Tawa has launched Stripe, a proprietary, web based platform allowing principal to principal processing of claims and other post placement transactions between ceding company and reinsurer.
According to Tawa Stripe does not require IT infrastructure investment and can interact with existing claims systems at both ends of a transaction.
Stripe has been designed to give cedants better control over the delivery of claims notifications, updates and settlement requests and generates management information relating to reinsurer performance, response times and trends in relation to both live portfolios and portfolios in run-off.
It also offers transparency in relation to the claims notification and settlements process than often exists currently and improves cash-flow though instantaneous notification to reinsurers, eliminating backlogs and other inefficiencies associated with traditional claims collection processes.
Stripe allows the immediate presentation of premium transactions, claim notifications, reserve updates and collections (billings) directly to reinsurers, especially those within the London Bureau markets, according to the Tawa.
Stripe also benefits reinsurers by providing accurate, up-to-date information and efficiency improvements.
Additionally, agreed settlements can be made directly, through Stripe, by reinsurers, including settlement via a broker number unique to each client (cedant) in respect of London Bureau markets.
Stripe is operated by Tawa’s subsidiary, Stripe Global Services (SGS), which is staffed by operational and technical teams with claims and collections experience.
Tawa Stripe Global Services chief operating officer and chief executive David Vaughan said that reinsurance reporting and settlement has long been more than a source of frustration for the Market.
“It’s opaque, costly, and inefficient as well as a frequent cause of dispute. Stripe provides transparency, security and efficiency and is receiving a warm welcome from the market,” Vaughan said.
Tawa chief executive Gilles Erulin said that Stripe is a natural extension of the services the Tawa group provides and its development is a function of the expertise that exists within our business.
“The market response to date has been excellent and we look forward to the roll out of Stripe to a wide audience,” Erulin said.
Tawa manages the run-off of non-life insurance companies, portfolios of policies and run-off related services to the insurance market.