Life and annuity software developer Penn River has teamed up with Hannover Life Reassurance Company of America to offer reinsurance options on its platform.
The deal will give Penn River clients the ability to integrate with Hannover Re US to evaluate new reinsurance solutions and existing reinsurance relationships through a single digital hub.
The service is being made available on Penn River’s ProductHub, which is a cloud-based solution aimed at simplifying the development process and product management cycle of life and annuity carriers.
It claims ProductHub is capable of providing a 30% reduction in time to market and 25% reduction in carrier product development costs.
With the introduction of the new solution, the platform will offer a simple and secure system that saves time and resources for carriers and reinsurers. Carriers will have the capability to initiate requests for new proposals or request updates for reinsurance directly through the ProductHub platform.
Hannover Re US SVP and head of annuity solutions Tiffany Norman said, “Hannover Re has a track record of championing innovative solutions that bring value to all aspects of the life and annuity market, and we’re delighted to be able to help companies launch products more efficiently.
“It is evident that those who evaluate reinsurance during the product development process, or during rate updates, see the significant benefit. By integrating a reinsurance addition into ProductHub, we’re able to efficiently support existing and prospective clients on their timelines.”
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