Bifröst supports cedents, brokers and reinsurers in working more efficiently and focusing on value-added work.
Our tracking, reporting and decision-support tool, based on AI, improves the reinsurance transaction and renewal process. Risk syndication has never been smoother.
Making transactions in reinsurance is very complex, and for very good reasons: the risks are structured, many parties are involved in each deal, clauses and contract wordings need to be negotiated, data is not standardized nor structured, etc.At Bifröst, we optimise the end-to-end process, by enabling and empowering all market participants to take the best decisions based on data, and taking into account all the subjectivities from the cedent as well as from the reinsurers.We empower the reinsurance market with AI and market-design. Our proprietary algorithm enables us to optimize reinsurance transactions and contract renegotiations in a fraction of time, proposing optimal risk syndication and market-clearing prices for every transaction and every participant.Reinsurance is a very specific industry, where human expertise and long term commercial relationships are essential. This is why we built our solution with leading insurers and reinsurers. We included all these aspects of the job on our platform, for the benefits of underwriters.Thanks to our unique expertise in AI and market-design, and our deep knowledge of the reinsurance industry, we improve the complex legacy process for making transactions in reinsurance.You are a reinsurance broker? Use Bifröst as a white label solution to optimize your process, save costs and gain market shares.
You are in control, with the power of AI
Pre-deal: Empowered decision process
Risk exposure & capital management
Data-based market analysis
Reinsurance structure optimization
Deal: Optimized placement
Global market view
All-in-one-place parallel process
Contract negotiation tool
Optimal syndication and market clearing price
Post-deal: The end of paperwork
Bifröst was founded in 2021 and is based in Paris. We develop AI-powered software to change the way insurers, brokers and reinsurers work. Our mission is to empower their employees into working more efficiently and focus on value-added tasks.Since our launch we have grown our team and successfully secured financing from leading VC funds and industry business angels.We are working with leading insurers and reinsurers to create the next generation of reinsurance brokers and bring it to the industry.
Programs & Support
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Join Bifröst's mission to revolutionize the reinsurance market, check our open positions below.
🎁 Perks and Culture
🏝 Remote work
All employees are entitled to up to 2 days of remote work per week. Full-remote work is possible for certain positions - don't hesitate to ask if this is something you'd be interested in and the job offer doesn't mention it.
🏥 Top notch healthcare
We provide all employees with top private healthcare ("mutuelle") plans.
🍽 Lunch and transportation
50% of your daily lunch and transportation is on us! And regular team lunch or dinner!
🏠 Offices in the center of Paris
Our offices are located in the heart of Paris, rue de la Victoire in Paris 9th district.
👨🎓 Transparency, honesty and ownership
We value above all transparency and honesty in our culture at Bifröst. In addition, we are convinced that the best way to have people interested and invested in what they are doing, and for them to be happy at their work is to give them full ownership of what they are working on.
👐 Open positions
Your dream position isn't listed? Feel free to contact us.
📢 They talk about Bifröst
Head of Account Management Reinsurance
Competitive salary + Performance bonus + options (BSPCE)
4+ years of experience in the (re)insurance industryAbout Bifröst
Bifröst's ambition is to revolutionize the reinsurance industry, using AI and market-design to enable all players in this market (insurers, reinsurers and brokers) to transfer risks in the most transparent, robust and efficient way possible!
Launched in Q1 2021 and backed by leading VCs and Business Angels from the financial services industry, Bifröst is now accelerating its commercial growth with insurers, brokers and reinsurers, in parallel to important product and tech developments.Job description
We are looking for a Head of Account Management Reinsurance. You will work directly with the two co-founders, and in particular with Victor (CEO). Your main tasks and responsibilities will be to grow and manage the base of clients and partners working with us, as well as to bring expertise from the reinsurance industry to the product team.
This position is a unique opportunity to join an ambitious fintech company at the beginning of its adventure, uniquely positioned in reinsurance, an industry with currently very limited digitalization, and to have a real impact on its development!
