat map: Reinsurance (Novarica)
Novarica helps more than 90 insurers make better decisions about technology projects and strategy through retained advisory services, published research, and strategy consulting. Its clients include more than 90 property/casualty and life/annuity insurers. Its knowledge base covers trends, benchmarks, best practices, case studies, and vendor solutions. Leveraging the expertise of its senior team and of nearly 400 CIO Research Council members, Novarica provides clients with the ability to make faster, better, more informed decisions. Its consulting services focus on vendor selection, custom benchmarking, project checkpoints, and IT strategy. More information at www.novarica.com.
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