INNOVATION | 10.06.2020
Daniel Quermia at ENTRE2020: “The Ruschlikon initiative is driving the digitalization of reinsurance
At the Intereuropean Reinsurance Meeting, Quermia’s presentation focused on Ruschlikon, an industry digitalization initiative
The XXXVIII edition of the Inter-European Reinsurance Meeting (ENTRE2020), promoted by INESE, examined relevant issues for reinsurers, cedant companies and brokers. This year’s event was held virtually between September 30 and October 2.
Participants in the presentation on the Ruschlikon initiative were Daniel Quermia, MAPFRE RE’s deputy general manager and CFO; Carlos García from SCOR SE; Susana Belén Pérez from SWISS RE; Rosa Haddak from Ultimate Risk Solutions; and Christ López from C Consulting.
The presentation covered the fundamental aspects of the initiative, beginning with a video illustrating how the ACORD standards, (developed by the Association for Cooperative Operations Research and Development, a non-profit organization that promotes the development and implementation of data and communication standards for the insurance industry) redefine reinsurance processes, from the signing of the contract to the settlement of balances, and the complete administration work flow therein.
The objective of the Ruschlikon initiative is to reshape the reinsurance industry, modernizing and digitalizing it through the design and implementation of processes that cut operating costs and improve customer service, increasing the speed, quality and integrity of information flows.
In the section on the different Ruschlikon regional implementation groups that exist, the experience of the Italian group was briefly shared before the Spanish implementation group was discussed.
The presentation featured a live survey that allowed participants to learn about and share reflections on the importance they attached to the automation of processes in the reinsurance industry, or if they considered that their companies were ready to start using these communication exchange standards.
Daniel Quermia closed the presentation, stressing that Ruschlikon is something that has been created “by and for the market”, because “together we transform the industry”.