at Financial Technnology Year
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Features in Broker Connectivity Platforms
for Reinsurance
Systems that facilitate electronic data exchange with reinsurance brokers and markets, streamlining placement activities and claims notifications.
We ask vendors to mark their product against our feature list. It is not available for all products and in some cases we have derived data from publicly available sources. The list of features follows. Vendors can add a further 10 key features of their own.
Claims Notification & Management
Functions supporting claims advice, notifications, workflow, and settlement tracking.
- Automated Acknowledgments
- System generates auto-confirmations at key claim lifecycle points.
- Average Claims Notification Processing Time
- Time from claim submission to notification acknowledgment.
- Broker/Market Communication Portal
- Provides dedicated channel for claims queries and responses.
- Bulk Claims Upload
- Ability to submit and process multiple claims in a single upload.
- Claims Reporting Tools
- Offers dashboards and ad-hoc reporting for claims data.
- Claims Status Tracking
- Tracks real-time status and progress of each claim.
- Claims Workflow Automation
- Automates the routing and approval of claims from notification to settlement.
- Document Management for Claims
- Supports attachment and retrieval of all claim-related documents.
- Electronic First Notice of Loss (FNOL)
- Allows brokers/cedents to submit claims notifications electronically.
- Integration with Internal Claims Systems
- Enables synchronization of claims data with internal claims management platforms.
Core Connectivity
Features that enable seamless electronic data exchange and transaction flow between cedents, brokers, and reinsurers.
- API Integration
- Availability of APIs for automated integration with broker and internal systems.
- Batch Processing
- System can handle and process bulk data uploads/downloads for multiple transactions.
- Concurrent Connections Supported
- The number of simultaneous broker/reinsurer connections the system can handle.
- Connection Speed
- Average end-to-end message transmission time.
- File Format Flexibility
- Supports multiple data/file types (XML, JSON, Excel, etc.).
- Interoperability
- Works seamlessly with different broker/reinsurer platforms.
- Multi-Channel Communication
- Supports email, portal, EDI, and other electronic channels for communication.
- Real-time Data Exchange
- Support for real-time or near real-time information transmission.
- Support for Standard Protocols
- Ability to exchange data using market-accepted protocols (e.g., ACORD, Ruschlikon).
- Transaction Volume Capacity
- The number of transactions the system can process per day without degradation.
Cost & Commercial Model
Options and transparency in pricing, licensing, and commercial terms.
- Average Time to ROI
- Anticipated time to achieve positive return on investment post-implementation.
- Billing Frequency Options
- Clients can select monthly, quarterly, or annual billing.
- Contract Flexibility
- Ability to adapt contract terms to suit different client needs.
- Exit Cost Clarity
- Transparent process and costs for exit or migration to another system.
- Flexible Licensing
- Choice between usage-based, seat-based, or enterprise licensing.
- Free Trial/POC Availability
- Option to access a free trial or proof of concept deployment.
- Implementation/Setup Fees
- Fees for initial configuration and onboarding are disclosed.
- Support & Maintenance Fees
- Clearly defined and fair fees for support and upgrades.
- Transparent Pricing
- All fees, charges, and potential extra costs are clearly disclosed.
- Volume Discounts
- Discounting for high transaction/user volumes.
Integration & Extensibility
Capabilities to connect with other systems and to flexibly adapt or extend functionalities.
- Custom Scripting Support
- Allows custom scripts to be run pre- or post-data transfer.
- Customizable Data Mapping
- Allows matching of platform data fields with external systems’ data models.
- Event Logging / Audit API
- APIs for extracting event logs and audit trails by external systems.
- Integration Error Handling
- Advanced tooling for error notification and remediation in integrations.
- Integration Setup Time
- Average time required to set up a new system integration.
- Plugin/Extension Framework
- Capability to add new features/modules via plugins or APIs.
- Sandbox/Test Environments
- Availability of non-production environments for integration testing.
- Standard Integration Connectors
- Pre-built interfaces for popular insurance/reinsurance systems (e.g., policy admin, claims systems).
- Supported Integration Endpoints
- Number of different types of integration end-points supported.
- Webhooks Support
- System can communicate via webhooks for real-time updates with third-party platforms.
Performance & Scalability
Characteristics that allow robust operation with increasing loads and users.
- Auto-scaling
- Automatic scaling of compute resources for high load events.
- Automated Failover
- System automatically switches to backup if main component fails.
- Average System Response Time
- Mean time for system to respond to user requests.
- Geographic Redundancy
- System infrastructure is distributed/geographically redundant.
- High Availability
- System is designed for >99.9% uptime.
