DUBAI, United Arab Emirates (December 18, 2023) – Underpinning their expansion into the Middle Eastern region, global technology services provider DXC Technology has entered into a seven-year contract with Global Re, a full-service global reinsurance firm. Together, they will deliver DXC Assure Reinsurance, which will become its core administration solution, providing comprehensive automation across the entire reinsurance management life cycle. The union is expected to enhance the accuracy of accounting transactions and reduce 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.
Global Re is relatively new in the region; and together with DXC, it plans to provide a platform that is built on decades of experience affording them the agility and ability needed 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.
Adapting to changing industry dynamics are leading reinsurers to alter their business models accordingly. DXC Assure Reinsurance aims to enable a speedier time to market, streamlined operations, enhanced customer experiences, and provides a launching pad for growth. Their integrated, modular, cloud-enabled, digital solution continues to evolve in order to meet the requirements of customers while supporting all aspects of a reinsurer’s purpose – from acquiring new businesses through to the renewal of management and accounting. The automation of these processes may save time and money, while providing crucial activity tracking and reporting, ensuring that all regulatory requirements are met.
“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.