Name: Optimal Reinsurance
Project Aim: . The benefit of reinsurance is reducing the risk, so the challenge for the insurance companies is to optimize the cost to risk ratio.
Awards: Startup Europe Awards
Why you have this idea?
Everybody has insurance to give them peace of mind. That’s why the insurance industry is a 4,2 trillion dollar market. Big money means big risk. In order to minimise the impact of harmful risks, the insurance companies have to spread it by insuring themselves. Providing peace of mind to insurance companies is called reinsurance.
What is Optimal Reinsurance for?
Reinsurance is a cost for the insurance companies. More than 12% of the global insurance revenue is reinsured annually. The benefit of reinsurance is reducing the risk, so the challenge for the insurance companies is to optimize the cost to risk ratio. This is the core function of our Optimal Reinsurance Management (ORM) software. ORM, however, is much more – it provides a complete risk management solution to the reinsurance departments at the insurance companies. In other words, it helps with the selection of the most damaging risks and hand them over to the reinsurance companies.
How does it work?
The ORM software is being developed within Systems for Enterprise (S4E) – a fast growing company, partnering with one of the five largest companies for insurance software in the world. The team working on ORM is composed of two PhD holders and five stellar enthusiastic team members specialized in programming, insurance, and management.
‘Taking in consideration the market potential in Europe in this field, we are confident that this solution will improve the accessibility of insurance, strengthen the insurance industry, and consequently support the European economy’.