Being unfamiliar with their new market, the firm focused on not just gaining automation and tech tools, but the right supplier.
A full-service global reinsurance firm with an aspiration to grow 25% year-on-year in its new operations in the Middle East was committed to automate internal processes and innovate it is approach to risk management across the reinsurance market.
With that in mind, the firm, Global Re, digitalized its core administration solution to one that would provide comprehensive automation across the complete reinsurance management life cycle. Changing industry dynamics are leading reinsurers to adapt their business models for faster time-to-market, operations streamlining, enhanced customer experiences, and tapping more opportunities for growth.
From acquiring new business, through to renewal management and accounting, reinsurers can benefit from automation through a modular, integrated, cloud-enabled digital solution, and also from smart activity tracking and reporting tools to ensure compliance with regulatory requirements. Also, businesses in the industry would need data-powered tools providing actionable insights to reinsurance management; improving claims administration; ensuring the accuracy of accounting transactions, and reducing operational costs.
Finally, being relatively new to the Middle East, Global Re has chosen with a vendor with strong knowledge of the industry environment to provide the automation platform. Global Re’s CEO, Andreea Bogdan, noted: “Our success will depend on automated processes and innovative approaches to manage risks across the reinsurance market.”
According to Bjornar Evenshaug, Global Offering Manager (Reinsurance), DXC Technology, the vendor appointed by Global Re: “The reinsurance market which is complex, heavily regulated, and process driven has faced significant disruption from recent world events and increasing premiums. The transformation of the industry is therefore paramount for the future success of reinsurers.”
By tapping into the right technology partnerships, Global Re will be able to keep up with the pace of its targeted growth and remain competitive into the future, by focusing on analytics and process automation.
