DXC Technology announced that National Reinsurance Corporation of the Philippines selected DXC to implement the core reinsurance solution SICS for its life reinsurance business. This makes Nat Re the first DXC customer in the Philippines to employ SICS.
Executives from Nat Re and DXC Technology sign an agreement to implement SICS for Nat Re’s life reinsurance business
The software platform is expected to bring many benefits to Nat Re’s life reinsurance division, including improving operational efficiency, enabling business process automation, enhancing business intelligence, strengthening business and financial controls, and augmenting overall decision-making processes.
Nat Re provides life and non-life reinsurance capacity, offering consulting, technical and advisory services to clients in emerging markets. It operates a geographically diverse reinsurance portfolio, and about 40 percent of its growing business comes from outside of Philippines.
DXC will work with Nat Re to implement SICS, the standardized, end-to-end solution for assumed and ceded reinsurance administration. SICS supports all types of reinsurance arrangements, particularly in administering protection of large complex policies, high-value multinational risks, and proportional and nonproportional treaty portfolios.
As Nat Re’s business continues to expand, DXC’s SICS solution will provide a single, consistent view of Nat Re’s life business, which will enable the company to make better underwriting and risk management decisions. The system will also help reduce the company’s overall operational costs and other associated overhead, enabling greater business agility even when new regulatory requirements emerge.
“With increased competition due to the inflow of alternative capital, today’s reinsurance market is faced with tremendous pressure to perform on different fronts,” said Augusto Hidalgo, president and CEO of Nat Re. “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.”
“Digital is touching every aspect of the insurance industry, particularly in a fast growth market such as the Philippines,” said Prakash Thomas, insurance industry general manager, DXC Asia. “We are excited to partner with Nat Re on their digital transformation journey and help them achieve better business outcomes through technology.”
DXC Technology, a provider of core insurance software and services, enables insurers and reinsurers to build a digital future while transforming their legacy businesses. DXC can help both insurance and reinsurance companies grow digitally and transform their IT environments, while improving efficiency and speed to market. In Asia, DXC’s Insurance solution is used in more than 15 countries, with over 300 implementations.
