TAI, a provider of reinsurance administration software and services with clients in Bermuda, has launched TAI Treaty.

The company describes the new product as “a revolutionary digital solution for treaty management”.

It said TAI Treaty leverages SortSpoke, a breakthrough data extraction technology that uses machine learning to turn documents into data.

It added that TAI Treaty is a unique offering not currently available anywhere in the market that will allow life insurers and reinsurers to effortlessly digitise, 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 company said.

Tom Freitas, chief executive officer of TAI, said: “The digitisation of the reinsurance treaty data is a giant leap forward in solving a difficult problem that exists in the reinsurance ecosystem today.

“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.”

Jasper Li, chief executive officer of SortSpoke, said: “TAI's global team are experts at interpreting complex insurance and reinsurance treaties.

“It was rewarding to see SortSpoke's artificial intelligence learn from their expertise to deliver faster results to customers.

“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 – or Tindall Associates Inc – said it has served the life insurance industry specialising in reinsurance administration software and, more recently, adding reinsurance services to expand their suite of offerings.

Through the TAI platform, it said 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 it said includes a comprehensive suite of solutions for the global insurance and reinsurance sector.

TAI said it has clients in the United States, Bermuda, the Caribbean, United Kingdom, South Africa, and Hong Kong.

The company said it 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.

The company said more than 90 per cent of the top insurers in North America, by life face amount issued, trust TAI software for their life reinsurance administration.