The Catastrophe Risk Exchange, (CATEX) and US RE announced that US RE has licensed the CATEX Pivot Point Transaction System. US RE will implement Pivot Point worldwide within its reinsurance brokerage operation.
Pivot Point training is set to begin later in September and both US RE and CATEX said that they expect full system deployment by the end of October.
The Pivot Point Reinsurance Transaction System is a web-based transaction system encompassing placement, contract negotiation, binding, billing, accounting, claims, MI and the Data Vera conversion and analytics application. Premiums, endorsements, claims and reinstatements can be netted in a single transaction to allow for quick premium and claims payments on the SaaS system.
CATEX was again named Best Technology Provider by Intelligent Insurer magazine on September 14th at the annual reinsurance Rendezvous in Monte Carlo. CATEX earned the same designation in 2013.
Marc Piccione, US RE SVP, said, "We have always put top priority on providing clients with the best analytics and service capabilities available, and our partnering with CATEX is a perfect fit with that mindset. Our clients will enjoy an even higher level of efficient transaction processing and immediate access to important client data on a 24/7 basis."
Frank Fortunato, CATEX CEO, said, "We look forward to working with the US RE team, many of whom we have known for 20 years. We are in the process of beginning training and implementation in the US and are being introduced to their overseas partners."
The Pivot Point platform currently supports client operations in 20 countries, processes premium volumes of more than USD $4.5 billion annually, settles transactions in 75 currencies, and distributes invoices in 6 languages.
The CATEX Data Vera product, used on CATEX systems, greatly improves the accuracy and speed of risk information uploads and provides real-time analytics and reporting production.