Supporting ACORD Standards is Crucial, European Reinsurance and IT Professionals Say at French Conference

Wednesday, 27. June 2018 15:03

Effisoft's Julien Victor says cloud solutions are impacting reinsurance management systems

PARIS-June 27, 2018-Speaking before a recent meeting of top reinsurance professionals in Paris, Julien Victor, Effisoft's managing director, covered key trends in technology for reinsurance management.

Effisoft, a softwarepublisher for insurance and reinsurance professionals, participated in a recent panel on the modernization of reinsurance operations cosponsored by Swiss Re and SCOR on behalf of the Ruschlikon Initiative and supported by the Association des Professionnels de la Réassurance en France (APREF).

Attendees included experts from 30 insurers, reinsurers, brokers, consultancy firms and software publishers. They discussed issues such as P&C accounting standards and workflows, digitalization and the creation of value. 

Victor spoke about the digital transformation in the French insurance sector. He also covered the potential of the market for reinsurance management solutions.

"Given constant innovation spurred by big data, artificial intelligence, blockchain, business intelligence and cloud, we see that insurers are also interested in the centralization and automation of reinsurance. They especially want to increase security and facilitate regulatory compliance," he said. 

"Very often, we are asked to replace Excel files. Very few players in France and elsewhere have a dedicated reinsurance system, so there are real opportunities for IT projects in this field." 

The discussion then focused on dematerialization of exchanges.

The experts all agreed on the need to re-engagethe insurance industry in France regarding ACORD standards.  

"For example, the IT departments should be more involved in reinsurance projects", Victor said, "because implementing ACORD standards is tricky and reinsurance experts and IT professionals should jointly manage such projects".

Another evolution would be the improvement of ACORD standards in order to expand their coverage, manage all types of exchanges and so, meet all the needs of reinsurance professionals. 

Regarding dematerialization, Victor supported the Ruschlikon initiative, which also participated. He believes that "the adoption of software solutions and the emergence of cloud solutions to manage reinsurance should result in the better dissemination of ACORD standards. A working group is expected to be set up soon by the Ruschlikon initiative."

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Source: EFFISOFT via Globenewswire

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