Reinsurers must manage a lot of complexity. They move in the VUCA world of Volatility, Uncertainty, Complexity and Ambiguity. Market conditions are changing because of climate change, the Russia-Ukraine conflict, inflation and rising interest rate curves, the whole arithmetic, the financials, has changed and that is a big challenge for reinsurers.
Reinsurance is a global business facing several business challenges from data & analytics needs, smart automation, necessary core modernization and customer experience optimizations like other lines of insurance business.
But Reinsurers differ significantly from primary insurers in terms of their IT- and Business landscape requirements. They offer their customers (cedents), the primary insurers, tailor-made solutions and therefore have significantly fewer standardized processes and no real mass business. Risks are assessed and underwritten individually. In addition, reinsurers are internationally positioned and require increased flexibility in all business processes due to common group guidelines and different legal circumstances.
What reinsurers and primary insurers have in common is the need to optimize their processes, leverage their enormous potential through abundant data and seize the opportunities offered by digitization. Reinsurers need solutions tailored to their needs and an experienced partner for successful implementation.
With NTT DATA, Reinsurers have an experienced partner on their side for simplification of complexity.
NTT DATA offers an outside-in opinion, assists with quality assurance on concepts, automation assessments and architecture studies, helps with expertise in business- and functional analytics and solution evaluations, supports mastering the dependency structures and finds the customized solution for keeping the old system on track while in parallel a part of the new system is already running.
Therefore, a common communication platform with a trusted advisor and partner is necessary for a successful core modernization and automation regardless of whether it is an individual development or the implementation of a standard system.
NTT DATA helps to build and train an excellent and stable team, cost-optimized by using NTT DATA Shoring (Nearshore and Offshore) capabilities by taking the advantage of the cost structure with our experiences of preparing, implementing, and running such Business – and IT transition.
The Reinsurance market is becoming more and more competitive due to the amount of capital available and the participants. Reinsurers are moving from pure risk carriers to service providers, to intensify and improve customer loyalty through the extended service offered, but also to indirectly influence the risks it has assumed and thus to act preventively on its own claims side. So, they take over many of the services of a reinsurance broker in terms of the analysis function but also offer additional services and applications, like touchless claims.
To be able to assert oneself as a service provider on the market, efficient systems and programs, a large pool of data, their utilization and utilization with the most diverse questions as well as the linking of information are required above all.
NTT DATA, as a global player, offers an E2E value proposition for Reinsurance. We offer Services & Solutions from strategy & advice, to transform and manage. We are bundling our Reinsurance Analysis & Consulting expertise, especially for Reinsurance Business Consulting, Digital Automation Consulting and Core Modernization Consulting, together with our integration and implementation services from Digital transformation or core modernization to Cloud solutions. And we are offering platform solutions as a Service and Assets to operate and manage the run of the reinsurance business.
Our specialists have first-hand reinsurance know-how and have already successfully implemented numerous projects for large reinsurers.
A strategic partnership with NTT DATA gives stability and helps to reduce complexity. We help to sharpen the view on strategic focus points to be a Data- and AI-driven company with a focus on efficiency and simplification, become Reinsurance as a Service, be ready for the War for Talents, manage unexpected challenges and give answers to the green generation and sustainability needs.
We are PATHFINDER for a connected future in Reinsurance, accompanying Reinsurers on their journey to become a Reinsurance – Ecosystem - ready company.
NTT DATA is the trusted advisor and partner for reinsurance companies.