(Image source: Hannover Re US homepage.)
Penn River (Newtown Square, Pa.) an InsurTech supplying software to the life insurance and annuity industry, has announced a partnership with Hannover Life Reassurance Company of America (Hannover Re US; Orlando, Fla.) to launch a reinsurance addition to its ProductHub platform.
Penn River says this addition to the platform gives its clients the ability to seamlessly integrate with Hannover Re US to evaluate new reinsurance solutions, as well as support existing reinsurance relationships, all through one central, digital hub.
“We’re excited to partner with Hannover Re US to expand ProductHub’s offerings to include reinsurance evaluations for our clients,” comments David Shaw, Co-Founder and CEO, Penn River. “This is a great example of how ProductHub can serve as a central hub for product launch and management, with powerful and secure workflow capabilities.”
The vendor describes ProductHub as an industry first, cloud-based solution that simplifies the product development process and ongoing product management cycle for life and annuity carriers through enhanced digital architecture. With improved transparency and the ability to connect information across disparate sources and cross-functional teams, the platform provides as much as a 30 percent reduction in time to market, and a 25 percent reduction in product development costs, a Penn River statement says.
Simple and Secure System
Implementing a reinsurance addition to the platform, creates a simple and secure system that saves valuable time and resources for both the carrier and reinsurer, according to the vendor. Insurance carriers using ProductHub will have the ability to initiate requests for new proposals or request updates for reinsurance directly from the platform. They can also easily load their data, share documentation with Hannover Re US, as well as track statuses clearly and transparently, significantly streamlining the entire process, Penn River reports.
“Hannover Re has a track record of championing innovative solutions that bring value to all aspects of the life and annuity market, and we’re delighted to be able to help companies launch products more efficiently,” comments Tiffany Norman, SVP and Head of Annuity Solutions, Hannover Re US. “It is evident that those who evaluate reinsurance during the product development process, or during rate updates, see the significant benefit. By integrating a reinsurance addition into ProductHub, we’re able to efficiently support existing and prospective clients on their timelines.”