Choosing reinsurance pricing software can feel complicated, particularly for teams that have relied on spreadsheets and established processes for many years. Providers may use different terminology, promote different features and offer different ideas about what a modern pricing process should look like, which makes direct comparisons difficult.

A useful starting point is to focus on what the platform would need to achieve for your business. Rather than becoming distracted by long feature lists, consider whether the software could help your team work more consistently, manage information more effectively and spend less time completing repetitive tasks.

If you are beginning to explore the available options, you can also learn more about our SmartRe™ reinsurance pricing software.

Understand what your team needs

Before arranging demonstrations, review how your current pricing process works and identify the areas that cause the most frustration.

Actuaries, underwriters and other prospective users should be involved in this discussion because they will understand where delays, duplication or errors commonly arise. Their feedback can help you determine which reinsurance pricing software requirements are essential and which would simply be useful additions.

Your requirements should also reflect the type of business your organisation prices. A platform that works well for one company may be less suitable for another with different treaties, portfolios or internal processes. Developing a short list of priorities will make it easier to compare potential systems on a consistent basis.

Consider usability and data handling together

Even a technically capable system will struggle to gain support if users find it confusing or unnecessarily time-consuming. During a demonstration, pay attention to whether the workflow feels logical, whether information is easy to find and whether users can understand how the system moves from data to a pricing result.

The way a platform handles data should form part of the same assessment. Reinsurance pricing often involves information arriving through several spreadsheets and documents, sometimes using inconsistent formats or definitions. Ask how data is entered, imported, checked and stored, as well as how much manual reformatting would still be required.

It is also helpful to understand what happens when a treaty reaches its next renewal. Being able to review and reuse appropriate information from the previous year could reduce duplication and give the team a clearer record of how the account has developed.

Look at consistency, collaboration and reporting

One of the main reasons for introducing a treaty pricing platform is to create a more consistent way of working across the business. The software should make it possible to record the information, assumptions and decisions behind an analysis so that another colleague can follow the reasoning.

This becomes particularly valuable when actuaries and underwriters contribute to the same account or when the work needs to be reviewed and approved. Ask providers to show how different users work together, how changes are recorded and how reviewers can understand the decisions that have been made.

Pricing information may also support management reporting and wider portfolio analysis, so consider what data can be viewed or downloaded once the work is complete. At this stage, there is no need to explore every possible report; the priority is understanding whether useful information can be produced without creating another substantial manual process.

Ask about implementation and ongoing support

Introducing new software involves more than selecting a platform and providing users with access. Your team may need to prepare existing data, agree new processes, test calculations and learn how to use the system confidently.

During the evaluation process, ask what implementation normally involves, how long it may take and what input will be required from your actuarial, underwriting and IT teams. Training and ongoing support should also be discussed, including who users can contact when they have technical or pricing-related questions.

A platform may appear straightforward during a demonstration, but the quality of the implementation and support can have a major influence on how successfully it becomes part of everyday work.

Test the platform with a representative treaty

Standard demonstrations often use carefully prepared examples, which may not reflect the information and practical challenges your team encounters. Asking a provider to demonstrate the platform using a representative treaty will give you a more realistic view of how it might perform.

Choose an account that resembles the business your team regularly prices without selecting the most complex treaty in the portfolio. During the demonstration, consider how easily information can be added, whether the workflow makes sense, how assumptions are recorded and whether another user could understand the completed analysis.

The same exercise should also explore how the treaty would be handled at renewal. This will show whether the system could support an ongoing pricing process rather than simply producing a result for a single year.

By beginning with your own requirements, involving users and testing each option with realistic work, you will be in a stronger position to choose reinsurance pricing software that fits your business.

If you are beginning to explore the available options, you can also learn more about SmartRe™ reinsurance pricing software.

Ana Mata

Managing Director and Actuary