Saudi Re selects Eurobase Insurance Sloutions, chooses ‘Synergy’ as its Strategic End-To-End Policy Administration Platform
Eurobase Insurance Solutions, a leading global software and services provider and part of Eurobase International Group, today announces that it has entered into a contractual agreement with Saudi Re, the first reinsurance company to be established in Saudi Arabia, for the provision of Synergy, Eurobase Insurance Solutions’ reinsurance administration platform.
Saudi Re was founded in Riyadh in 2008 and is a cooperative full-fledged reinsurer with strong underwriting expertise in Engineering, Property, Marine, Casualty, Motor, Health, and Life. To support Saudi Re’s growth demands and improve client relationship management, Saudi Re decided to replace its legacy system with a solution that has a proven and global pedigree, and heritage; robust regulatory reporting credentials; supports a sophisticated governance and authorisation model and flexibility to support growth and change. Synergy, from Eurobase, was selected after a formal tender process.
Eurobase Insurance Solutions is investing in its platform, Synergy, which will make it the optimum fit for Saudi Re and Middle Eastern reinsurance businesses in general. The current and on-going investment in Synergy is driven primarily by the changing demands of the global (re)insurance market and regulatory environments. To meet these demands, Synergy has been integrated with Microsoft’s SharePoint providing advanced workflow options, and extended governance and authorisation controls.
Commenting on the deal, Paul Buckle, Business Development Executive, MENA, Eurobase Insurance Solutions said, “We are seeing a trend in the region to move to Administration platforms that provide robust governance controls, whilst delivering process efficiency from configurable workflows. Saudi Re’s selection demonstrates that Synergy will become the platform of choice for carriers in the region and reinforces Eurobase’s on-going commitment.”
He added, “We are delighted to be working with Saudi Re and look forward to a long and mutually successful relationship.”
Isa Ali, Head of IT, Saudi Re, said, “We conducted a thorough review of the different solutions available in the market leading to the selection of Synergy. Synergy supports both Retakaful and Conventional reinsurance business and will assist us in the comprehensive processing of inwards Treaty, FAC and Life business. Synergy will help Saudi Re to realise operational efficiencies, as well as providing a considerable level of additional control to our policy administration process through its governance, authorisation, and peer review capabilities.”