Reinsurance Group of America (RGA) the global life and health reinsurer, has announced the launch of FAC Exchange, a service that enables carriers to electronically send facultative cases to multiple reinsurers from a single point, and allows reinsurers to send quotes using an industry standardized format.
FAC Exchange will replace FAC Console, the solution developed by RGA over 20 years ago.
“When FAC Console launched in 2000, it changed everything and solved an industrywide problem. Through FAC Console, carriers were able to greatly improve efficiency in the facultative underwriting process, while saving on copying, mailing and delivery fees,” said Lisa Wagganer, Vice President, Technical Underwriting Operations, RGA.
“A cornerstone of the service is neutrality: No carrier or reinsurer receives preferential treatment, and cases are sent to reinsurers in the order received. Now with FAC Exchange, RGA builds on this process, enabling direct integration with carrier and reinsurer systems with the same neutral approach.”
FAC Exchange offers underwriting departments integration through an application programming interface (API) in a cloud-based service.
FAC Exchange transactions also rely on standardized (ACORD) data formats for all incoming and outgoing transmissions, allowing for structured data formats.
“We heard directly from clients what they needed and wanted in the service – things such as structured data formats, enhanced risk assessment data, and the ability for carriers and reinsurers to communicate directly with each other,” said Wagganer. “
Through FAC Exchange we are meeting those needs, and we have built a system that can be updated to continually evolve to meet the needs of carriers and reinsurers across the industry.”
