Created by Canada-based LOGiQ3 as ‘natural next step’ for the consulting and audit company
Life reinsurance services company LOGiQ3 has created a business process outsourcing (BPO) firm for the industry, to be known as LOGiQ3 Solutions Corporation.
LOGiQ3 has served the North American life reinsurance industry as a consulting and audit services company since 2005.
CEO Chris Murumets says the launch of a BPO firm is the natural next step in the evolution of the business: “We have been working with several companies to help them manage their own reinsurance operations and are now ready to take this further and manage it on their behalf. With recognised industry professionals in place to lead this initiative, I am delighted that LOGiQ3 Solutions Corporation has already secured its first client, a US direct writer.”
The LOGiQ3 BPO service handles all functions expected in a ceded reinsurance department: reinsurer billing and correspondence, retention management, claims administration and adjudication, treaty administration, underwriting, treasury management and thorough management information reporting.
Simon Bell, chief operating officer of LOGiQ3, adds that the industry is ready for a BPO solution specifically focusing on life reinsurance administration: “This business continues to get increasingly complex with insurance and reinsurance companies now looking for flexible expense models while best managing their reinsurance risk.”