eReinsure.com, Inc., which provides e-commerce technology to the insurance and reinsurance industries, announced that Converium Holding Ltd. will use the eReinsure online negotiation platform to negotiate and manage transactions. It described the decision as underscoring the growing acceptance of Internet technology by the reinsurance industry as a more efficient way to conduct business.
Converium, which was formed last year by the spin-off of several of Zurich financial services’ reinsurance operations, and held a public share offering in November, is organized around four business segments consisting of three non-life operations, Converium Zurich, Converium North America and Converium Cologne, as well as Converium Life.
Andrei Chivvis, Global Head of Converium IT, stated in the announcement that, “Even though the reinsurance industry has long recognized the potential cost and efficiency benefits of conducting business online, a comprehensive, user-friendly solution that addresses the complexity of established business practices has been elusive. Combining a detailed knowledge of the way we transact business with state-of-the-art technology, eReinsure has created a secure, neutral, online negotiating platform that allows all parties involved in the transaction to more efficiently share and manage information, which will result in smoother transactions and substantial cost savings.”
The bulletin described the eReinsure platform as “designed to enable users to communicate with their trading partners, establish the terms of reinsurance agreements, review and manage information related to reinsurance placement and provide XML integration with existing internal systems.” It “automatically tracks each element of a transaction, removing any future uncertainty regarding agreements reached by the parties involved.”
eReinsure, Inc. specializes in developing “Internet technologies for reinsurance negotiation, documentation, recoveries and other functions that support online trading and is positioned to be a leading provider of e-commerce technology in the insurance and reinsurance marketplace.” It has offices in New York and London, and a technology development center in Salt Lake City, Utah.
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