Press release RealXS-IT
PRESS RELEASE 10-07-2023
The Insurance market consists of a range of parties, all of which perform their own functions and traditionally conduct their administration based on historically evolved business models, for which IT solutions have been created. Thus, software packages have emerged for
Insurance companies
Large insurance offices authorised by insurance companies
Self-employed, independent advisers and intermediaries
Insurance brokers who co-insure on the basis of exchange policies
Umbrella organisations
Service providers managing portfolios of intermediaries
Reinsurers
Lloyd's Underwriters
Captives (intermediary captives and risk-bearing captives)
Since the beginning of the digital age (plusminus 1970), these parties have had numerous IT systems created / commissioned.
Mergers / acquisitions
The need for economies of scale has forced many parties to cooperate or merge/acquire.
But unbundling old software is an art that few understand well.
Only after unbundling can work begin to integrate two systems into one.
As a result, after an acquisition or merger, three systems have to be maintained.
Two old systems AND the new system applied as a shell around the old database of both systems.
There are parties that have acquired more than 100. Not infrequently, they are forced to keep many years of
keeping dozens of old systems up and running.
The cost of maintaining all those systems requires a hefty financial effort every year and repeatedly hits a big hole in the IT budget.
Inefficient
The fact that all those parties use a considerable diversity of systems necessitates the need for numerous systems that can migrate data from one system to another.
In short : there is thus an unprecedented inefficiency that has been dragging on for years.
Transparency
If everyone creates their own database, there can be no transparency either.
Knowledge and Experience
RealXS-IT has worked for many years to solve this problem. With more than 45 years of automation experience in the insurance industry, RealXS-IT boasts an exceptionally extensive knowledge of every conceivable aspect of the insurance business.
Central processing
RealXS-IT is convinced that only central processing of insurance products can lead to optimal efficiency. In other words: that insurance products are concluded and maintained at one central location.
If all parties involved then have access to the information relevant to them, this leads to transparent service provision.
Consequences for insurers
Centralised provision of insurance products from a single system, allows each insurer to do away with old systems. These tasks can be taken over by a system built for that task.
Registering old and new products, offers insurers the possibility to enter the market faster with those products. After all, it is certainly conceivable for insurers to continue old products while new products are being installed and marketed. Custom claims handling is also part of this.
Real-Access Software offers this possibility from now on.
Consequences for the intermediary
Central processing of insurance administrations not only offers the intermediary a transparent insight into the data, but he can also view his current portfolio as it is placed with the affiliated insurers.
Insurers can use settings to determine very precisely which information they release to their representatives.
Consequences for Authorised Agents
Centralised provision of insurance products from one system, also allows each authorised agent to do away with old systems. These tasks can be taken over by a system built for that task.
As Authorised Agents typically underwrite their insurance products on a Pool basis, Real-Access Software features a module in which many insurers provide risk coverage for specific parts of the product. After all, several interests may be covered on one product, So for each interest a
different composition of risk coverage may be relevant for each interest.
Registering old and new products, also allows authorised agents to enter the market faster with those products. As things currently stand, it may take many years before a computer system is ready for quoting and underwriting new products. Custom claims handling is also part of that.
Real-Access Software offers this possibility from now on.
Consequences for insurance brokers / domains / service providers
Centralised provision of insurance products from a single system also offers these parties the opportunity to do away with old systems. These tasks too can be taken over by a system built for that task. Since Insurance Brokers usually house their insurance products on a co-insurance basis, Real-Access Software is equipped with a module for co-insurance business.
Registering old and new products, it also allows Insurance Brokers to enter the market faster with those products. As things currently stand, it could take many years before a computer system is ready for quoting and underwriting new products. Custom claims handling is also part of that.
Real-Access Software offers this possibility from now on.
Consequences for reinsurers
Centralised quotation of insurance products from a single system also offers reinsurers the opportunity to do away with old systems. As things stand, they depend on the information as supplied by insurers. With central processing, they can gain optimum insight around key issues such as risk spread, expected claims expenses and premium income.
OPENC Computing Centre "In the CLOUD"
RealXS-IT has partnered with OPENC computing centre. OpenC uses REAL-ACCESS software, enabling central processing in The Cloud. In doing so, RealXS-IT has achieved a separation of tasks. Use of the system is offered and organised by OPENC, while RealXS-IT takes care of software maintenance.
Further information on this new software will follow with our further press release that we will send you on request around 10 July 2023
send to you.