Our goal is to grow our commercial team in the coming months, and you will play a key role in this.Your missions
Your missions will be structured around the main following points, and will evolve as the company grows and scales:
● Collaboration with the CEO on the business and market strategies
● Business development of new insurers, brokers and reinsurers prospects
● Account management on existing insurers, brokers and reinsurers accounts
● Delivery of projects and transactions with all parties involved
● Support to the Product team on the specificities of the reinsurance market
● Recruiting and growing the commercial team (sales, account managers, customer success manager) in the medium termYour profile
We are looking for experienced professionals who can demonstrate a proven track record of successful delivery, a passion for challenges, and pushing new solutions to the market:
● At least 4 years of experience in the financial services industry, ideally in the reinsurance industry (e.g. as underwriter for a cedent or reinsurer, or as a broker)
● Knowledge of the reinsurance market - existing network in the industry is a plus
● B2B sales and delivery experience, in particular for complex product to large clients with a long sales cycle
● Strong customer/user and solutions orientation, and ability to create long-term relationships with clients and partners
● Excellent oral and written expression
● Motivation and ambition, you want to work in a fast-growing start-up companyBenefits
You'll join a highly skilled and motivated team, with founders coming from the financial services industry and academic research backgrounds, at the beginning of our ambitious project to revolutionize reinsurance. You’ll be part of the first employees of this dynamic team that will grow rapidly in the coming months and years.
You will have the following package:
● Competitive salary + Performance bonus + options (BSPCE)
● 2-3 days of remote working per week
● Offices in the center of Paris, at Platform58 (fintech incubator)
● Meal voucher, health insurance and transportation
● Laptop of your choice
CEO Right-Hand (Internship)
4 to 6 months, ASAP
Remote working 2 days a weekAbout Bifröst
Bifröst is an insurtech revolutionizing the reinsurance industry and the way transactions are conducted in this market. Its digital marketplace allows all market (insurers, reinsurers, brokers) to negotiate and transfer risks in the most transparent, robust and efficient way possible.Launched in 2021 via the Entrepreneur First incubator, currently based at Platform58 in in the 9th district of Paris, Bifröst has finalized a second round of funding to accelerate its growth.Job description and missions
Directly attached to the CEO, your missions will be mainly focused around 3 topics:
● Strategy: support the CEO on strategic analysis (market analysis, competition, regulation)
● Communication: define and implement the communication and marketing strategy of Bifröst, from content creation to the presence on social networks and in the specialized press
● Growth: accompany the CEO on the development of the pipeline of prospects and partnersProfile
Student in engineering or business school you are:
● Motivated to discover entrepreneurship
● Excellent in communication (written and oral), both in French and English
● Autonomous, organized and rigorous
● Comfortable with technical subjects
● Interested in fintech and insurtech
● A plus: you have a past experience within a startupAdvantages
Joining us is the opportunity to:
● Live an entrepreneurial adventure in a context of strong growth
● Learn from the founders the different aspects of managing a company
● Have a real impact on an extremely important industry: reinsurance
● Acquire responsibilities quickly
● Be part of the first members of a great team
Lead Dev - Full Stack Engineer
3+ years of experience (preferably in high growth startups)
Remote working 2-3 days a weekAbout Bifröst
Bifröst's ambition is to revolutionize the reinsurance industry with its digital marketplace enabling all players in this market (insurers, reinsurers and brokers) to transfer risks in the most transparent, robust and efficient way possible!Reinsurance is insurance for insurance companies. It's a way of transferring some of the financial risk insurance companies bear when insuring cars, homes or businesses to another insurance company, the reinsurer. Reinsurance is a highly complex global business, adding diversification in the risk management.Launched in Q4 2020, Bifröst has already completed a 1M fund raising to accelerate its growth and product development.Bifröst is located in the heart of Paris in the 9th arrondissement, with all-you-can-drink coffee, babyfoot, ping-pong and casual Friday every day.Job description
We are looking for a Lead Developer (full stack engineer) with strong ambitions in back-end and front-end development. In terms of backend, reliability, security and performance will be your priorities. As far as the frontend is concerned, you will be committed to providing the best possible experience to our customers.This position is a unique opportunity to join an ambitious fintech company, in an industry with very limited digitalization, and to have a real impact on its technical development!Your missions
Develop a web application on the back-end and front-end
Design, implement, test and put into production new functionalities
Use development best practices, promote high quality code, continuous integration and rapid deployment
Implement fully functional user interfaces and contribute to their design
Have an impact and grow with the company
Back : Node, NestJS, Typescript, Mongo, SQL, python, REST & GraphQL API
Front : ReactJS (NextJS), Typescript, HTML, SASS , REST & GraphQL APIYour profile
Autonomous: you like to take initiatives and be a driving force for proposals
Product-oriented: You are passionate about delivering exceptional functionality to customers
Strong programming skills: you pay attention to the architecture, performance, maintainability and quality of your applications (DevOps and CICD principles)
Good UI skills: you are used to working with designers and suggesting improvements
Rigorousness: you don't leave out important details, but you know how to balance business and technical needs
Pedagogical: code review, sharing of technical expertise, improvement of tools
Motivated and ambitious: you want to work in a fast-growing start-up companyProcess
What is Reinsurance?
