Two Years On: Lessons Learnt in my Second Year as a Consultant
As I mark two years of independent consulting in the reinsurance technology space, I find myself reflecting on all that has happened in terms of growth, challenges, and change. The reinsurance industry is in the midst of a digital revolution, and I’ve had the privilege of working alongside forward-thinking reinsurers as they navigate this shift.
This past year has been particularly significant, perhaps even more so than the first one, from releasing new reports to support my clients in reinsurance, to working on major data migration projects and collaborating with smaller reinsurers on their technology implementation.
A Year Defined by Teamwork and Perseverance
This past year has been defined by major projects that highlight the power of teamwork, resilience and strategic planning. A cornerstone project was a data migration initiative that began last December and wrapped up successfully by August. This involved moving large volumes of complex data from legacy systems into a modern platform, requiring both technical expertise and adaptability from everyone involved. Initially, the project’s nine-month timeline was considered ambitious, yet our collaborative approach, emphasising open communication and quick adjustments, enabled us to stay on track.
This experience provided valuable lessons that can guide similar projects in the future:
Meticulous planning - planning each phase in detail is essential for complex migrations.
Adaptability - unexpected challenges arise, and flexibility is crucial to overcome them.
Collaborative teamwork - a team approach, where each member’s contributions are valued and drives projects forward.
If I could pass on to reinsurers one key lesson I've learned this year, it would be that having a dedicated team with well-defined goals is essential for the success of any new project.
The release of my ORS (outwards reinsurance system) report and comparison table
Yes indeed, I released a report! The report, which also includes an in-depth comparison table that evaluates all major ORS platforms, was made specifically with reinsurers in mind. In recent years, ORS technology has generated substantial buzz, positioning itself as a transformative tool within the broader push for technology implementation and, subsequently, automation. As discussed in detail in the report, ORS platforms leverage cloud-native, microservice-based API structures, offering reinsurers powerful new capabilities to streamline their operations and effectively manage reinsurance contracts.
Now, while industry enthusiasm around digital advancements is evident, I recognise that some stakeholders remain hesitant about implementing new systems, wary of potential disruptions to already functioning processes. My goal with this report was to empower reinsurance companies with the knowledge needed to make informed, strategic decisions about ORS technology, balancing innovation with stability. By exploring each platform’s core functionalities, data and analytics potential, integration options, and security measures, this report serves as a valuable guide for any future technology implementation and long-term success for reinsurers looking to modernise. The report and comparison table are available on my website and I will link this below should you wish to take a look.
Empowering reinsurers on their road to automation
A further highlight of the year was assisting reinsurers, such as Echo Re, in implementing automation strategies tailored to their needs. For smaller players, adopting digital solutions often means navigating unique hurdles such as limited resources, legacy systems and a need for scalable solutions. By focusing on automation, we streamlined essential processes, allowing teams to reduce manual work and manage workflows more efficiently.
By using industry-standard protocols like ACORD e-messaging, we enabled Echo Re to communicate seamlessly with partners and enhance efficiency. You can read more about this in the case study linked at the end of the article.
Looking forward: technology’s role in shaping the next era of reinsurance
Data, automation and technology implementation are not just buzzwords, or at least they shouldn’t be. They are fundamental drivers of future resilience and efficiency across the industry. In particular, I’ve observed a growing recognition among reinsurers of all sizes that a strong data foundation is essential for the next wave of advancements. For smaller reinsurers, using specific technologies that are well thought out and meaningful can level the playing field, allowing them to adapt quickly to changing market dynamics and regulatory pressures. For larger players, the scale of tech implementation presents unique challenges, but it also holds vast potential for operational efficiencies and data-driven insights that will define future strategies (Intelligent Insurer, 2024).
Looking ahead, I anticipate a few things:
An increasing focus on cloud solutions: Cloud technology is increasingly being seen as essential for scalability and cost-effective infrastructure. By adopting cloud-based solutions, reinsurers can enhance data accessibility, streamline operations and support real-time analytics (Duck Creek Technologies, 2024).
Real-time analytics: This is allowing reinsurers to react swiftly to current trends and make timely decisions. In turn, this agility is becoming a competitive advantage, helping reinsurers mitigate risks more effectively and refine pricing models.
AI-enhanced automation: Reinsurance is not immune to the impact artificial intelligence is having on the world. In fact, it’s very much becoming a powerful tool in reinsurance, offering predictive insights, fraud detection and automation capabilities like never before (NTT Data, 2024). By integrating AI, reinsurers are positioning themselves to proactively manage risks and capitalise on emerging opportunities.
And each of these growing realities is setting the stage for a more data-driven, responsive and resilient reinsurance industry in the years to come.
What’s my goal in all of this?
Looking ahead to my third year as a consultant, my goal is simple: to help reinsurers make the most of today’s technologies so they’re ready for whatever comes next. By using all the fantastic resources which is at our fingertips these days, we can streamline processes, cut costs and gain the flexibility needed in an unpredictable industry.
I’m here to be a partner on that journey. Whether it’s guiding a data migration, advising on technology implementation steps or rethinking operational strategies. Together, we can get your company ready for whatever the next challenge may be.
Get in touch: https://www.buondrius.com/contact
References:
https://www.duckcreek.com/blog/4-ways-cloud-technology-is-transforming-the-insurance-industry/