In this article, we uncover the dynamic evolution of outwards reinsurance systems, as Synpulse provides a comprehensive study that sheds light on top solutions, assisting insurance companies in making informed decisions for operational excellence.
In the dynamic world of reinsurance, staying ahead of the competition requires strategic decision-making and efficient processes. One area that offers immense potential for achieving operational excellence is outwards reinsurance. Our previous articles in this series highlighted the challenges faced by outwards reinsurance teams across various organisations along with recommendations around how they can be managed.
🔍 Our previous articles in this series:
One of the recommendations we had was to leverage the potential of a modern outwards reinsurance system. Let us take you one step further in that journey.
What follows is Synpulse’s latest market assessment report, evaluating prominent outwards reinsurance systems. This will give clients a high-level understanding of the nuances involved, before identifying the best-fit solution for their business through a comprehensive evaluation process.
Over the past five years, the outwards reinsurance system (ORS) market has witnessed a significant transformation. The emergence of the "new generation" solution providers has disrupted the status quo, bringing forth advanced IT modernity and user-friendly platforms. While established providers boast extensive functionality, they often lag in technical modernity and usability.
In a market brimming with diverse options, selecting the right outwards reinsurance solution is of paramount importance. This in-depth study evaluates different outwards reinsurance systems across 12 crucial categories, spanning business capabilities, IT-related factors, and other essential aspects. Since publishing the report initially in 2022, Synpulse has gone on to become the implementation partner of the UK based outwards reinsurance system provider, Cenata, in December 2023. Cenata’s outwards reinsurance system, CenataSure, was one of the best performing systems across all categories in the assessment and since, has further impressed with new functionalities and successful client integrations.
Additionally, upon republishing, we have added a revision note which highlights any minor changes in the market since the time it was last published.
The study underscores the importance of a thorough requirements gathering and vendor evaluation process. By identifying areas for improvement, defining future visions, and aligning budgets and timelines, insurance companies can make informed decisions that lead to transformative outcomes. With its proven track record and expertise, Synpulse can drive the evaluation to implementation process and help insurance companies find the best-suited ORS solution.
We have deep knowledge and expertise in outwards reinsurance that has helped our clients navigate some of the biggest challenges in outwards reinsurance. We will be sharing more insights over the coming weeks. Stay tuned for more updates!