Paris, France, 09 January 2024 – Bifröst, a startup that develops a reinsurance managementSaaS for insurers, announced that the company has joined Guidewire’s Insurtech Vanguards program, an initiative led by property and casualty (P&C) cloud platform provider, Guidewire(NYSE: GWRE), to help insurers learn about the newest insurtechs and how to best leverage them.
“Reinsurance has traditionally been a blind spot for insurers when it comes to implementing newprocesses or upgrading their tooling. Currently, 75 percent of insurers are still managing their hundreds of millions of reinsurance premiums and claims on Excel files, leading to risk of financial losses (claims leakages) and operational inefficiencies,” said Victor Moreau, CEO & Co-founder, Bifröst. “Thanks to our solution, we solve this issue for insurers. We are excited tojoin the Insurtech Vanguard program to continue to push innovation in insurance forward, and to connect with the Guidewire ecosystem and customers.”
Insurtech Vanguards is a community of select startups and technology providers that are bringing novel solutions to the P&C industry. As part of the program, Guidewire provide sstrategic guidance to and advocates for the participating insurtechs, while connecting them withGuidewire’s P&C customers.
“Bifröst provides insurers with an innovative reinsurance solution, which addresses a critical yet challenging component of many insurers’ business, ” said Laura Drabik, Chief Evangelist,Guidewire. “We are excited to welcome Bifrost as our newest Insurtech Vanguard and lookforward to the potential synergies that can be generated between our products and with our customers."
Insurers using Bifröst's SaaS solution to manage their reinsurance processes benefits from itsvalue proposition in three aspects:
● Financials: optimize recoverables and reduce claims leakage by 5%;
● Operations: improve insurer’s operational efficiency with automatization;
● Business intelligence: improve collaboration and performance management.
About Bifröst
Bifröst is a French startup providing insurers with a reinsurance management SaaS, enabling them toproduce their technical accounts and related processes on a single cloud-based solution interconnected with their core insurance system.
Source: Bifröst's market analysis.