- Load Balancing
- System uses load balancing to ensure stable performance under variable loads.
- Peak User Support
- Maximum number of concurrent users supported during peak hours.
- Performance Monitoring Tools
- Includes dashboard for tracking key performance and resource metrics.
- Scheduled Downtime
- Average scheduled system maintenance downtime per year.
- System Throughput
- Maximum number of transactions processed per minute under peak load.
Placement Workflow Management
Tools and features to streamline, automate, and document placement processes for reinsurance contracts.
- Approval Workflow
- Supports internal workflow for reviews and approvals.
- Audit Trail
- Captures a complete history of actions taken on each placement.
- Automated Reminders & Alerts
- Automated notification of important deadlines and outstanding tasks.
- Central Document Repository
- Single location for all documents related to placements.
- Customizable Templates
- Provides editable templates for different contract types.
- Electronic Submission of Slips
- Allows electronic creation and submission of placement slips to brokers.
- Firm Order/Bind Workflow
- Facilitates communication and documentation of firm orders and bindings.
- Negotiation Tracking
- Tracks negotiation exchanges between parties.
- Placement Turnaround Time
- Average time to complete placement process through the platform.
- Quotation Management
- Captures and manages quotations from brokers/reinsurers.
Reporting & Analytics
Capabilities for generating insights, standard and ad-hoc reports, and data analysis.
- Ad-hoc Report Builder
- Allows for creation of custom reports on demand.
- Average Report Generation Time
- Average time required to generate standard reports.
- Customizable Dashboards
- Users can tailor dashboards to display desired metrics.
- Data Export Tools
- Options to export data to Excel, CSV, PDF, etc.
- Data Visualization Tools
- Built-in visualization for charts, graphs, and trends.
- Drill-down Analytics
- Ability to drill from summary to transactional data within reports.
- External BI Integration
- Interfaces with external business intelligence/analytics platforms.
- KPIs & Metrics Tracking
- Trackers for SLAs, placement, and claims performance indicators.
- Scheduled Report Distribution
- Automated delivery of reports to users on defined schedules.
- Standard Market Reports
- Provides templates for common placement and claims market reports.
Security & Compliance
Features that protect data, ensure privacy, and support regulatory compliance.
- Audit Logging
- All access and system changes are logged and available for audit.
- Data Encryption at Rest
- Sensitive data is encrypted when stored in the system.
- Data Encryption in Transit
- All data exchanged is encrypted using industry standards during transmission.
- Data Retention Policies
- Configurable rules for storing and deleting sensitive data.
- Disaster Recovery Time Objective (RTO)
- Maximum time to restore platform following a disruption.
- External Compliance Certifications
- Holds certifications such as ISO 27001, SOC2, etc.
- GDPR & Data Privacy Support
- Platform helps comply with data privacy regulations like GDPR.
- Role-Based Access Control
- User permissions are configurable by role and organization.
- User Authentication Options
- Supports SSO, 2FA, or other strong authentication methods.
- Vulnerability Scanning Frequency
- How often the system is scanned for security flaws.
Support & Maintenance
Services and features enabling efficient, reliable, and timely platform support.
- 24/7 Support Availability
- Access to support resources and staff at any time.
- Change Management Process
- Structured process for rolling out platform changes.
- Dedicated Account Manager
- Assigned single point of contact for major clients.
- Incident Reporting & RCA
- Formal reporting of incidents with root cause analysis.
- Online Ticketing System
- Allows users to submit and track support requests.
- Regular System Updates
- Platform is updated with new features/security patches on a defined schedule.
- Response Time SLA
- Average first response time for critical issues.
- Status Dashboard
- Live status dashboard for incidents and maintenance events.
- Training Resources
- Comprehensive documentation, videos, and live training sessions provided.
- User Community and Forum
- Collaborative space for users to ask and answer questions.
User Experience & Interface
Features focused on usability, accessibility, and end-user productivity.
- Accessibility Features
- Supports accessibility standards (e.g., WCAG) for users with disabilities.
- Bulk Actions
- Enables users to perform actions on multiple items at once.
- Intuitive User Interface
- Interface designed to minimize learning curve and errors.
- Multi-Language Support
- System available in multiple major languages.
- Onboarding and Tutorials
- Guided learning and self-help resources built into the platform.
- Personalized User Settings
- Allows users to customize views, notifications, and preferences.
- Responsive Design
- Optimized for desktops, tablets, and smartphones.
- Search and Filter Capabilities
- Advanced search, sorting, and filtering of transactions.
- Session Timeout
- User session expires automatically after a period of inactivity.
- User Load Capacity
- Maximum number of active users supported.