Faster closing and new functions, enhanced hours clause feature

CORAL GABLES, FL—February 27, 2020 – Prima Solutions Group, a global insurtech group that designs solutions for insurance and reinsurance professionals, announced the new version of Prima XL, its cloud-enabled reinsurance software.

Prima XL Version 9.7 offers improved functionality to meet the demand for more complex and efficient calculations and faster closing.

2019 was marked by increases in reinsurance rates, including significant increases in several countries, including the United States, that have been hit hard by natural disasters.

The reinsurance market has many opportunities for the coming years which should maintain and increase its importance. Risk factors and macroeconomic conditions are changing daily across the world and are becoming more complex.

It has thus become crucial for reinsurance professionals to monitor these risks and to be able to easily calculate various reinsurance ratios.

Optimized reinsurance calculations

Prima XL Version 9.7 offers new enriched calculation features that meet the market’s need to perform ever more complex and powerful calculations.

Prima XL now lets users launch unlimited parallel calculations without any technical constraints. “This is a real time-saver for our users, who can close business in less than a day,” said Julien Victor, CEO of Prima Solutions.

Users can also plan reinsurance calculations and program calculations ahead of time. This allows users to focus on validating and analyzing the figures—a real value-added for reinsurance professionals.

Multi-currency management in retention/protection calculations is also optimized. It lets users perform calculations in euros, dollars and pounds, and thus easily manage all international contracts in different currencies.

Enhanced management of the hours clause

The concept of the hour clause in catastrophe reinsurance was created to facilitate the handling of natural disaster claims for companies on both sides of the Atlantic.

Prima XL’s hours feature optimizes the time slot by limiting the duration of an event to obtain the best recovery. The tool now allows even more precision by showing the time zone(s) of the disaster area, valuable information for international insurance companies.