MS Frontier Reinsurance has implemented Sword Intech's Open Co+ platform in its Bermuda office to handle the full lifecycle of a global-based assumed reinsurance business.
Sword Intech said that Open Co+ is an advanced policy administration platform that supports a wide range of P&C business and benefits from the latest pre-configured software to integrate policy generation and administration, underwriting, reinsurance, accounting and claims processing operations.
All of Sword Intech’s applications can be integrated with third party business support or trading systems to meet a wide range of financial or management reporting requirements.
MS Frontier Re, a subsidiary of Mitsui Sumitomo Insurance Company Japan, has been writing mainly property catastrophe reinsurance business out of Bermuda since 2002 covering worldwide risks.
George Masters, information technology manager for MS Frontier Re, said: In early 2008 we decided that it was time to upgrade our legacy system to a more robust reinsurance platform. After evaluating several different leading reinsurance platforms, we decided to move forward with the Open Co+ system.
This system is built on a highly configurable database platform that allowed us to incorporate our business strategy without any major code or system reconfigurations. Since this system did not require any major modifications, we were allowed to focus our efforts on the data conversion process.
Anyone who has ever been through a system change over will know that the conversion process of data is the key to the new system’s success. The Sword team was diligent and highly professional in assisting us with this conversion and implementation.