Many companies love to brag about being a global player, but the reality is that lofty status can bring a different set of problems. Munich Re is one of the largest reinsurers in the world, but its technology needs were not being served by the variety of legacy systems it employed. We needed the infrastructure to support the needs of a global player, says Udo Schucar, project manager for Munich Re.
With operations in more than 150 countries, Munich Re was looking for a solution that would speed its processes for calculating exposure to loss and create a transparency, according to Schucar, for the worldwide business. It is our goal to have for our information a single point of entry only, he says. The diversity of systems around the Munich Re Group caused parallel development and maintenance and would hinder Munich Re to achieve its objectives within an acceptable time.
The reinsurer conducted an intensive feasibility study as it began to search for a solution. During this six-month phase, we involved all important business units, explains Schucar. We evaluated other products, and we considered internal development, too.
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