SAP AG announced that Munich Re will implement the reinsurance capability of the company’s mySAP(TM) Insurance software to handle its core business processes, replacing various legacy systems with a single comprehensive solution. The reinsurer expects the new system to cut costs and save time spent administrating reinsurance processes, and to reduce maintenance and development costs typically associated with maintaining disparate systems.
mySAP Insurance was developed with the assistance of Germany’s IT consulting and system integration company msg systems AG “to help insurance and reinsurance companies integrate processes and remain competitive,” said the bulletin. “In addition, the capability enables companies to comply with ever-changing legal requirements and carefully analyze the policies in which they participate in order to more effectively manage risk and protect themselves from potentially devastating financial effects.” The mySAP Insurance program offers greater “visibility,” giving companies detailed evaluations of all reinsurance-related risks.
“The reinsurance coverage we offer is consistently awarded top-security rating,” stated Dr. Joerg Schneider, member of the board of management at Munich Re. “The reinsurance capability of mySAP Insurance will help streamline the information-gathering and analysis processes to maintain the transparency we need to achieve risk-adequate conditions and prices. At the same time, we will also be able to offer our clients even faster service and reduce our administration costs.”
“In combination with mySAP(TM) Financials and the collections and disbursements capabilities of mySAP Insurance, reinsurance capability covers nearly all reinsurance core processes, including management and accounting of single policies, facultative acceptances and proportional and non-proportional reinsurance contracts; administration and accounting of single and cumulative losses; and evaluation with statistics and individual queries and reports,” the announcement continued.
“Munich Re is the world’s leading reinsurer, and reinsurance capability with mySAP Insurance will enable the company to integrate and streamline its global processes, replacing a host of legacy systems with a state-of-the-art information technology platform,” stated Dietmar Pfaehler, senior VP, IBU Insurance, SAP AG. “mySAP Insurance and its reinsurance capability offer tried and tested report and analysis tools to ensure flexibility, transparency, and security in reinsurance core processes. This ready-made yet customizable single solution is another example of the industry-specific expertise SAP offers its customers from our more than 30 years of experience serving the world’s leading businesses.”
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