Insurance isn't a physical thing. It’s a promise, a shared understanding, that an insurance company will be there for its customers when they need it — during an illness, after an accident or after some other trauma. Because of this, insurance isn’t a product most people like to think about when everything is going well. If you’re investing in new technologies, this may seem like a problem. How can you get customers who aren’t thinking of insurance right now to use your new technologies? Why build a new application if your customers aren’t going to use it most of the time?
Reinsurance is a complicated industry and it's only getting more complex. Reinsurers provide insurance for other insurance companies to keep those companies' risks to a minimum and according to a recent report from Deloitte, their industry is facing a problem. They're putting together increasingly customized, individually-negotiated contracts for clients, incorporating data from several disparate sources — business partners, administrative systems, internal documents and reinsurance terms — and they're doing it manually.