Better Communication Is Key For The Reinsurer-Insurer Relationship!

By: Craig Robinson, Sapien —An inability to communicate effectively can obviously harm relationships. Renowned author and psychology professor, Dr. John Gottman, cites “stonewalling” as a major predictor of divorce among married couples. Being unresponsive can also harm businesses, including insurers. Providers want to work with partners, such as reinsurers, that have a proven reputation for communicating quickly, honestly and effectively. And reinsurers desire the same from carriers. It’s essential in today’s connected, social media age to be able to provide accurate information immediately.

New reinsurance market representation, with substantial investments from the alternative capital, magnifies the fact that insurers want and even need to work with reinsurance companies that are responsive, agile and customer-centric. But insurers also know that they must be able to communicate in a reciprocal fashion with the reinsurer to make the relationship work.

Now that we’ve identified an important problem, how can we solve it? Investing in a modern, ceded reinsurance system will dramatically improve communication on both sides of the insurer-reinsurer relationship, as well as with customers. The system will automatically attach
policy and claims to reinsurance contracts, creating all the session, bills and regulatory reporting necessary. Reinsurers appreciate faster response times to their requests for more information when claims are billed, just as timely payments for premiums help establish insurers’ credibility.

The billing component of the system will automatically and seamlessly support multiple currencies and legal entities to ensure that operations can support all sources of financial data processed by your business. Your system will have the ability to fully and automatically analyze your risk exposures and KPIs across books of business, even as claims are processed and exposures change. This information can be shared with your reinsurers during contract negotiations. Your reputation for better record keeping and information sharing should help you improve the rates you negotiate. More renewed contracts will result because reinsurers know you are easy to work with, competent and responsive.

Carriers who take advantage of the opportunity to invest in a robust, ceded reinsurance system will become agiler in their operations, reduce long-term operating costs, and gain the benefits of quickly and accurately responding to reinsurers and market needs, improving client communications. Reinsurers respect a company that maintains detailed and reliable information, making them easier to work with.

“Finding Motivation Through Fear!”

Have you ever wondered how doing things that make you uncomfortable and might not even work is a source of motivation? There is a concept called hormesis in biology, a phenomenon by which something that could significantly impair or even kill you in high doses can make you stronger in low doses. What doesn’t kill you make you stronger, you give something to stress, allow it to rest and then when it comes back, it will come back stronger than it was before.

When you throw yourself into the deep end of something new, you often face a steep learning curve. That forces you to grow, adapt, change and develop your skill set. It’s almost irrelevant if the particular project ends up succeeding. The very act of taking on something new helps you become better at your work overall. You can not stay in the deep end forever because that is a recipe for disaster. So in life, we always dive into the unknown and that is what’s called an adventure.

Yes, true adventures are not for everyone, they are scary and intimidating. But making a habit of seeking adventures, in spite of how scary they are, maybe the secret to staying motivated about the things you do. Learn to step out of your comfort zone and do the unthinkable or imaginable. Set into the unknown, face hardships, rest and then come back strong.

When you throw yourself into the deep end of something new, you face a steep learning curve. That process helps you to grow, adapt to new things and grow a new skill set. It’s almost irrelevant if the particular project ends up succeeding. The very act of taking on something new helps you become better at your work overall.

And that, if nothing else, confers a key economic benefit onto anyone who experiences it. Even if we set aside all the tangible benefits that come from stepping outside our comfort zone, it is intuitively obvious that being more excited about your work is a surefire way to improve your performance – and turn your various ventures into adventures.

IIZ ANNUAL FUNDRAISING GOLF TOURNAMENT – FRIDAY 15 JUNE 2018

“If you think its hard to meet new people, try picking up the wrong golf ball.” IIZ brings you yet another exciting fundraising golf tournament at the Chapman Golf Club on the 15th of June 2018. It’s another Par-Tee-Time for a round of Golf. Lot’s of exciting prizes to be won. Register today for Exhibition, Sponsorship and Participation. Call us today for more information!!!

WINTER SCHOOL | 19 – 22 AUGUST | TROUTBECK NYANGA

Join us at this year’s Winter School as IIZ partners with the Insurance Industry aiming to avail a platform for training and development of future leaders in the insurance industry. Leaders who will make things happen; who will maintain the image of the Insurance Industry and build it to lofty heights from the foundations the current leaders are laying. The theme of the 2018 Winter School is “Driving Growth—Disrupting the Mind-set Completely.” Call us today for more information!!!

IIZ ANNUAL DINNER | FRIDAY 7 DECEMBER 2018 | MEIKLES HOTEL

We close down the year with this august event where people from all sectors of the industry gather to celebrate the milestones achieved in the year. Come and dine with us as we celebrate a successful and fruitful year. This year we are having an exciting theme…watch the space!!!