4 min read
Everybody knows the principles of insurance. You probably have subscribed insurance policies for your flat, your car, personal liability and more. In many countries this is even mandatory.Insurance offers you protection against uncertain damage for a fixed premium. Insurers must therefore be able to absorb these damages and shocks, and to do so, they diversify their portfolio of contracts as much as possible. However, they transfer part of their risks to third party companies: reinsurers.Therefore one may wonder, why do insurers need reinsurance? Isn't it their role to analyse risk and provide protection at a fair pricing against it?
The need for reinsurance
One way to conceptualise reinsurance is to see insurers as a first layer of protection, against single risks. However, this is still a risky business, with for example:
• Accumulation of risks on large natural catastrophes, or terrorist events
• Large risks, which are difficult to diversify (e.g. factories, powerplant, satellites)
• Emerging risks (e.g. cyber)A concrete example could be a hurricane on the east coast of the US, causing billions of dollars in damage. If an insurer holds too large a portion of these damages, it could adversely impact its financial solvency.Insurers therefore need a second layer of diversification to de-risk their business, to protect and optimise their capital. This is where reinsurers enter into action! Reinsurers are able to provide this second layer of protection because they are more diversified: they operate in many markets and regions. The reinsurance industry is therefore by nature a global industry. Reinsurers control their own risk exposures and capital, and can protect themselves through retrocession (third and last layer of protection and diversification) by transferring risks to other reinsurance players.
An unknown but significant industry
Insurers are well known companies given the B2C nature of their activity. They generate globally more than 5 trillion dollars every year in revenue and employ millions of people (150,000 employees in France alone).On the other hand, reinsurers are less known by the general public as they only operate on a B2B basis. The beginning of reinsurance can be traced back to at least the 14th century, when it was used for marine and fire insurance! It is now covering all aspects and lines of business of the modern insurance market.The industry generates 300 billion dollars in revenue every year, which can seem modest compared to the insurance industry, however when you look at the number of players in the industry this is significant. The largest reinsurers make tens of billions of dollars in revenue. In addition to providing reinsurance capacity, reinsurers also generate revenue by supporting cedents (insurers) services in risk, capital and solvency management.
The functioning of the reinsurance industry
Reinsurers generate revenue by taking risks from insurers against a premium, like insurers do with their clients. However transactions are much larger and complex than the usual insurance contracts.There are many types of transactions for insurers and reinsurers to transfer risks. These transactions can be quite complex, are very often tailor-made and involve a lot of players. Several dozen reinsurers can take smaller or bigger parts of a single treaty, negotiating the price, the capacity provided and the wording of the contract.Reinsurance brokers support insurers throughout the process of making transactions, from advising them before the transaction on the structure and amount to be transferred, to negotiating terms and closing the deal. They charge insurers commission on premiums ceded to reinsurers. The actual process to renegotiate transactions (for most of the reinsurance market) is a yearly process which can take up to 4 months. It is a very resource intensive process and has not changed in decades. There was, until recently, no other options available to perform such transactions, and no other options to improve the process. This is what we are changing at Bifröst.
