Automated Reinsurance Platform with Modular Structuring Blocks
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Solution Overview
Problem
Current automated risk-transfer systems struggle to efficiently manage and customize reinsurance products, particularly in the dynamic reinsurance market, due to limitations in automation, complexity, and the need for human intervention in underwriting and portfolio management.
Innovation Solution
A processor-driven, cloud-based digital platform with a multi-channel system for end-to-end risk-transfer management, featuring a product configurator with structuring blocks for coverage, line of business, risk type, and risk information parameters, along with a metric simulation engine for predictive analytics and portfolio steering.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Extent of automation
If automated risk-transfer systems use traditional underwriting processes, then automation extent is improved, but device complexity increases due to multiple structuring blocks and configuration parameters
Solution Approach 1:
The system divides the risk-transfer structure into modular structuring blocks (first structuring block for coverage area, second for line of business, third for risk type, fourth for risk information). Each block can be independently configured and combined to create customized risk-transfer products, reducing overall system complexity while maintaining high automation capability.
Solution Approach 2:
The automated system is designed to handle multiple types of risk-transfers (first-tier insurance and second-tier reinsurance) through a unified platform. The same system architecture supports various product types by combining different structuring blocks, eliminating the need for separate specialized systems for each risk-transfer category.
2Adaptability or versatility
If the system provides highly customizable reinsurance products, then adaptability is improved, but productivity decreases due to time-consuming configuration processes
Solution Approach 1:
The system pre-defines multiple structuring blocks and configuration parameters before customer interaction. When a customer requests a customized risk-transfer product, the system combines pre-existing blocks rather than creating configurations from scratch, significantly reducing product composition time while maintaining high customization capability.
Solution Approach 2:
The system enables dynamic configuration of risk-transfer products by allowing real-time adjustment of structuring block combinations and parameters. The automated underwriting process dynamically adapts to customer requirements by selecting and configuring appropriate blocks, providing both customization speed and flexibility.
3Reliability
If the system implements comprehensive monitoring and auditing structures, then reliability is improved, but device complexity increases
Solution Approach 1:
The system combines monitoring, auditing, and risk-transfer configuration functions into a unified integrated platform. The same system that configures risk-transfer products also monitors portfolio performance and conducts audits, eliminating the need for separate specialized systems and reducing overall complexity while improving reliability.
Data Source
AI summary
A digital platform and system that provides an automated, multi-channel, end-to-end risk-transfer configuration and/or parametrization process for configuring, launching, and processing of customized second-tier transfer structures, wherein an automated risk-transfer placement for objects or property assets each having a geographic location related to occurrence of physical impacting risk-events, the objects or property assets impacting events, is provided by the digital platform and system as a first online channel comprising an electronic, parameter-driven, rule-based underwriting process for automatically creating a portfolio or composition of customized second-tier structures. An automated claim handling is provided by the digital platform and system as a second online channel, and automated accounting is provided by the digital platform and system as a third online channel.