Munich Re Reduces Treaty Creation Time with Tier 2 ARENA

Released on: September 12, 2009, 9:37 am
Author: Tier 2 Consulting Ltd.
Industry: Software

Munich Re’s UK Life Branch (UKLB) uses Tier 2’s ARENA Document Control Solution to control and automate their Treaty Contract production process. The company believes the efficiencies achieved through this document automation project will help them lower costs and offer even better customer service. Treaty Department head cites substantial time savings.

Hertford, UK – September 12, 2009 – Tier 2 Consulting announced today that Munich Re’s UKLB, a branch of the world’s largest reinsurer, is using the ARENA Document Control solution to power their XENA Treaty Documentation System. XENA integrates ARENA with Exari’s InsuranceAccelerator™ to enable various departments to capture and input their requirements for the contract allowing the Treaty Documentation team to complete the first draft in a fraction of the time.

"We have full version control and an audit trail, which is very important with such complex insurance documents." Sigi Kammerer, Head of Claims and Treaty Documentation, Munich RE

Post execution contract changes are also automated. The software makes valuable contract data available enabling reports that summarize exactly which parts of the main treaty have changed. If a claim arises, everyone is aware of what clauses are relevant and can evaluate their impact.

Sigi Kammerer, Head of Claims and Treaty Documentation at Munich Re UKLB said, "Not only is it much faster and safer to create these Treaty documents with XENA, there are other benefits as well. We have full version control and an audit trail, which is very important with such complex insurance documents. In the future, we plan to expand XENA to include Underwriting and Claims Authorities Documents as well as Non Disclosure Agreements. And we are pleased that other areas across the company have expressed their interest in using the system."

“We are delighted that Munich Re has chosen ARENA as the controlling application for the production of treaty documentation. They are taking full advantage of the integration of ARENA with Exari’s document assembly engine, to provide enhanced document authorship, control, audit and reporting capabilities.”

About Munich Re
The Munich Re Group operates worldwide, turning risk into value. The Group operates in all lines of business, with around 44,000 employees at over 50 locations throughout the world and is characterized by particularly pronounced diversification, client focus and earnings stability. With premium income of around €22bn from reinsurance alone, it is one of the world's leading reinsurers. The primary insurance operations are mainly concentrated in the ERGO Insurance Group. With premium income of over €17bn, ERGO is one of the largest insurance groups in Europe and Germany. It is the market leader in Europe in health and legal expenses insurance, and 40 million clients in over 30 countries place their trust in the services and security it provides.

About ARENA
ARENA is a unique, ‘out-of-the-box’ standards-based document control application that facilitates the creation, authoring, review, approval, publishing, distribution and management of any type of document.

ARENA delivers enterprise class in-built compliance so that even the smallest company can benefit from controlling their documents electronically and no longer need to rely on manually intensive methods to manage risk and maintain compliant procedures.

About Tier 2 Consulting
Tier 2 Consulting is a dedicated team of experienced, highly skilled developers creating bespoke web applications for some of the world’s most demanding businesses and academic institutions.

We use agile development techniques to deliver enterprise class, ‘rich’ web applications using leading-edge web technologies.

Long term relationships with blue chip organisations demonstrate our expertise and our ability to consistently deliver high-quality, cost-effective IT services.

Contact Andy Kennedy:

+44 (0) 1992 509 742
akennedy@tier2consulting.com
http://www.tier2consulting.com/