Lexasure unveils insurtech B2B portal for general reinsurance
Lexasure unveils insurtech B2B portal for general reinsurance | Insurance Business Asia
Technology
Lexasure unveils insurtech B2B portal for general reinsurance
New platform will offer reinsurance-as-a-service function
Technology
By
Kenneth Araullo
Insurtech Lexasure has announced the upcoming launch of a business-to-business (B2B) risk management portal for general reinsurance.
As part of the firm’s presentation at the Singapore International Reinsurance Conference (SIRC), Lexasure unveiled Atlas, a portal built on the LexasureCloud 1.0 platform. It aims to streamline communication channels with insurance partners, significantly reducing claims processing times and offering a robust lead management tool for capturing, tracking, distribution, and retention of clients.
The customer management tool features an exclusive offering known as reinsurance-as-a-service (RaaS), a function that Lexasure believes will enhance underwriting outcomes and bolster insurers’ competitive edge within the market. This comprehensive service encompasses regulatory advisory, technology, and back-office support services.
Projections suggest that existing premiums in the range of $30-$50 million are expected to flow through Atlas as partners transition to the new system. An estimated 10,000 policies are anticipated to be incorporated into the platform in the coming year.
Atlas is positioned to unlock growth opportunities for partners and insurers through its B2B core platform modules on LexasureCloud. These modules encompass various critical functions:
RaaS offers streamlined access to underwriting capacity by providing customised reinsurance products for a growing suite of B2B2C offerings, aiming to increase the number of policies written
Policy Management streamlines insurers’ operations by facilitating easy access and management of existing policies while ensuring automated compliance with integrated policy details and CRM pipelines
Claims Management streamlines the submission process and ensures secure tracking and payments, reducing errors, saving time, improving data accuracy, and generating crucial insights through automatic data syncing
Data & Analytics presents a clear overview of company performance, facilitating the efficient viewing, management, and export of real-time financial performance data
Financial Capital Management offers access to existing assets managed by Lexasure and low-cost USD-denominated portfolios
Future releases are expected to introduce automation functions for onboarding, underwriting, credit control processing, and treaty agreements, accompanied by customised dashboards for partners and integrated claims handling.
“We are thrilled to introduce Atlas, the first-of-its-kind reinsurance-focused platform designed to amplify business growth and profitability. 2024 is expected to be a year of growth and transformation for the company. We will continue to realise our digital strategy by completing the migration of our portfolio’s roughly 200 partner brokers and insurers and fully implementing the platform’s expanded capabilities,” Lexasure CEO Ian Lim said.
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