(Image source: Prima Solutions homepage.)
Prima Solutions Group (Coral Gables, Fla.), a global InsurTech that designs solutions for insurance and reinsurance professionals, has announced a new version its Prima XL (Formerly WebXL) cloud-enabled reinsurance software. The vendor reports that Prima XL Version 9.7 offers improved functionality to meet the demand for more complex and efficient calculations and faster closing.
“2019 was marked by increases in reinsurance rates, including significant increases in several countries, including the United States that have been hit hard by natural disasters,” says a Prima Solutions statement on the release of Prima XL Version 9.7. “Risk factors and macroeconomic conditions are changing daily across the world and are becoming more complex. It has thus become crucial for reinsurance professionals to monitor these risks and to be able to easily calculate various reinsurance ratios.”
Optimized reinsurance calculations
Prima Solutions reports that Prima XL Version 9.7 offers new enriched calculation features that meet the market’s need to perform ever more complex and powerful calculations. The solution now lets users launch unlimited parallel calculations without any technical constraints, the vendor says. “This is a real time-saver for our users, who can close business in less than a day,” comments Julien Victor, CEO, Prima Solutions.
Users can also plan reinsurance calculations and program calculations ahead of time, allowing users to focus on validating and analyzing the figures—which the vendor characterizes as “a real value-added for reinsurance professionals.”
The solution also optimizes multi-currency management in retention/protection calculations and lets users perform calculations in euros, dollars and pounds, and thus easily manage all international contracts in different currencies, Prima Solutions says.
Enhanced Management of the Hours Clause
The concept of the hours clause in catastrophe reinsurance was created to facilitate the handling of natural disaster claims for companies on both sides of the Atlantic. Prima XL says its hours feature optimizes the time slot by limiting the duration of an event to obtain the best recovery. The tool now allows even more precision by showing the time zone(s) of the disaster area, valuable information for international insurance companies, according to the vendor.