Fri, 28 Jan 2022

Primary insurers can quickly share info with reinsurers and brokers using blockchain-based solution

PARIS and CORAL GABLES, FL / ACCESSWIRE / November 30, 2021 / Prima Solutions, a cloud-based software provider for insurance and reinsurance professionals, and Ritablock, a solution for exchanging reinsurance data (technical accounting and claims), are partnering to allow cedants to quickly and securely share their technical accounts with their brokers and reinsurers.

Ritablock is a young start-up created to meet the challenges of invoicing between insurers and reinsurers. The company is revolutionizing reinsurance accounting processes through blockchain technology. With Ritablock, accounting data can be exchanged and verified securely, quickly, and efficiently.

'Ritablock has been a standalone company since the end of 2019. We are not tied to any particular insurance companies or consulting firms, preferring instead to work with the industry as a whole. It is important for us to have Prima XL as one of our partner solutions,' said Matthias Goessler, CEO of Ritablock.

Prima XL is a cloud platform for all reinsurance operations, making it possible to collect, centralize, and analyze all data. Prima XL is used by around 40 customers in ten countries.Following a very successful proof-of-concept this summer, Prima Solutions and Ritablock decided to partner together.

Through this partnership, Prima Solutions offers an additional standard interface between its Prima XL platform and a reinsurance ecosystem solution.

'We are proud to be working with Ritablock on this promising new blockchain technology. We now offer Prima XL users the opportunity to use this solution to streamline their interactions with their various partners,' said Hugues Delannoy, President of Prima Solutions. 'This partnership is part of our strategy to open up to the market. We are currently stepping up initiatives to enable our customers to connect a wide range of complementary solutions to our platforms and accelerate their digital transition.'

This collaboration is closely followed by the Ruschlikon initiative to standardize exchanges in the insurance market, an initiative that Ritablock and Prima Solutions have been actively involved with for several years.

About Ritablock -

Ritablock GmbH is a joint venture of two well-established German consulting and software companies focusing on the Insurance industry. Ritablock GmbH is responsible for the development of Ritablock, the innovative distributed ledger technology solution (blockchain) to exchange technical accounting and claims data in the reinsurance area in both non-ACORD- and ACORD-format.

The Ritablock network is in production and forms already the backbone of the digital future of some well-known players in the global reinsurance market.

About Prima Solutions -

Global insurtech group and key player in insurance in Europe, North America, and Asia-Pacific, Prima Solutions designs cloud-based software for insurance and reinsurance professionals, covering all business processes in the life insurance, health insurance (for groups and individuals), non-life insurance, and reinsurance sectors.

The group serves more than 300 customers and works with a global network of partners. We help insurance companies go digital more quickly through our highly configurable, modular, and cloud-based all-web software suite.

About Prima Solutions USA

Based in Coral Gables, Florida, Prima-Solutions USA is the Group's North American division. U.S. clients include State Auto Insurance Companies, Encova, USAA, AXA, FBL, Progressive Fortitude Re, and Genpact.



Media contact: Henry Stimpson

SOURCE: Prima Solutions

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