Munich Re successfully introduces new IT platform in international reinsurance business

2008/09/20

Reinsurance

In launching the IT platform Gloria (Global Reinsurance Application), Munich Re has further strengthened and improved the foundations of its international reinsurance business.

With the new platform, which replaces 17 legacy systems for electronic data management, Munich Re has achieved a number of objectives simultaneously. It standardises business processes and the handling of reinsurance business and improves the quality and efficiency of individual activities such as underwriting, claims management and accounting. By providing a uniform database, Gloria also speeds up the analysis, control and administration of all reinsurance business. And last but not least, the harmonisation of core business processes supports the Group's global risk management. "We will be able to process our information even more efficiently and to significantly streamline internal analytical processes", emphasises 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 the IT consulting and systems integration company msg systems ag of Munich. The IT consulting and service company Softlab played a major role in migrating 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 and many directly connected Business Units in the International Organisation, e.g. Madrid, Paris and Santiago de Chile. The system is to be introduced at Munich Re America in Princeton and at its offices in the United States in early 2007.

Münchener Rückversicherungs-Gesellschaft
signed Jeworrek           signed Küppers

The Munich Re Group operates worldwide, turning risk into value. In the business year 2005, it achieved a profit of €2,743m, the highest in its 126-year corporate history. In 2005, its premium income amounted to approximately €38bn and its investments to around €177bn. The Group is characterised by particularly pronounced diversification. It has approximately 38,000 employees at over 50 locations throughout the world and operates in all lines of insurance. With premium income of around €22bn in the year 2005 from reinsurance alone, it is one of the world's leading reinsurers. Its primary insurance operations are mainly concentrated in the ERGO Insurance Group, the second-largest provider in the German primary insurance market and a leading player in several other European insurance markets.
Disclaimer
This media information contains forward-looking statements that are based on current assumptions and forecasts of the management of Munich Re. Known and unknown risks, uncertainties and other factors could lead to material differences between the forward-looking statements given here and the actual development, in particular the results, financial situation and performance of our Company. The Company assumes no liability to update these forward-looking statements or to conform them to future events or developments.

Further Information

For media inquiries please contact:
en
Regine Kaiser
Munich Re Group
Mobile +49 160 47 69 572
Phone
+49 (89) 3891-2770
We use cookies on our websites to improve your experience as an internet user, and to optimise our online services. They comprise cookies that are required for technical purposes, and without which the website functionality could not be guaranteed. We also employ cookies to carry out statistical evaluations of the reach of our websites. These evaluations are anonymised. You can find further information on the cookies we use, and ways to object to the use of cookies for statistical evaluations, in our cookie guidelines.