IASA Shows Upsurge of Interest in Reinsurance Software, Effisoft Says

DALLAS, TX--(Marketwired - Jun 27, 2013) -  Insurers are showing more interest in specialized software to manage their reinsurance programs, based on inquiries at the recent Insurance Accounting & Systems Association (IASA) conference, according to Joseph Sebbag, CEO of vendor Effisoft USA. About 70 IT and insurance professionals visited the Effisoft booth for a presentation during the vendor tour at the conference, he said.

"We wouldn't have seen that much interest a couple of years ago. More insurers realize that managing ceded reinsurance with a spreadsheet doesn't work today," he said. "Reinsurance is so complex, all but the smallest carriers need a specialized tool to manage and analyze it."

One key driver is the need to prevent recoverables leakage, Sebbag said. Without good reinsurance software, it's difficult to keep track when claims should be filed with reinsurers and book payments. 

"If you're not filing claims and collecting what you're owed, it obviously impacts your bottom line and cash flow," he said.

Another driver is increased regulation. Regulators are requiring spurring insurers to track complex reinsurance processes more closely and prove they have adequate reinsurance, Sebbag said. 

"It's hard to give regulators a complete, accurate and easy-to-understand picture without software that ties all pieces together," he said. 

In May, Effisoft USA announced that Motorists Insurance Group has chosen Effisoft's WebXL software for ceded reinsurance administration. 

Effisoft USA (www.effisoftusa.com) in Dallas is the North American division of Effisoft, founded in 1989 as an independent, expanding, proactive company that respects its commitments towards its clients. It is committed to improving its products and services to provide impeccable support to an increasingly diversified and demanding market. Based in Paris, the worldwide company has more than 300 clients in five continents and 15 countries.

A 99-second video about WebXL is online at www.effisoftusa.com/index.php/Products/webxl.html.