Collection service that delivers

Pursuing money due on outward reinsurance is few brokers’ favourite or most lucrative activity. So, writes MICHAEL COOK, outsourcing the task to specialist suppliers and putting the whole process on an fully electronic footing can transform levels of recovery

OUTWARD reinsurance collections have long been a thorny issue in the London market. The ability to collect what is often the main asset of insurance companies in run-off is obviously a critical consideration. Yet for the brokers whose responsibility it is to present, secure agreement and collect claims from London-market reinsurers, the task is rarely a high priority. Progress is often frustratingly slow; claims files languish in brokers’ offices; and it is hard, if not impossible, for their clients to form a meaningful understanding of the current status of their claims at any given point.