German reinsurer Munich Re is launching a new IT platform to replace 17 legacy systems for electronic data management.
In launching the Gloria (Global Reinsurance Application) platform, Munich Re plans to standardize business processes and the handling of reinsurance business, as well as improve the quality and efficiency of activities such as underwriting, claims management and accounting.
Munich Re says that the provision of a uniform database increases the efficiency of the analysis, control and administration of all reinsurance business.
The harmonization of core business processes also supports the firm’s global risk management. We will be able to process our information even more efficiently and to significantly streamline internal analytical processes, said Dr Torsten Jeworrek, the board member responsible for the Gloria project. Increased data transparency will help us obtain risk adequate prices and conditions.
The core of the IT platform is SAP’s standard reinsurance software SAP Reinsurance Management, which was introduced with the support of IT consulting and systems integration company MSG Systems of Munich. IT consulting and service company Softlab helped migrate data from legacy systems. Other partners included ESPRiT Consulting for project management and Siemens Business Services for data warehouse technology.
At present, SAP Reinsurance Management has been implemented at the group’s Munich headquarters. The system is to be introduced at Munich Re America in Princeton and at its offices in the US in early 2007.