RGA Launches FAC Exchange to Replace FAC Console
September 30 2021 - 9:00AM
Business Wire
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.
About RGA
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210930005121/en/
Lynn Phillips Vice President, Corporate Communications
636-736-2351 lphillips@rgare.com
Lizzie Curry Director, Public Relations 636-736-8521
lizzie.curry@rgare.com
Jeff Hopson Senior Vice President, Investor Relations
636-736-2068 jhopson@rgare.com
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