When it comes to working with lead insurers, reinsurers require a range of information from them when underwriting new policies and during the policy renewal phase. This includes the following:
- Data on the lead insurer
- The lead insurer’s contacts
- Overview of existing contracts (treaties, etc.)
- Detailed information on business activities (opportunities, etc.)
Normally, this data is distributed across a number of different systems. It is found, for instance, on the reinsurer’s portfolio management system or on underwriting and pricing systems. Generally speaking, a lot of work has to be done by hand to obtain a uniform view of the customer’s business. This makes it difficult to get a proper overview.
Using CRM to spot and take advantage of opportunities
Reinsurers derive a number of benefits from having a CRM system:
- A full overview of the primary insurer, which includes both internal and external data;
- Enhanced sales support in new policy underwriting, during the renewal phase and in sales management by having uniform and consistent data;
- Cross-departmental customer qualification and identification of sales opportunities;
- Centralised documentation of customer interactions and comprehensive coordination when planning next steps.
Here, reinsurers can receive support and reduce costs by rolling out a CRM system. Data from the various different internal/external sources and peripheral systems is integrated and prepared, with supplementary customer-specific information added in the process.
The lead insurer also benefits from this. In addition to reinsurance cover, the reinsurer is able to offer customised services on the basis of comprehensive data consolidation and a full data history This includes, for example, an analysis of individual reinsurance requirements or the designing of a reinsurance programme.
