At its heart the ecosystem will be an administrative and costing
engine for Credit & Political Risks with modular components
for data input, work flow & deal flow management, exposure
and accumulation as well as reporting and output services.
The purpose of the Zenik Platform is to streamline
and automate the (re)insurance business by primarily
addressing four main issues faced by the market:
Multiple systems used throughout the (re)insurance process, limit efficiency, increase the risk of operational and compliance breaches and require significant work on reconciliation of data for analytical use.
The continued use of highly skilled and highly paid individuals to carry out large volumes of administrative tasks restricts the time to focus on new business development, keep up to date on current affairs and market trends and perform comprehensive transaction analysis.
The rise and requirement for enhanced portfolio and analytical capabilities in only set to increase as senior management, shareholders, regulators and governing bodies demand greater oversight and steering capabilities for business portfolios.
A "true" exposure is often difficult to establish across multiple systems and departments applying a multitude of risk and economic factors. This combined with the inability to evaluate exposure in real time causes an additional burden to internal resources and inefficiencies in capital management, capital returns and utilization of insurance capacity.