DXC Technology (NYSE: DXC), a leading Fortune 500 global technology services provider today announced it has secured a seven-year contract with Global Re, a full-service global reinsurance firm, to deliver DXC Assure Reinsurance, which will underpin their expansion in the Middle East.
Global Re has selected DXC Assure Reinsurance, as its core administration solution, providing comprehensive automation across the complete reinsurance management life cycle. DXC Assure Reinsurance will help Global Re manage their reinsurance business, improving claims administration, ensuring the accuracy of accounting transactions, and reducing operational costs.
“Global Re launched its operations in Dubai with an aspiration to grow 25% year-on-year, focused predominately on the Property and Casualty market, and to establish itself as one of the leading regional reinsurers. Our success will depend on automated processes and innovative approaches to manage risks across the reinsurance market,” said Andreea Bogdan, CEO, Global Re.
“Global Re is honoured to implement DXC Assure Reinsurance, a gem in the realm of software for our reinsurance business. This software, already catering to a discerning clientele, solidifies our unwavering dedication to delivering services of the utmost calibre. We eagerly anticipate harnessing the software’s capabilities to propel us to the pinnacle of the industry, consistently exceeding the ever-evolving demands of our esteemed clients and the global reinsurance market,” added Bogdan.
The reinsurance market in the Middle East consists of State, Global or Regional reinsurers. Being relatively new to the Middle East, Global Re has partnered with DXC to provide a platform that not only has decades of experience but the ability and agility to help its business grow.
“DXC has over 130 insurance customers with 25 reinsurance customers located within the Middle East. With its significant presence in the Middle East and a large portion of the reinsurance market relying on DXC Assure Reinsurance, DXC is well placed to partner with Global Re to achieve its aggressive growth priorities,’’ said Abdel Boulmakoul, MEA General Manager, Insurance, DXC Technology.
Changing industry dynamics are leading reinsurers to adapt their business models. DXC Assure Reinsurance enables faster time to market, streamlined operations, enhanced customer experiences and a launching pad for growth. The modular, integrated, cloud-enabled, digital solution continues to evolve to meet the demands of customers and supports all aspects of a reinsurer’s processing – from acquiring new business, through to renewal management and accounting. The automation of these processes can save time and reduce operational costs, while also providing the activity tracking and reporting necessary to meet regulatory requirements.
“The reinsurance market which is complex, heavily regulated, and process driven has faced significant disruption from recent world events and increasing premiums. The transformation of the industry is therefore paramount for the future success of reinsurers. DXC’s goal is to ensure Global Re keeps up with the pace of its targeted growth and thrives into the future through technology, by focusing on analytics and process automation,” said Bjornar Evenshaug, Global Offering Manager for Reinsurance, DXC Technology.
Forward Looking Statements
All statements in this press release that do not directly and exclusively relate to historical facts constitute “forward-looking statements.” These statements represent current expectations and beliefs, and no
assurance can be given that the results described in such statements will be achieved. Such statements are subject to numerous assumptions, risks, uncertainties, and other factors that could cause actual results to differ materially from those described in such statements, many of which are outside of our control. For a written description of these factors, see the section titled “Risk Factors” in DXC’s Annual Report on Form 10-K for the fiscal year ended March 31, 2023, DXC’s Quarterly Reports on Form 10-Q for the quarterly periods ended June 30, 2023 and September 30, 2023, and any updating information in subsequent SEC filings. No assurance can be given that any goal or plan set forth in any forward-looking statement can or will be achieved, and readers are cautioned not to place undue reliance on such statements which speak only as of the date they are made. We do not undertake any obligation to update or release any revisions to any forward-looking statement or to report any events or circumstances after the date of this report or to reflect the occurrence of unanticipated events except as required by law.
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