PACE integrates legacy life insurance policy portfolios by providing operational risk ceding and full risk ceding services, allowing insurers to transfer long-term administrative burdens and associated risks. This approach enhances service delivery for legacy policyholders, ensuring equitable treatment and improved policy management.
Funding
Funding not disclosed
Founders
Product
Problem
Life insurance companies often face challenges managing legacy policy portfolios, which can create long-term administrative burdens and operational risks. These legacy systems may lack modern technology, leading to inefficiencies and potentially hindering service delivery to policyholders.
Solution
PACE offers life insurance companies solutions for integrating and managing legacy policy portfolios through operational risk ceding and full risk ceding services. With operational risk ceding, PACE acts as an administration agency, providing customer and policy services and handling long-term operations on behalf of the insurer. For full risk ceding, PACE establishes a structure that allows insurers to transfer all long-term risks associated with specific policy portfolios via portfolio transfer or M&A. This approach aims to enhance service delivery for legacy policyholders by leveraging technology to streamline policy management and ensure equitable treatment.
Target Audience
PACE's primary customers are life insurance companies seeking to offload the administrative burdens and risks associated with managing legacy policy portfolios.
Features
- Operational risk ceding: PACE acts as an administration agency to provide customer and policy services.
- Full risk ceding: PACE sets up a structure to allow an insurer to cede off all legacy long-term risk associated with certain policy portfolios, via portfolio transfer or M&A.