Fireman’s Fund to Use eReinsure Platform for Facultative Reinsurance

eReinsure.com Inc. announced an agreement with Fireman’s Fund Insurance Co. that will result in the insurer moving to eReinsure’s technology platform for the purchase of its facultative reinsurance. This agreement followed pilot testing at 10 Fireman’s Fund branches that indicated significant improvements over existing processes for reinsurance procurement.

Joe Dillon, chief underwriting officer of Fireman’s Fund, said, “This wasn’t a decision that we took lightly. We will be using the eReinsure platform for all of our facultative reinsurance and have worked with our reinsurance partners to obtain their commitment to this change in process. We believe that this move serves all parties to the reinsurance transaction and will help us to better manage our reinsurance purchases.” He added, “There is great potential for improved data quality and cost saving as we expand this project through integration with our existing underwriting and accounting systems.”

Since its release in 2001, the eReinsure platform, a neutral and secure means by which insurers, reinsurers and brokers can more efficiently collaborate in placing reinsurance, has been used to handle more than 20,000 submissions for reinsurance. It is designed to allow users to communicate, review, negotiate and manage risks, and archive documents. The patent pending technology automatically tracks each step of a transaction, removing any future uncertainties regarding agreements reached by the parties involved.

Igor Best-Devereux, CEO of eReinsure, said, “Fireman’s Fund has a clear vision of the benefits of improved information and workflow. It’s a vision we share and we are delighted to be working with the Fund and their reinsurers to provide an efficient, cost-saving means of transacting reinsurance.”

Fireman’s Fund is scheduled to begin using eReinsure in April.

Topics Reinsurance