AMP/ AXA AUSTRALIA chooses WebXL Reinsurance software.
The project began in 2007, when Axa Australia (acquired by AMP) decided to undertake a major system overhaul, whereby one of their legacy policy administration systems was to be decommissioned and all the information migrated to a newer system. This administration system had a sophisticated reinsurance module built into it which would be lost as part of this process.
The new policy management system however, had no reinsurance capability forcing reinsurance administration for policies already migrated to be processed using an in-house built system. Thus, the company decided it was time to review available reinsurance administration systems and purchase a solution that could be integrated within its current Information System.
Axa Australia reviewed the reinsurance solution provider market, comparing solutions from both large established players and smaller specialist vendors. Each vendor was judged on three criteria
– how well the system performed (complex calculation engine); how well they could perform as a business partner; and how the architecture of the solution could fit with Axa’s.
Effisoft not only matched Axa’s expectations on all three levels but also delivered a real Life reinsurance expertise which proved to be a major deciding factor.
“We chose WebXL because it demonstrated its understanding and proven expertise in delivering the type of solution required by a global insurance company. We found the in depth knowledge of our commercial contact in our complex business demands to be a major deciding factor. Effisoft was also a credible vendor in terms of their existing client base”, says Matthew Kippen..