Danish Re Enters Global Reinsurance Market and Lloyd’s, with SICS/nt P&C
Kund: Danish Re
Utmaning: Implement a global administration infrastructure that would enable offices to write business on a common system and comply with Lloyd’s of London requirements
Lösning: Extend the SICS/nt system to meet Lloyd’s requirements
Resultat: Enabled entry into both the global and Lloyd’s insurance markets; avoided business duplication with a real-time system; provided flexibility for future growth
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Entering the key London market via a Lloyd’s syndicate meant newcomer Danish Re had to find an administration system that could cope with the demands of a growing global reinsurance business and comply with the strict self-regulatory requirements imposed by Lloyd's of London. It found the solution in CSC’s SICS/nt P&C.
Global Administration Infrastructure
“The primary concern was to ensure we could have a real-time system globally so that if, for example, a policy was entered in Sydney, it could be seen anywhere else in the world almost immediately. This was to avoid duplicate business being entered in different locations,” said Rob Smith, IT Manager for Danish Re Syndicates.
Several systems used by other syndicates had already demonstrated the capability to cover Lloyd’s requirements, but Danish Re decided they could not adequately meet the daily business needs of a growing global reinsurance operation. The improved version of SICS/nt — then newly on the market — clearly offered much that Danish Re wanted for its global operation.
Enhancements to Suit Lloyd’s Environment
CSC worked closely with the London syndicate to outline the necessary system changes to deliver Lloyd’s requirements, such as the regulatory reporting and electronic document interchange (EDI) functionality required by Lloyd’s of London. CSC had to engineer changes to the SICS/nt EDI, underwriting and administration modules. No changes were necessary in the SICS/nt core system.
System Flexibility Allows Many Policy Entry Options
“The business entry process is very flexible and allows you to enter any type of policy, with huge amounts of information per policy if you wish. It allows you to represent an underwriting slip fully — there’s no part of the slip you can’t enter in SICS/nt. The reporting tool is Business Objects, which works very well with SICS/nt,” said Smith.
“We definitely see CSC as partners. We’ve helped them extend the system to meet the Lloyd’s requirements and they’ve helped us ensure that SICS/nt meets our own company requirements.”
