E-Business - What we do
The Facultative Division's e-business team is involved in three different types of activities.
E-Market Analysis
First, we develop and implement our facultative e-business philosophy. We analyse e-market developments and examine which stance Hannover Re should take vis-à-vis third-party data hubs and market places.
E-Business Applications - reCover meets disCover
Second we administer and develop Hannover Re's proprietary e-business applications under the labels reCover (our clients' interface) and disCover (our underwriters' interface). Practically speaking, these are websites where Hannover Re reinsurance cover can be negotiated, bought and sold online. Using reCover, our clients are able to submit their offers and related information online directly to our underwriters, accountants and claims managers. This online service allows our clients to manage their Hannover Re facultative portfolio in a convenient manner. At the same time our underwriters stand to benefit from (partial) automation of the underwriting process, electronic quoting tools, and reporting functionalities.
Standardisation - Not Utilised Potential
Third, we actively participate in industry initiatives aiming at the standardisation of data structures of electronic contracts. The idea behind this is that the wide acceptance of data norms would be a great boost for the e-business idea in the reinsurance industry. Such norms will facilitate the seamless transfer of data within and across companies and thus help reach the critical mass of electronic trading necessary to realise the full performance benefit of e-business applications. This will deliver added value to all parties involved.
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