Interview:
Frank Fortunato, CATEX
CATEX began as a risk exchange. Twenty years later, it was named Best Technology Provider 2013 at the Intelligent Insurer Awards in Monte Carlo. Has your focus changed? In hindsight, setting up an Internet-based risk era when business cards didn’t even have email
forced us to start working on capturing the whole of a commercial insurance or reinsurance but as it turns out it’s not the original risk
Who is using that system? Once we did deploy it within the framework of us saying they liked the software and wanted to now have brokers, reinsurers, MGAs and binder
If Pivot Point encompasses the entire transaction does that mean your system would replace the customer relationship management, placement, contracts, accounting, claims, ledger and MI systems at a client? That’s what it could mean, but we’ve learned that sometimes clients want only a contract,
What new products does CATEX have? to upload literally millions of unstructured data We can automatically pick out errors and propose cost savings from Data Vera make the rest of our product suite even more powerful because we We see no reason why we should not capture
all the data involved in a transaction, even
Opportunities and challenges ahead for Europe A
more stable economic environment
life insurers, but an increased focus on risk management means that they continue to adjust product offerings and adapt reinsurance The report stated that in the past year insurers
capital positions, including the de-risking of
21.10.13 MONDAY
Necessity is the mother of invention
Frank Fortunato
“We see no reason why we should not capture all the data involved in a transaction, even down to the individual risk level.”
one place where it’s correctly organised with a
10 Fenchurch Avenue.
months, including high unemployment and “As no permanent solution has been
established to solve the uncertainties in continued to stress test the balance sheets of rated entities against a renewed deterioration “Rated insurers have demonstrated strong risk-adjusted capitalisation and have de-risked institutions in order to prepare themselves in the The report said that many large European
insurers are reviewing their overall reinsurance purchasing and are seeking a more centralised purchasing of reinsurance as they emphasise their
22 | BADEN-BADEN TODAY | DAY 1: Monday October 21 2013
focus on enterprise risk management (ERM) and “The increased centralisation of
reinsurance purchasing, coupled with higher retention levels, is more pronounced for direct insurance companies concentrated in personal lines business and with a large number of The report noted that heavy rain and non-life European insurers, but that the central Besides sluggish economic growth, challenges for European insurers
include increased
Best anticipates a continuing period of uncertainty
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