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Policy Administration

10:29 AM
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MS Frontier Re Chooses Sword Intech's Co+

The Co+ policy administration platform will enable Ms Frontier Re to handle the full lifecycle of a global-based assumed reinsurance system.

MS Frontier Reinsurance, a wholly owned subsidiary of Japan-based Mitsui Sumitomo Insurance Co., has adopted Sword Intech's (New York, a Sword Group company) Open Co+ as a new policy administration platform in its Bermuda office for assumed reinsurance business.

MS Frontier Re has been writing mainly property catastrophe reinsurance business out of Bermuda since 2002 covering worldwide risks, according to a Sword Intech news release. The new platform needed to handle the full lifecycle of a global-based assumed reinsurance system, according to the vendor.

“In early 2008 we decided that it was time to upgrade our legacy system to a more robust reinsurance platform," says George Masters, IT Manager, MS Frontier Re. "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.

Masters relates that since Co+ did not require any major modifications, his organization was able to focus its 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," Masters elaborates. "The Sword team was diligent and highly professional in assisting us with this conversion and implementation. Overall I am very pleased with the final result.”

Chuck Gomez, SVP, delivery and operations, Sword Intech Americas, comments, “Assumed and ceded reinsurance are sweet spots for Sword Intech in Bermuda and North America and we offer a single platform for underwriting, claims, billing and accounting."

Anthony O'Donnell has covered technology in the insurance industry since 2000, when he joined the editorial staff of Insurance & Technology. As an editor and reporter for I&T and the InformationWeek Financial Services of TechWeb he has written on all areas of information ... View Full Bio

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