Royal & SunAlliance announced the launch of a new electronic trading platform, eFacRe, for facultative reinsurance business, developed in conjunction with reinsurance software developer CATEX.
“The system is one of the first of its kind to be built by a UK insurer and will allow R&SA to request and purchase all of its facultative reinsurance online,” said the bulletin.
The system has been successfully tested in R&SA’s UK and Danish operations, and will now be fully implemented. The company plans on using the new system “in all its major markets around the world by the end of 2003.” Initially it will only be available for Property and Casualty classes of business, but R&SA indicated that “other lines, such as, Engineering and Marine, will be added as the system develops.”
The announcement noted that the “eFacRe system allows R&SA’s underwriters to identify and select the most appropriate reinsurance solutions for the Group on a case by case basis. As well as streamlining the existing purchasing process, eFacRe will also ensure that all documentation — from the initial request for cover through to confirmation — is filed electronically, allowing secure access 24 hours a day.”
Commenting on the new system, Alan Fowler, Director, Underwriting, Claims and Reinsurance of R&SA, stated that “eFacRe represents a radical new approach to an established process that dramatically changes the way we purchase facultative reinsurance, both direct and via brokers.”
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