Automating reinsurance processes through digital transformation
The reinsurance industry has been slow on the uptake of digitisation. Prevalent manual processes and massive document churn lead to process inefficiencies and compliance issues, besides increasing risk exposure. Uncertainty due to climate change, cyber terrorism, an everchanging business environment, and cutthroat competition require that reinsurers exploit the potential of digital transformation to stay ahead of the curve. Automation of reinsurance with a data-driven approach will help reinsurers improve efficiency, reduce cost, and innovate customer-friendly product offerings.