Archway Enables Faster Submission and Binding of Clients to the Reinsurance Program
In collaboration with Arch Re, Finaps has developed Archway. Archway is an online reinsurance portal that allows Arch Re Fac to quickly and easily create new reinsurance programs based on their clients’ risk profile and pricing structure. Additionally, clients can report the risks subjects to the program as well.
Creating facultative reinsurance programs involve a considerable amount of information processing based on complex rules and decision workflows. An automated portal that verifies and quotes prices was required to provide external underwriters convenient access to this offering. Additionally, the portal has to be flexible to support the changing business requirements and needs of the company’s clients.
A new, customizable self-service portal would be central to Arch Re Fac, as it provides underwriters and clients the information they need to draw up the reinsurance program. Therefore, Philip Augur, Chief Operations Officers at Arch Re Fac asked Finaps the question: “What we needed for the reinsurance program– and before many client companies would even consider our proposal – was an online mechanism for clients to report the risks subject to a contract and underwrites to conduct pricing evaluation.”
Archway allows Arch Re Fac to create new reinsurance programs based on their clients’ unique characteristics and pricing structures. Once a program has been created, the respective underwriters and their managers have access to an array of functions through Archway. This gives them a one-stop-shop for management and processing of these products. Underwriters can easily submit a new risk and have the application automatically verify whether or not that risk fits the terms of the associated contract. Complex workflow rules designed in the Mendix App Platform enabled the team to build logic that would instantly provide pricing if the risk fit the terms of the contract, enabling a faster submission and binding process for Arch Re Fac’s clients.