Penn River’s ProductHub platform expands into reinsurance with Hannover Re US

Penn River, the life and annuity software company, has partnered with Hannover Life Reassurance Company of America ( Hannover Re US), to launch a reinsurance addition to its ProductHub platform.

The addition allows Penn River’s clients to integrate with Hannover Re US to evaluate new reinsurance solutions and support existing reinsurance relationships via a single digital hub.

ProductHub is a cloud-based platform that is designed to simplify the product development process and ongoing product management cycle for life and annuity carriers. It claims to provide up to a 30 percent reduction in time to market, and a 25 percent reduction in product development costs.

The platform allows insurance carriers to initiate requests for new proposals or request updates for reinsurance directly from the ProductHub platform. They can load their data, share documentation with Hannover Re US and track statuses, streamlining the entire process.

Tiffany Norman, head of annuity solutions at Hannover Re US, highlighted Hannover Re’s track record of championing innovative solutions in the life and annuity market. “It is evident that those who evaluate reinsurance during the product development process, or during rate updates, see the significant benefit,” she said. “By integrating a reinsurance addition into ProductHub, we’re able to efficiently support existing and prospective clients on their timelines.”

David Shaw, co-founder and chief executive officer at Penn River, added: “This is a great example of how ProductHub can serve as a central hub for product launch and management, with powerful and secure workflow capabilities.”

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