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C Consulting: Digitally Solidifying Reinsurance Operations

Simone Panizza, International Market Coordinator, C ConsultingSimone Panizza, International Market Coordinator
Reinsurance, a term coined within the insurance industry to highlight the process of one insurer attaining a policy from another to protect itself from a financial windfall in the case of a significant claims event. With the completion of all formalities, the purchasing insurer (cedent), shares part of their claims liabilities with the reinsurer. Considered as one of the best defence mechanism against huge payouts by a single risk mitigation company, reinsurance can also lower the ceding firm’s operational financial requirements. Often overlooked by technology solution and service vendors as well as CIOs at enterprises, the sector lay docile in terms of digital implementations for the effective management of reinsurance procedures.

Answering to the immediate need for digitalisation of this side of the insurance industry, Aldo Capurro, CEO and founder at C Consulting, began his company to provide insurance and reinsurance companies solutions that enable reinsurance management that is powered by advanced computer programming. Hardly a typical policy management software module can cover the reinsurance operational structure, which is not regarded as the most essential aspect. It gets hidden behind the major chunk of insurance processes. A factor that differentiates C Consulting from the rest of the Insurtech vendors in today’s business circuit: C Consulting delivers a complete solution for reinsurance management, is backed by a talent pool that comprises of professionals that have held prior positions as reinsurance directors and other similar titles and is fully dedicated to reinsurance business.

“We offer clients with reinsurance management that is in line with all the necessary regulatory protocols. Our success is certified and guaranteed by over 65 customers we have today in and around Italy and Europe,” exemplifies Adriano Prefumo, Senior Partner at C Consulting. A problem that the company is currently working toward mitigating is with international regulations such as Solvency II and IFRS 17 Compliance Standardization. C Consulting is an active participant in the Ruschlikon European initiative to standardize communicational f lows between all stakeholders involved in the reinsurance ecosystem.

Commenting on the situation, Simone Panizza, International Market Coordinator at C Consulting, states, “We are developing a module of our experience that will enable our clients to communicate seamlessly with the Ruschlikon standards and we have already released a module that fully complies with the continental and international regulations and their mandatory requirements such as the Solvency II Directive of the EU Law that controls insurance company operations.”

Currently, C Consulting leverages its f lagship product, XLayers, a digital platform dedicated to reinsurance management. “XLayers is an extensive suite of solutions that enable our clients to manage all aspects of the reinsurance life cycle,” explains Panizza. From the feeding of premiums and claims to the right sources and parties to the production of records of the general ledgers, XLayers is an end-to-end reinsurance management solution for both the life and non-life insurance businesses.


We offer clients with reinsurance management that is in line with all the necessary regulatory protocols. Our success is certified and guaranteed by over 65 customers we have today in and around Italy and Europe

The main benefit that customers gain from XLayers is full control, total accuracy, and time and cost savings because it fully automates all the processes and eliminates the manual errors that can occur when managing reinsurance.

XLayers first made its entry into the business in the year 2000, and insurance companies, as well as reinsurers and brokers, began utilising it to manage and certify reinsurance processes with agility and adherence. Over the last 19 years, C Consulting has managed to capture more than 70per cent of its home market in Italy and is rapidly making its presence felt all across Europe as well.

Adriano Prefumo, Senior Partner and Aldo Capurro, CEO and Founder
Users can manage any portfolios or business relating to reinsurance procedures without interfering with other operational software systems. At the same time, the solution is not entirely out of the loop as it works in the background via a secure connection to an organisation’s digital ecosystem. This approach allows users to monitor, find and store all technical and accounting reinsurance data passing through their data streams specifically to the exact partner insurers. In particular, with XLayers, clients can solve the main problems in reinsurance, which are compliance, auditing, leakage and the production of balance in the ledgers in quick timeframes.

Besides the XLayers platform, C Consulting also offers customers advisory services not just on the management of reinsurance but on all their internal reinsurance problems as well. The performance excellence of XLayers is highlighted impeccably in a success story in which a client of C Consulting managed to detect an anomaly that would have cost them nearly a million Euros in claims hearing costs. It was during a routine data recovery of an insurance claims portfolio that XLayers was able to identify an error in the calculation of the share to be applied to an XL treaty. A feat that is achievable because XLayers is fed with all the payment information for validation through servers. The data streams are balanced with the accounting data to be a hundred per cent certain that every operation has been reinsured. Therefore, using XLayers such an error could not continue its course, and in turn, the early detection allowed for substantial cost savings for the client.

To head into the foreseeable future with the same tenacity that it has acquired over the years, C Consulting conducts an Annual User Group meeting, a gathering at which clients are shown the latest news about the products and get to discuss areas of forthcoming improvement and development. At the moment, the number one goal at C Consulting is to keep growing in the European market and in parallel, expanding its offerings to existing clients.

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C Consulting

Company
C Consulting

Headquarters
Milan, Italy

Management
Simone Panizza, International Market Coordinator and Adriano Prefumo, Senior Partner and Aldo Capurro, CEO and Founder

Description
Provides insurance companies, reinsurers and brokers, solutions that enable reinsurance management that is powered by advanced computer programming. C Consulting leverages its flagship product, XLayers, a digital platform dedicated to reinsurance management. From the feeding of premiums and claims to the right sources and parties to the production of records of the general ledgers, XLayers is an end-to-end reinsurance management solution for both the life and non-life insurance businesses