TAI Launches First-of-its-Kind Digitization Offering, TAI Treaty, Transforming Reinsurance Treaty Management for Life Insurers Globally

Rhea-AI Summary

TAI has launched TAI Treaty, an innovative digital solution for treaty management utilizing SortSpoke's machine learning technology for data extraction. This unique offering allows life insurers and reinsurers to digitize, store, search, and export key treaty data efficiently. CEO Tom Freitas highlighted the product as a significant advancement in addressing the historically challenging access to treaty information within the reinsurance ecosystem. With nearly 40 years of experience, TAI continues to lead in reinsurance administration software and services.

Positive

• Launch of TAI Treaty enhances treaty management for life insurers and reinsurers.
• Utilizes machine learning technology for improved data extraction and management.
• TAI Treaty fills a gap in the market with no similar offerings currently available.
• Strengthens TAI's position in the life insurance industry with nearly 40 years of experience.

Negative

• None.

TAI (Tindall Associates, Inc.), a leading provider of reinsurance administration software and services, today announced the launch of TAI Treaty, a revolutionary digital solution for treaty management. TAI Treaty leverages SortSpoke, a breakthrough data extraction technology that uses machine learning to turn documents into data.

TAI Logo

TAI Treaty is a unique offering not currently available anywhere in the market that will allow life insurers and reinsurers to effortlessly digitize, store, search, and export key treaty data. ​TAI Treaty produces a data warehouse containing all treaties, amendments, and related documents​, and provides search functionality to easily navigate and export information​.

“The digitization of the reinsurance treaty data is a giant leap forward in solving a difficult problem that exists in the reinsurance ecosystem today,” said Tom Freitas, CEO, TAI. “Over the course of my career, accessing treaty information has been time-consuming, expensive, and non-repeatable. As an industry we have only made incremental progress in addressing this gap, so I am extremely excited about this new product.”

“TAI's global team are experts at interpreting complex insurance and reinsurance treaties. It was rewarding to see SortSpoke's artificial intelligence (AI) learn from their expertise to deliver faster results to customers,” said Jasper Li, CEO, SortSpoke. “Our thanks to TAI's leadership for seeing the potential of AI and for being at the forefront of applying it to the insurance industry.”

For nearly 40 years, TAI has served the life insurance industry specializing in reinsurance administration software and, more recently, adding reinsurance services to expand their suite of offerings. Through the TAI platform, clients can administer and self-report all reinsurance business, both ceded, reinsured, and retroceded, in an electronic format to share with their reinsurance partners.

TAI is part of the RGAX family of companies, which includes a comprehensive suite of solutions for the global insurance and reinsurance sector.

For more information about TAI, visit www.taire.com.

About TAI

TAI is the market leader in life reinsurance systems in North America with clients in the United States, Bermuda, the Caribbean, United Kingdom, South Africa, and Hong Kong. TAI is focused on simplifying reinsurance administration through software and service solutions. TAI Software automates reinsurance administration for life, annuity and longevity business and TAI Services helps identify and solve areas of reinsurance risk. Over 90% of the top insurers in North America, by life face amount issued, trust TAI software for their life reinsurance administration.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210630005343/en/

FAQ

What is TAI Treaty and how does it work?

TAI Treaty is a digital solution for treaty management that uses SortSpoke's machine learning technology to digitize, store, search, and export treaty data efficiently.

Who developed TAI Treaty?

TAI Treaty was developed by TAI, a leader in reinsurance administration software, in partnership with SortSpoke.

How does TAI Treaty benefit life insurers and reinsurers?

TAI Treaty allows life insurers and reinsurers to efficiently manage their treaty data, making it easier to access and export important information.

What technology does TAI Treaty use?

TAI Treaty leverages SortSpoke’s machine learning technology for advanced data extraction and management.

What kind of clients does TAI serve?

TAI serves clients in the life insurance industry, including top insurers across North America, Bermuda, the Caribbean, the UK, South Africa, and Hong Kong.