Insurtech company Lexasure has recently announced its upcoming launch of a cutting-edge business-to-business (B2B) risk management portal for general reinsurance. The portal, named Atlas, aims to revolutionize the reinsurance industry by offering innovative features built on the powerful LexasureCloud 1.0 platform. With its exclusive reinsurance-as-a-service (RaaS) function, Lexasure believes Atlas will enhance underwriting outcomes and provide insurers with a significant competitive edge in the market.
Unveiling Atlas at the Singapore International Reinsurance Conference (SIRC)
During its debut at the Singapore International Reinsurance Conference (SIRC), Lexasure unveiled the highly anticipated Atlas portal. Built on the robust LexasureCloud 1.0 platform, Atlas introduces a new era of efficiency, collaboration, and cutting-edge technology to the reinsurance industry.
Reinsurance-as-a-Service (RaaS) functionality is expected to transform underwriting outcomes
At the heart of Atlas lies the reinsurance-as-a-service (RaaS) function, which is a game-changer in the industry. This exclusive offering provides streamlined access to underwriting capacity, enabling Lexasure to offer customized reinsurance products for a growing suite of B2B2C offerings. By leveraging RaaS, insurers can increase the number of policies they write and significantly improve their underwriting outcomes.
Impressive Premiums and Policy Integration
Projections suggest that existing premiums in the range of $30-$50 million are expected to flow through the Atlas portal as partners gradually transition to the new system. Additionally, in the coming year, an estimated 10,000 policies are anticipated to be incorporated into the platform, cementing Atlas as a leading reinsurance management solution.
Unlocking growth opportunities with B2B core platform modules on LexasureCloud
Atlas’s B2B core platform modules, powered by LexasureCloud, provide partners and insurers with unparalleled growth opportunities. By harnessing the platform’s advanced functionalities, stakeholders can streamline their operations, improve collaboration, and gain a competitive edge. Atlas offers a seamless experience for partners, revolutionizing the way they manage their reinsurance business.
Future Automation and Customization
Continuing its commitment to innovation, Lexasure plans to roll out additional features and enhancements to Atlas. Future releases will introduce automation functions for various critical processes, including onboarding, underwriting, credit control processing, and treaty agreements. These automation features will significantly boost efficiency, reduce the manual workload, and further streamline operations. In addition, customized dashboards will be developed for partners, providing them with real-time insights and analytics for enhanced decision-making. Furthermore, integrated claims handling will be introduced, ensuring a holistic reinsurance management experience.
Growth and transformation on the horizon
Lexasure has positioned itself for substantial growth and transformation in the coming years. The company predicts that 2024 will be a significant turning point as it embarks on its digital strategy, completing the migration of its portfolio’s approximately 200 partner brokers and insurers. This migration will facilitate the full implementation of the expanded capabilities of the LexasureCloud platform.
The launch of the Atlas portal marks a pivotal moment for the reinsurance industry. Lexasure’s innovative approach, coupled with the reinsurance-as-a-service (RaaS) function, is set to redefine how insurers manage their risk and underwriting outcomes. Atlas unlocks growth opportunities for partners and insurers, enabling them to thrive in an increasingly competitive market. As the company continues to realize its digital strategy, Lexasure is poised to become a leading force in the insurtech space, transforming the reinsurance landscape for years to come.