Managing the Reinsurance Buying Process in a Changing Environment
- Topics:
- Insurance
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Overview: Many US life insurance companies have an established process for working with reinsurers in forming new reinsurance pools. Over time, a standard practice has emerged covering most aspects of the quotation process. This includes the composition of the pool of reinsurers included in the tender process, the information provided in quotation packs, the tendering process (timeframes and format of quotes) and the insurer's preferred terms and conditions. This article focuses on the changing dynamics of the term coinsurance marketplace, although many of the issues also apply for YRT reinsurance and other individual life product lines.
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