The reinsurance renewal period has proven to be a challenging one for both capital providers and those looking to place risks, according to Giulio Genillard, Manager, Synpulse.
Along with this, difficult negotiations on both deal structures and terms and conditions are becoming even more complicated due to inefficiencies in collaboration, both with the broker/cedent, as well as internally within the ILS fund manager’s operation.
Writing in the Artemis Q4 2022 catastrophe bond & ILS market report, Genillard discussed Synpulse’s ILS Workspace, which is designed to enable ILS fund managers to rapidly deploy a highly customised solution that integrates with current systems and tools, in order to improve decision-making and increase the time allotted for value-adding tasks.
“A well-integrated, effective software solution supporting ILS fund managers in navigating these challenges is essential for running the business of the future. Such a solution will digitise processes and information exchanges to increase productivity and reduce transaction costs while offering users a more seamless experience.
“‘ILS Workspace’ delivers an improved collaboration experience, turnaround time, and overall, a more efficient and effective environment for decision-making,” he said.
Furthermore, Genillard explained that no “off-the-shelf software solutions” exists today that can do this. And that as result various tools are used and they are not well integrated, which results in inefficiencies such as duplicate data entry, system stops within processes due to a lack of integration and communication across multiple channels.
“To deliver the desired business outcome (e.g., an investment decision, a claims update, etc.), workers today need to conduct a plethora of menial tasks. The time required for this is at the expense of value creating tasks. For example, to arrive at an investment decision, information from various stakeholders including underwriters, modelers, portfolio managers, legal, and others is often needed,” he said.
“The process of compiling the required decision inputs is often lengthy and culminates in a meeting. Such a meeting needs to be repeated each renewal. A technology solution would streamline the collection of decision inputs while freeing up time for experts to focus on the decision analysis or other value-adding tasks,” he added.
According to Genillard, the current state prototype is built with flexible technology that it uses to accommodate the specific needs of a business. The prototype also possesses the ability to deliver a solution in form of productive software, faster than if it was built by traditional development means.
“While the current prototype is designed for front-office decision- making during the investment process, the solution is also capable of handling middle and back- office processes, such as claims management and technical accounting,” explained Genillard.
He concludes by explaining some of the solution’s key capabilities. This includes, end-to-end business process orchestration and task management, collaboration and communication capabilities, full audit trail and transparency, single data entry, integrations into system landscape with various systems, and appealing UI/UX.
This interview was first featured in Artemis’ latest quarterly catastrophe bond market report.
ILS Workspace delivers an improved collaboration experience: Synpulse’s Giulio Genillard was published by: www.Artemis.bm
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