Eurobase Insurance Solutions was pleased to attend the 10th Middle East Insurance Forum (MEIF 2014) held in Bahrain.
MEIF 2014 was well attended with more than 550 attendees representing over 200 leading global organizations, joining more than 50 international speakers and thought leaders. The 2014 theme for the event was “Overcoming Intensifying Competition & Capturing Profitable Growth”.
Eurobase was exhibiting again this year and discussing how synergy2, Eurobase’s end-to-end insurance software platform, is currently supporting major (re)takaful and conventional insurance clients in the region, including Al Fajer Re and Saudi Re.
The theme of the event highlights the increased competition there is for market share in the region and, as a result, the ability for buyers to make decisions based on price. This is supressing market prices and squeezing (re)insurer’s margins.
With it becoming increasingly difficult to increase revenues, (re)insurance operations are increasingly looking at reducing costs in order to improve margins. One of the most effective ways of doing this, is through investment in technology platforms. Eurobase have case study examples of customers who have saved costs, up to $10m, by investing in to synergy2.
synergy2 as a modern release based platform, will be cheaper in the long term, to implement and support, than continuing with your legacy technology. Furthermore, synergy2, as a release based platform, means you will have an upgrade path to adopt new functionality as it becomes available. With many operations in the region supporting an in-house bespoke platform, it can be very expensive to keep up with the functionality required to support the business.
Through synergy2’s integrated modules, processes can be managed much more efficiently and a number of process steps can be automated. The removal of re-keying eliminates errors and the need for unnecessary error correction processes.
If you missed us at MEIF and would like to learn more, please email or call Paul Buckle.
