How To Find Paths to Growth
I’m often asked by clients, what can Gen Re do to help us grow our business and drive better performance? In a sense it’s an easy question to answer because as a direct reinsurer, we share in the risk. We strive for mutual success and we have the same goals for our clients as for ourselves. It means we’re continually looking for new ways to deliver product line expertise to our clients, tailored to match their strategic goals.
For example, we recently employed our Commercial Property PEER® model to assist a client in developing a better picture of policyholder hazard distribution. By using the PEER® model, the client was able to identify opportunities to improve results through a series of adjustments to producer targets, pricing guidelines and marketing campaigns.
In another example, we worked with a client to develop and implement a “companion” product coverage. This involved supporting the client’s adaptation of a credit insurance product designed specifically for insurance buyers in one niche industry, to buyers in another.
In addition to offering product line expertise, we aim to provide insights, tools and services that support the effective management of clients’ portfolios. For example, net retained risk is an important consideration for all of our clients. We can assist with Dynamic Reinsurance Analysis (DRA), a form of modeling that uses simulation to project ceded premiums, losses and commissions for differing reinsurance structures at various levels of probability.
Another topical example relates to terrorism and the potential changes to TRIPRA that are currently on clients’ minds. We can assist via our Net Assessment Tool, helping them understand the impact of potential changes on their net position and develop appropriate solutions.
We enjoy working through business challenges with our clients and helping them grow their business profitably: It is part of our culture.