DXC Technology announced it has secured a seven-year contract with Global Re, a full-service global reinsurance firm, to deliver DXC Assure Reinsurance, which will underpin their expansion in the Middle East.
Global Re has selected DXC Assure Reinsurance, as its core administration solution, providing comprehensive automation across the complete reinsurance management life cycle. DXC Assure Reinsurance will help Global Re manage their reinsurance business, improving claims administration, ensuring the accuracy of accounting transactions, and reducing operational costs.
“Global Re launched its operations in Dubai with an aspiration to grow 25% year-on-year, focused predominately on the Property and Casualty market, and to establish itself as one of the leading regional reinsurers. Our success will depend on automated processes and innovative approaches to manage risks across the reinsurance market,” said Andreea Bogdan, CEO, Global Re.
“Global Re is honoured to implement DXC Assure Reinsurance, a gem in the realm of software for our reinsurance business. This software, already catering to a discerning clientele, solidifies our unwavering dedication to delivering services of the utmost calibre. We eagerly anticipate harnessing the software’s capabilities to propel us to the pinnacle of the industry, consistently exceeding the ever-evolving demands of our esteemed clients and the global reinsurance market,” added Bogdan.
The reinsurance market in the Middle East consists of State, Global or Regional reinsurers. Being relatively new to the Middle East, Global Re has partnered with DXC to provide a platform that not only has decades of experience but the ability and agility to help its business grow.
“DXC has over 130 insurance customers with 25 reinsurance customers located within the Middle East. With its significant presence in the Middle East and a large portion of the reinsurance market relying on DXC Assure Reinsurance, DXC is well placed to partner with Global Re to achieve its aggressive growth priorities,’’ said Abdel Boulmakoul, MEA General Manager, Insurance, DXC Technology.
Changing industry dynamics are leading reinsurers to adapt their business models. DXC Assure Reinsurance enables faster time to market, streamlined operations, enhanced customer experiences and a launching pad for growth. The modular, integrated, cloud-enabled, digital solution continues to evolve to meet the demands of customers and supports all aspects of a reinsurer’s processing - from acquiring new business, through to renewal management and accounting. The automation of these processes can save time and reduce operational costs, while also providing the activity tracking and reporting necessary to meet regulatory requirements.
“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. DXC’s goal is to ensure Global Re keeps up with the pace of its targeted growth and thrives into the future through technology, by focusing on analytics and process automation,” said Bjornar Evenshaug, Global Offering Manager for Reinsurance, DXC Technology.
