I wrote this article to tell you more about the nature of our relationship with our reinsurance partners. What key role do they play in our strategy? What is our role in theirs? Why are they an integral part of our insurance platform model?
What is reinsurance? A quick reminder.
To put it bluntly, reinsurance is "insurance for insurers". It is a financial mechanism that allows an investment company to take on part of the risks underwritten by an insurer for its customers, the policyholders.
I am thus probably not breaking any news saying that reinsurers are financial entities with a phenomenal amount of capital. To give you an idea, our partner Munich Re is estimated to have issued just over $45 billion USD in premiums in 2020, or be it the equivalent to the GDP of Paraguay. Indeed, we’re talking about extraordinary financial strength.
But what does that all have to do with Seyna?
The insurance platform model
Time is accelerating. The world has never seen so many projects on the move requiring protection. But traditional insurance companies are being held back by their tech legacy.
That’s why we created Seyna ; to build the technology that will enable insurance to protect the world in its race. Just like we wouldn’t expect Jean Le Cam to run the Vendée Globe on a Drakkar anymore, we cannot keep operating insurance programs with tools developed in the early 2000s.
Insurance must transform focusing on :
- Transparent and extensive products, which continuously adapt to their customers’ needs
- Best in-class technology, enabling a more efficient portfolio management so to spend more time on protection and less time on reporting
- Financial robustness
That’s how we came up with our insurance platform model. One that can integrate the 3 key protagonists of a solid and yet adaptable program :
- A broker, responsible for the product vision and customer relation
- An insurer, in charge of carrying the risk, monitoring profitability and solvency, and building the relevant technology
- A reinsurer, bringing an additional layer of financial stability
This way, all actors across the value chain can integrate and focus on their expertise.
When the big guy and the cunning one get together
The reinsurer's expertise is in risk management and mutualisation. Indeed, a reinsurer handles portfolios ranging from infrastructure projects, natural disasters or even innovative guarantees like the ones we cover at Seyna.
As for Seyna, our expertise lies in the construction of insurance products and technology. How and with which tools do you build a ticketing cancellation guarantee when you have no data on the matter? (Answer In this article on pricing if you are interested by the way...).
Distinct and complementary resources
On the reinsurer-side these resources are:
- An unshakeable financial stability, which comes as a complement to Seyna’s risk-carrying capacity
- Considerable data intelligence, which they leverage to challenge us when we build our offers. For every new product, we consult them to benefit from their strong market acumen.
On Seyna’s insurance side, the assets we bring to the table are:
- Our platform, which our broker partners use when building and monitoring their insurance programs. These programs are then partly carried by our reinsurance partners with whom we share the risk.
- Our reinsurer app, which allows our partners to access row-level details about their program, and to identify new reinsurance opportunities through the Reinsurer Marketplace
- Our monitoring tools - which lets us monitor the performance of our programs in almost real-time. This way, we can adapt our products to our customers’ needs on an ongoing-basis.
I say it often, but I’ll gladly repeat it : the quality of the relationships built with our reinsurance partners is one of my greatest prides. Beyond the robustness that this confers to our programs, every relationship comes with its outstanding load of learnings and insights.
In conclusion, I’d like to thank them once more for their trust and collaboration. They know who they are.
I wish you a wonderful end of year.
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