Insurers are looking to set up a digital payments platform (exchange) for effective management of their reinsurance business, which will facilitate reinsurance premiums, commissions, claims, and any other transactions between the insurer, insurance intermediary and reinsurance companies.
The initiative, led by the General Insurance Council, will also see participation from foreign reinsurers and broker associations.
According to an executive aware of the developments, a new company will be set up towards this end, where general insurance companies through the GI Council will hold up to 46% stake. “No insurance firm will hold more than 6% stake while the developer company may be offered around 24% stake in the new firm,” he said, adding that the process is on to identify all key stakeholders.
