New Graphical Interface and More Functions for Ceded and Assumed Reinsurance
CORAL GABLES, FL / ACCESSWIRE / January 26, 2021 / Prima Solutions, a leading insurtech group for insurance and reinsurance professionals, announces the release of version 9.10 of Prima XL, its cloud-based reinsurance management platform. The new version, which marks a major milestone in the application's complete redevelopment in HTML5, offers users a brand-new graphical interface. Other key features include management of annual deductibles and limits on multiple contracts and integration of the ACORD standard for sending TA/CM messages.
Now more than ever in these turbulent times, insurance companies need to increase their efficiency and control their costs by using sustainable solutions for automating their business and making it more secure, while also providing regular updates that are easy to roll out. Reinsurance management is no exception to this trend, as Prima Solutions clearly understands. After all, Prima XL 9.10 is the fourth version of the software released in 2020.
"We are committed to providing our users with innovative new versions on a regular basis," explains Julien Victor, CEO of Prima Solutions. "The lockdown sped up our adoption of the cloud, which was already a key strategic issue for us. Our clients want the latest advancements without having to deal with complicated version upgrades that can be costly.
"Last year, we released 20 new versions of our products. All of our software is on the cloud now. All our recent projects take place on the cloud, and all our solutions now follow the same graphics standard. Our teams have worked hard to meet this ambitious challenge over the past few months, has created consistency across our products after the recent merger of five separate entities. This comprehensive set of solutions, the only one of its kind on the market, was recently presented to our customers during our Digital Users' Club at the end of November. We have some exciting opportunities on the horizon in early 2021, with companies interested in using several of our products."
A redesigned interface for a better user experience
Prima XL 9.10 features an all-new interface, developed in HTML5 and compatible with any browser, in its underwriting management, technical and financial accounting modules. The modules' functionalities have been updated with cleaner, more intuitive screens.
"We expect that users will feel comfortable with it very quickly," says Julien Victor, CEO of Prima Solutions. "They'll appreciate the modern look and feel of the new interface and how easy it is to use." The application's graphical redesign will be extended to all modules in the first half of 2021.
Even broader functional coverage
Users can now benefit from login tracking and support for interlocking clauses in policies overwritten over multiple fiscal years, along with the corresponding calculations.
Some new features are dedicated to brokers. They are now allowed to generate brokerage accounting entries or create authorizations for managing permissions when access to Prima XL is shared between a reinsurer and a broker.
The system also manages multi-section clauses for annual limits (Annual Aggregate Limit or AAL) and annual deductibles (Annual Aggregate Deductible or AAD). Moreover, drop-down lists were developed for better tracking of letters of credit (LOC) in transfers and retrocessions. The impermeability of acceptance calculations was improved too.
These examples are just a few of the new features that users can expect with Prima XL new version.
Updated ACORD module
For many years, Prima Solutions has supported ACORD (Association for Cooperative Operations Research and Development) and its efforts to standardize the exchange of data in the insurance market. To this end, Prima Solutions is part of the Ruschlikon Initiative, both in France and the United States, and works closely with cedants, reinsurers, and brokers to provide the market with technological solutions.
The latest version of Prima XL incorporates the ACORD 2016.10 standard and allows CMs (Claims Messages) and TAs (Technical Accounts) to be generated when sending accounts.
"We are especially proud of the work our teams have accomplished during this difficult year," says Julien Victor. "With its new interface, Prima XL 9.10 will help improve the operational efficiency of reinsurance professionals who look to us for support with their digital transformation challenges. Future versions of Prima XL will focus on integrating our cross-functional solutions: Prima Analytics, the decision-support software for exploring and segmenting insurance data, and Prima Pilot, the insurance manager workstation for automating business processes and tracking progress. Both of these software programs are already compatible with Prima P&C, and we are working to integrate them into our entire product range. We had an opportunity to share some measurable reinsurance results during our recent Users' Club. The market need is real, and there was a lot of interest in these demonstrations."
About Prima Solutions
A leading French insurtech group and a key player in insurance in Europe, North America, and Asia Pacific, Prima Solutions publishes software for insurance and reinsurance professionals, covering all of the sector's business processes, including life and health insurance (for groups or individuals), non-life insurance, reinsurance, regulatory compliance, and analysis (predictive simulations and actuarial calculations).
The group serves more than 300 customers and works with a global network of partners. It helps insurance companies go digital more quickly through its highly configurable, modular, and cloud-based all-web software platform. www.prima-solutions.com
About Prima Solutions USA
Based in Coral Gables, Florida, Prima-Solutions USA is the group's North American division. U.S. clients include Encova, USAA, AXA, FBL, Fortitude Re, Progressive, Genpact, and others.
Contact:
Henry Stimpson
Stimpson Communications
508-647-0705
[email protected]
SOURCE: Prima Solutions