Eurobase Insurance Solutions today announces that Saudi Re, the first reinsurance company to be established in Saudi Arabia, has replaced its existing underwriting platform with Eurobase’s strategic insurance administration platform, synergy2.
Saudi Re was founded in Riyadh and is a cooperative full-fledged reinsurer with strong underwriting expertise in Engineering, Property, Marine, Casualty, Motor, Health, and Life.
The objective of the implementation project was to deliver a flexible technology platform that supports Saudi Re’s growth through the seamless integration of different functions, as well as the comprehensive processing of inwards Treaty, FAC and Life business.
synergy2 has been implemented as Saudi Re’s end-to-end reinsurance processing system, and covers the business areas of underwriting, claims, retrocession and accounting in a single system. It delivers comprehensive business intelligence to Saudi Re’s users. Commenting on the project, Paul Buckle, Business Development Executive, MENA, Eurobase Insurance Solutions, said, “We are delighted to have worked collaboratively with the staff and management at Saudi Re to achieve a successful implementation of synergy2.”
He added, “The system will realise a number of time saving and operational efficiencies for Saudi Re. synergy2 provides significant additional policy administration control through robust governance, authorisation, regulatory reporting and peer review. The implementation also delivers significant client relationship management improvements to Saudi Re.”
Isa Ali, Chief Technology Officer, Saudi Re, said, “We are actively investing in updating, integrating and streamlining our processes and technology. We selected Eurobase, as its synergy2 system makes the complex task of making Non-Conventional and Conventional reinsurance business work on one single platform both straightforward and simple. Additionally, its Insurance Solutions team has significant experience in our business, and rapidly understood and met our requirements.”
He continued, “This implementation provides us with a strategic and operationally effective underwriting platform for key aspects of our business. We look forward to the improvements to data quality and governance that synergy2 will bring, and to a long, successful partnership with Eurobase.”