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Canadian Underwriter

By Ugur Kadakal - February 2010

Quoting Risk - New technology that converts spreadsheets into Web-based, real-time applications can aid a risk manager in checking quotes for accuracy

Managing financial risk has always been important, but it’s taken on increased significance during the recent economic recession. One major challenge is to manage the insurance quoting process.This is of particular concern for intermediaries responsible for pricing, product development and overall profitability of creditor insurance and reinsurance lines of business.

Ensuring the accuracy of insurance quotes is a challenge faced on a daily basis. To this end, a unique conversion of an innovative Excel spreadsheet into a Web-based application became a means for one intermediary to assess the accuracy of the large volume of quotes that reinsurance intermediaries process every day.

Reinsurance Management Associates (RMA) is a Toronto-based reinsurance intermediary and third party administration (TPA) firm. It specializes in managing portfolios of creditor insurance policies for some of the largest insurers in Canada. RMA serves clients in underwriting and administering insurance, reinsurance and retrocession business for a broad spectrum of life, accident and health risks. For their creditor clients, RMA manages the entire business, providing a complete outsource infrastructure for administrative processing.