eReinsure.com, Inc. (“eReinsure”) announced today that it experienced a record month in December 2017. In the 31 days leading up to the January 1, 201
SALT LAKE CITY–(BUSINESS WIRE)–eReinsure.com, Inc. (“eReinsure”) announced today that it experienced a record month in December 2017. In the 31 days leading up to the January 1, 2018 renewal date, 6,741 reinsurance professionals at 489 companies located in over 70 countries requested, quoted and bound reinsurance contracts using eReinsure’s reinsurance-placing technology.
Looking to the year ahead, eReinsure also announced that the company will offer a Blockchain service linked to its proven reinsurance platform.
“eReinsure is uniquely positioned to partner with Blockchain technology providers to offer this new service to insurers, reinsurers and brokers who use eReinsure’s system,” said Igor Best-Devereux, CEO of eReinsure. “Distributed Ledger capabilities can potentially create a new paradigm for the way information is shared between the parties to reinsurance contracts, so Blockchain fits nicely with our efforts to streamline the reinsurance market with cost effective services.”
“Blockchain offers some intriguing capabilities, but in reality, reinsurance specialists need a practical system that works for them and deals with the reality of workflow and data management,” said Best-Devereux. “A number of our clients have expressed interest in Distributed Ledgers but want to retain the familiar negotiation and automation workflow, plus the user interface developed by eReinsure. This gives them an easy path to adopting Blockchain technology within the established eReinsure business network and benefiting from the experience gained since eReinsure launched its first reinsurance platform in 2001. Our objective is to offer an open framework that can allow clients to leverage work on industry standard, readily available, and cost-effective cloud infrastructure – continuing our model of providing competitive service, support and economical process efficiencies for reinsurance.”
Adding a cautionary note regarding Blockchain, Best-Devereux explained: “As and when clients want to move in this direction, there are still many questions to address, including data privacy, identity resolution, immutability, and the legal and regulatory compliance framework. We expect the early implementations to be a collaboration with clients as they and the industry consider the value proposition and relative merits of Blockchain. However, we want to offer the deep experience of the eReinsure team to further the cost-effective and low-risk implementation of this emerging technology.”