Reinsurance, despite not being well-known, plays a significant role in the stability of the insurance market, and more widely the global economy. At Bifröst, we are convinced that reinsurance market participants (insurers, reinsurers, brokers) could work more efficiently, using new technologies and AI, and this is what we are bringing to the industry.Our solution, a decision support tool for insurers, brokers and reinsurers, enables them to manage their end-to-end renewal process more efficiently than is currently possible. It gives their teams the power and the ability to:
• Take the best decisions backed by data
• Track and report on the placement situation, with a global view on their portfolio
• Optimise their reinsurance processesReinsurance teams remain in charge of taking the final decision, but with the power of AI!
The types of Reinsurance
4 min read
In our previous article we covered the concept of reinsurance and its different uses. Overall, reinsurance is insurance for insurance companies.
You might wonder — is there a different type of reinsurance for each need? Yes, almost! In this article we will focus on the conventional and most-used types of reinsurance.
Facultative Reinsurance vs Treaty Reinsurance
The first recorded reinsurance contract (circa 1370) was about insuring a cargo ship during its “voyage”. An underwriter decided to ask another party to reinsure part of the journey between two specific locations. This highlights the concept of facultative reinsurance: a reinsurer accepts (or not) an individual risk laid out by an insurer. As it covers large individual risks (gas plants, offshore energy platforms, etc.), facultative reinsurance is tailor-made and the structure is adapted to it. In some cases, it can also be a defined package of risks.The second type of reinsurance is treaty reinsurance. For this type of reinsurance, the insurer transfers the entire book of a business line (e.g. all motor risks). The reinsurer cannot decline any policies from the transferred book — it must accept all of them or none! The cover period of a treaty often lasts for one year and is renewed every year. Usually, non-life insurers have one treaty for each of the following risks: motor, fire and CAT.
Proportional vs. Non-proportional Structures
Because of different needs, the way how risks are transferred to reinsurers varies between different contracts. Fortunately, for reinsurance structures, there are two categories: proportional and non-proportional.A/ Proportional: proportionally shared losses and premiumsThe most common type of proportional treaty is called quota-share. This treaty is a type of pro-rata reinsurance where the insurer cedes, in the same proportion, premium and losses to reinsurers. In return for the administrative tasks and acquisition costs of the insurer, the reinsurers pay a reinsurance commission to the insurer. An annual loss limit paid by each reinsurer may be specified.A quota-share treaty is mainly used to launch new lines of business (or new insurance companies!) or to satisfy solvency requirements. For example, insurtech company Lemonade, underwrites quota-share treaties to “retain a limited share of exposure”.Proportional treaties are not always as simple as quota-share treaties. Another common proportional treaty is: surplus. The proportional rate is estimated in excess of a retention line and depends on the risk sum insured.This type of treaty allows the insurer to write larger risks and diversify its portfolio without fully retaining the risk.B/ Non-proportional: providing covers against specific eventsThe second main category is: non-proportional treaties. There is no proportionality between the premium paid by the insurer and the losses ceded. The first type of non-proportional treaty is excess of loss. It shares similarities with the surplus, but the ceded losses and premium are not related. The reinsurer compensates losses of the insurer exceeding and in deduction of a retention amount. There is also a limit for which the exceeding amount will be once again charged to the insurer. Hence, the reinsurer pays a loss between a threshold and a limit. This type of treaty is mainly defined “per risk” (fire, motor, etc.) or “per event” (windstorm, hail, etc.). Such treaties are used by insurers to protect themselves against major events, such as natural catastrophes.Last but not least: stop-loss treaties. The difference with excess of loss lies in the loss aggregation. Stop-loss is what we call an annual treaty as it aggregates all the losses for a given line of business (or multiple lines of business) during a year. Also, deductibles and limits are given in percentage of loss ratio (ratio between losses and premium). The stop-loss allows insurers to be protected in the event of a poor year in terms of event frequency and/or intensity. For example a multi-line stop-loss treaty will be used to cover all losses negatively impacting the loss ratio from a given percentage.
As the need for reinsurance can greatly vary for every insurer and line of business, different types of reinsurance have been created to protect against event intensity or frequency, per risk or annually, etc. Insurers usually combine different types of reinsurance to be efficiently covered against unexpected events.Bifröst supports all types of structures to enable our clients to efficiently manage their reinsurance treaties all in one place!
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