Effisoft, a leading reinsurance software vendor in Europe, announced that it is setting up its North American headquarters in Dallas and founding Effisoft USA Inc.—describing the moves as part of a major push for North American business.
Based in Paris, the worldwide company has more than 300 clients in five continents and 15 countries, including the United States.
In a press statement, Effisoft Managing Director Julien Victor said that the United States is the firm’s top marketing priority for 2013. “Many US insurers are still using spreadsheets and generic databases to manage reinsurance, so there’s a great need here,” Victor said.
Effisoft’s WebXL software is a comprehensive reinsurance platform that supports the administration of ceded, assumed and retroceded reinsurance for all lines of business.
New regulatory requirements are spurring insurers and reinsurers to track complex reinsurance processes more closely. WebXL simplifies statutory reporting for Schedule F and provides a complete audit trail.
“It automatically calculates premium cessions and claims recoverable, reduces claims leakage, and improves placement decisions through easy access to data,” Victor added. Benefits include more efficient processing, lower costs, faster recoverables, better modeling, and lower compliance risk.
The software is equally adept handling treaty and facultative reinsurance and all forms of coverage, including excess of loss, surplus share and quota share.
Major functions include data import/export, technical accounting, financial accounting, extensive reporting, and administration.
Built on a modern framework, WebXL has a three-tier architecture and uses rich Internet applications for ease of use and productivity. It is available in a client/server format, as a Web-based SaaS solution, as a hosted application, and in a hybrid configuration.
Users include property and casualty insurers, life insurers, reinsurers and reinsurance brokers. The software can be deployed as a standard solution or tailored to meet any specific requirements.