Lexasure Financial Group Limited has announced the launch of a B2B risk management portal designed to enhance the reinsurance process.
The platform, known as Atlas, will operate on the LexasureCloud 1.0 platform, and will offer a single point of contact for insurance partners.
It promises to expedite claims processing and includes a robust lead management tool for client acquisition, monitoring, distribution, and retention.
The company’s projections estimate that $30 to $50m of existing premiums will be processed through Atlas as partners transition to the new system. In 2024, approximately 10,000 policies are expected to be onboarded.
Ian Lim, CEO of Lexasure, said, “We are thrilled to introduce Atlas, the first-of-its-kind reinsurance-focused platform designed to amplify business growth and profitability. 2024 is expected to be a year of growth and transformation for the Company. We will continue to realize our digital strategy by completing the migration of our portfolio’s roughly 200 partner brokers and insurers and fully implementing the platform’s expanded capabilities.”
Atlas comes with a unique feature known as Reinsurance-as-a-Service (RaaS), which Lexasure believes will significantly improve underwriting outcomes. It also contributes to enhancing an insurer’s competitiveness in the industry. Additionally, Atlas offers services encompassing Regulatory Advisory, Technology, and Back-Office Support.
The solution also comes with an effective Policy Management module, which is expected to enhance insurers’ efficiency by streamlining the management of existing policies and automating regulatory compliance. Similarly, the Claims Management module aims to simplify the submission process and provide a secure tracking and payments portal, resulting in reduced errors and increased data accuracy.
As a result of these unique innovations, the platform is expected to provide significant growth opportunities for partners and insurers.
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