Reinsurance Group of America, Incorporated (NYSE: RGA) a leading global life and health reinsurer, today announced the launch of FAC Exchange, through which carriers can electronically send facultative cases to multiple reinsurers from a single point, and reinsurers can send quotes using an industry standardized format.
FAC Exchange, the latest innovation brought to market by RGA, will replace FAC Console, the solution developed by RGA that has been the industry standard for the transmission of facultative cases for over 20 years.
“When FAC Console launched in 2000, it changed everything and solved an industrywide problem. Through FAC Console, carriers were able to greatly improve efficiency in the facultative underwriting process, while saving on copying, mailing and delivery fees,” said Lisa Wagganer, Vice President, Technical Underwriting Operations, RGA. “A cornerstone of the service is neutrality: No carrier or reinsurer receives preferential treatment, and cases are sent to reinsurers in the order received. Now with FAC Exchange, RGA builds on this process, enabling direct integration with carrier and reinsurer systems with the same neutral approach.”
FAC Exchange offers underwriting departments seamless integration through an application programming interface (API) in a secure, highly available, cloud-based service. This enables end-to-end security and efficiency through a 1:many relationship, where one carrier can send an application to many reinsurers at once. FAC Exchange transactions also rely on standardized (ACORD) data formats for all incoming and outgoing transmissions, allowing for structured data formats and eliminating the need for customization and time-consuming data entry.
“We heard directly from clients what they needed and wanted in the service - things such as structured data formats, enhanced risk assessment data, and the ability for carriers and reinsurers to communicate directly with each other,” said Wagganer. “Through FAC Exchange we are meeting those needs, and we have built a system that can be updated to continually evolve to meet the needs of carriers and reinsurers across the industry.”
Just as its predecessor, FAC Exchange will continue to be available without software licensing or usage fees for carriers. Support for FAC Console is ending on June 30, 2023. For more information about migrating existing accounts or joining FAC Exchange, please contact the FAC Exchange team.
Reinsurance Group of America, Incorporated (RGA), a Fortune 500 company, is among the leading global providers of life reinsurance and financial solutions, with approximately $3.5 trillion of life reinsurance in force and assets of $88.9 billion as of June 30, 2021. Founded in 1973, RGA is recognized for its deep technical expertise in risk and capital management, innovative solutions, and commitment to serving its clients. With headquarters in St. Louis, Missouri, and operations around the world, RGA delivers expert solutions in individual life reinsurance, individual living benefits reinsurance, group reinsurance, health reinsurance, facultative underwriting, product development, and financial solutions. To learn more about RGA and its businesses, visit the company’s website at www.rgare.com.