COVID-19 REINSURANCE CLAIMS . . . ARE YOU READY?
First and foremost, we hope you, your families, and colleagues are staying healthy and safe during this difficult time and that the effects of
pandemic are as minimal as possible for you.
As companies become accustom to a new way to work, the reality of WFH (Working from Home), many carriers are now planning for the
potential onslaught of the pandemic claims
that are likely to trigger numerous reinsurance claim recoveries. Carriers recognize the likelihood
of a resulting increase in claims volume. Much of the early focus has been on the ramifications to insurers that write business interruption
policies. However, a broader look reveals that many disparate lines of coverage are likely to see a significant boost in claims, whether directly
caused by the pandemic itself or by social, institutional and governmental reaction to it.
If current reinsurance administration systems and processes are not in optimal working levels, many reinsurance departments will be facing
demanding long days, as they wrestle with the processing and reporting of abrupt high volume of claim transactions that will generate
corresponding ceded claims. There are several reasons for this dilemma but mainly due to inefficient processing. disparate systems, and
heighten reporting requirements. In some cases, the impact will be right to the bottom line due to prolonged processing and unidentifiable
claims resulting in missed recoverable claim dollars.
The Prevail Reinsurance System (PRS) is a comprehensive reinsurance administration solution that handles all types of reinsurance contracts,
quickens the premium and claims processing, calculates complex reinsurance arrangements and manages all the reinsurance
payable/receivable transactions including billing and invoicing of brokers and reinsurers.
Prevail offers a rapid PRS implementation plan to get you up and running quickly and securely. The PRS implementation method is flexible with
multiple options for handling current and older reinsurance contracts administration and transactional processing.
If you are interested in quickly transforming your reinsurance administration and be ready for what lies on the horizon, please contact us to
schedule a conversation to learn about your reinsurance requirements and how the Prevail Reinsurance System can make your reinsurance
processes much easier and timelier.
We hope everyone is staying safe and healthy. We are all in this together and we will adapt and overcome.
Stay positive and stay on the path,
EVP, Global Operations
Prevail Consulting, Inc.