National Reinsurance Corporation of the Philippines (Nat Re) has selected DXC Technology’s SICS software to support the operational efficiency of its life reinsurance business.
DXC, which is an independent, global end-to-end IT services company, will work with Nat Re to implement SICS, which is a standardised solution designed specifically for assumed and ceded reinsurance administration.
Nat Re also expects the SICS software to enable business process automation, enhance business intelligence, strengthen business and financial controls, and augment overall decision-making processes.
The software supports all types of reinsurance arrangements, and is particularly suited to administering protection of large complex policies, high-value multinational risks, and proportional and non-proportional treaty portfolios.
As Nat Re’s business continues to grow, DXC’s SICS solution will enable the company to make better underwriting and risk management decisions while reducing operational costs and other overheads, allowing for greater agility even as new regulations emerge.
Augusto Hidalgo, President and Chief Executive Officer (CEO) of Nat Re, said: “With increased competition due to the inflow of alternative capital, today’s reinsurance market is faced with tremendous pressure to perform on different fronts.
“Being able to differentiate ourselves with the right technology will enable us to leverage our data, deliver new and relevant products and services, and improve margins too. Partnering with DXC Technology will also help position our company as an advocate and a game changer in the industry while ensuring that we are ready for a digital future.”
Prakash Thomas, Insurance Industry General Manager at DXC Asia, also commented: “Digital is touching every aspect of the insurance industry, particularly in a fast growth market such as the Philippines.
“We are excited to partner with Nat Re on their digital transformation journey and help them achieve better business outcomes through technology.”
Nat Re, which provides both life and non-life reinsurance capacity and offers consulting, technical, and advisory services to clients in emerging markets, will become the first DXC customer in the Philippines to employ SCIS.
DXC currently serves almost 6,000 private and public-sector clients from a diverse array of industries across 70 countries, 15 of which are in Asia.
The company leverages its in-depth knowledge of legacy operations and technology to help re/insurers grow digitally and transform their existing IT environments while improving efficiency and speed to market.
