Bringing new claims technology to Bermuda
Bermuda is a leading global market for insurance and reinsurance business, and home to many of the world’s leading (re)insurance businesses. With many of DOCOsoft’s clients already having a significant presence on the island, it’s only natural that we continue to support and grow in this mid-Atlantic archipelago.
The world’s risk capital
Bermuda is the leading provider of catastrophe reinsurance to US insurers. It is also home to the underwriting operations of more than 30 major international firms, along with a thriving community of big-name brokers and ILS investment managers. Along with another geographically constricted territory, the City of London, Bermuda has been called the world’s risk capital.
Bermuda’s supportive political environment and its responsive but robust regulatory regime (with Solvency II equivalence) have helped it develop into a premier blue-chip financial jurisdiction. Today, Bermuda is a recognised leader in risk transfer innovation, with an enviable reputation for bringing new solutions to market in record time.
The insurance markets in Bermuda and London work symbiotically, sharing expertise, personnel and risk capacity. This collaborative approach was reflected in a Memorandum of Understanding (MoU) signed in May 2024 between Lloyd’s and the Bermuda Monetary Authority (BMA) aimed at sharing knowledge and expertise.
DOCOsoft’s strategic expansion into Bermuda
As a leader in claims management systems within the London market, DOCOsoft recognises the potential of the Bermuda market. Given the global character of the London (re)insurance market, with many clients already having a significant presence in Bermuda, our continuing our expansion on the Island forms part of our ongoing strategic development.
Claims integration in Bermuda
One of our first successful integrations was a bespoke claims management system (CMS) created for the Bermuda reinsurance subsidiary of a leading (re)insurance carrier which manages two Lloyd’s Syndicates. The new CMS, based on ACORD GRLC (EBOT ECOT) messaging, that DOCOsoft developed represented a significant step forward, enabling faster claims settlement and reduced administrative costs. DOCOsoft’s provided an innovative and robust technology solution tailored to the specific needs of the Bermuda market.
Building on strong foundations of trust established over the years with clients in London, DOCOsoft is well-positioned to support Bermuda’s unique (re)insurance market with advanced claims technology solutions.