The commercial (re)insurance industry suffers from operational inefficiencies that have a significant influence on competitiveness and profitability. Re-keying, accuracy of data and extended processing timeframes are all leading to inflated operating costs. The markets are now shifting towards a greater use of electronic platforms to deal with these challenges.
STRIPE® delivers a highly efficient re-engineered process for all participants in the value chain.
For (re)insureds STRIPE® streamlines and simplifies the management of ceded reinsurance through agile distribution, process transparency and direct settlement of premium and claims.
For reinsurers STRIPE® transforms data and delivers messages in the required format, reducing manual intervention, duplication and error rates. STRIPE® also improves process efficiency, delivering cost savings of 30%+, and improves service levels to brokers and clients.
For brokers STRIPE® ends traditional costly back office processing, accounting and money handling, allowing them to focus on high-value client activities.
Offering unique technology to insureds, reinsureds, brokers and carriers for premium and claim management. STRIPE® is a web-based allocation and distribution platform for all post bind transactions that streamlines processes, reduces cost and improves cash flow. Providing a single point of access to transform and transmit data using ACORD standards, Bureau messaging, interactive e mails and 24/7 web access.
Since its launch, the global user community has grown to over 400 entities including insureds, risk managers, cedants, brokers and carriers; all of which collectively exchange tens of thousands of transactions each year.
STRIPE® is hosted and managed by Stripe Global Services Limited, an operating subsidiary of Pro Global Holdings Ltd. Pro is the global service provider focused solely on the (re)insurance industry, delivering flexible outsourcing solutions for live and run-off business, alongside audit and operational consultancy services.