IT Transformation Enables Growth for Swiss Re
- Drive business and IT transformation
- Strategic enablement program powered by CSC's P&C administration system
- Efficient, modern IT platform that enables growth
- Improvements in staff productivity as well as lower operating costs
- Regulatory compliance for the North American market
One of the world's largest reinsurers, Swiss Re has been in business for 150 years. CSC's relationship with Swiss Re goes back to 1995, and a strong partnership has blossomed since then, most recently as we helped with the successful transformation of the company's IT systems.
Expanding Commercial Insurance Business
In 2010, Swiss Re wanted to expand its commercial insurance business, so it formed a Corporate Solutions division to focus on the commercial market. As a result of several mergers, Swiss Re had an extremely fragmented IT landscape. CSC was tapped to help the company harmonize its IT systems. This included streamlining processes for essential insurance business tasks such as underwriting, claims and technical accounting.
Midway through the four-year transformation, things are going smoothly. "We are migrating all of our businesses from the legacy platforms onto a single CSC platform," Samrat Dua, managing director of IT at Swiss Re Corporate Solutions. "We are absolutely on track, which is very unusual for a program of this size and complexity."
Harmonizing Business and IT
Called the Enabling Program, the transformation is seen by Dua as an enabler for Swiss Re’s business growth. He says Swiss Re is looking to double top line and bottom line results from 2010 to 2015 and that this goal could not be achieved without a proper IT infrastructure.
Swiss Re uses multiple CSC financial services software applications, including POINT IN, a comprehensive insurance administration system. Dua says among other successes, POINT IN is helping Swiss Re successfully comply with industry regulations. "That is the strongest product when it comes to regulatory compliance for the North American market," he says.
CSC hosts and manages POINT IN, which features enhanced configuration tools that lets insurers easily create their own rules or choose from hundreds of pre-built ones into the system. POINT IN is designed to drive improvements in staff productivity, as well as lower operating costs by streamlining business processes, automating manual tasks and supporting dynamic work balancing.
Still, Dua says Swiss Re's partnership with CSC is extremely strategic. "Our growth really depends on the success of the IT transformation work that we are doing with CSC," he says. "They’re very client-focused. They listen to us, and they have always been very open and transparent."