The Prima Solutions software publisher for insurance and reinsurance professionals, has released version 4.4 of its Prima XL (former WebXL) reinsurance software. It further enhances multi-currency management, strengthens US regulatory reporting and introduces a new triangulation reporting module (statistical report module). Prima XL handles all types of assumed and ceded reinsurance.
Despite a 3% decrease in capital contributed by financial investors in reinsurance in 2018, reinsurers continue to offer insurers hedging and conditions to show that reinsurance assets are resilient to natural and human disasters. As a result, the market continues to see attractive new buying opportunities for insurers. Two other major trends are still present: a reinsurance offering that is still higher than demand and a global reinsurance market that is more concentrated every year, with the top 10 reinsurers accounting for 68% of the market.
These various market developments encourage professionals to follow their activities with advanced tools and to focus on three main criteria: internationalization, and regulatory and reporting capabilities.
Enhanced multi-currency management
Prima XL version 4.4 lets users manage multi-currency accounting within the same treaty. This evolution responds to a strong market demand in which such flexibility is rare.
In fact, this enhancement makes it possible to manage contracts for which the contractual conditions are defined in several currencies (typically the case for Hull & Cargo contracts often settled in Euro, US dollar, British pound,etc.). Thus, this new version introduces the ability to generate accounts in the currency required.
New for US regulation
Previous versions linked reinsurance and Solvency 2 for users with activities in Europe. The new version improves the production of Schedule F in the United States. The National Association of Insurance Commissioners (NAIC) now requires grouping reinsurers according to their status of authorization in different US states. It also requires an audit of the status of reinsurers at the effective date of the contract. This is a new strong regulatory constraint for ceding companies based in the United States. The new version of Prima XL meets this need.
New statistical state module
Complex reinsurance operations must be monitored in detail.
The previous version included a module of dynamic states on the scope of general accounting with the generation of the income statement and the balance sheet. Now, a new reporting module enriches the WebXL. Its statistical states cover all technical accounting treatments: accounting of statements from ceding companies, recognition of provisional premiums in acceptance and retrocession, commission accounting, and more. The powerful module, for example, can generate reports triangulating the loss ratio.