Leading global (re)insurer uses cloud-native and low-code platforms to quickly bring new products to SME market
LONDON, Aug. 05, 2020 (GLOBE NEWSWIRE) -- MS Amlin, a leading global (re)insurer, has chosen Socotra and Mendix for its new digital Small and Medium Enterprise (SME) insurance initiative. MS Amlin is a subsidiary of the global top 10 insurance group MS&AD with operations in Lloyd’s, Europe, and Bermuda.
The new SME insurance platform by MS Amlin employs a digital-first distribution approach and emphasizes the (re)insurer’s commitment to small and medium-sized enterprises in Europe. The product will initially launch in Belgium, the Netherlands, UK and France with product offerings that include fleet, commercial liability, property and commercial package offerings. The digital proposition aims to enhance all areas of the insurance value chain, including claims and finance.
Because Socotra and Mendix provide cloud-native, developer-friendly platforms, MS Amlin was able to begin the implementation process remotely -- a task that would be significantly more challenging on legacy platforms. The first end-to-end digital product offerings are expected to be launched in the first half of 2021.
MS Amlin Insurance S.E. Head of Digital Trading Katie Wolff commented, “MS Amlin believes that Digital innovation is crucial in order to increase efficiency and improve the way we are able to interact with our clients and brokers. We are working very hard to truly enhance the overall experience of working with MS Amlin. Both Socotra and Mendix understand how important our customers’ experience is to us, and we believe their platforms and approaches are best able to support our Digital ambition.”
Dan Woods, CEO of Socotra, said, “We are delighted to partner with Mendix and help MS Amlin launch its new digital SME insurance initiative. I’m proud to say Socotra is the only core system with open APIs and a powerful enough data model to empower MS Amlin to offer its traditional and non-traditional products under accelerated timelines, collaborating remotely during COVID-19 lockdown.”
Nick Ford, Chief Technology Evangelist at Mendix, added, “Using low-code provides MS Amlin with a collaborative, flexible approach to capitalise on its internal expertise and create an initiative that truly supports its business with increased agility, whilst offering an improved customer experience. It also simplifies integration with third party data and IoT to provide a seamless, integrated solution to MS Amlin’s customers now and in the future - as proponents of low-code, we are proud to be part of this new digital SME insurance initiative.”
Founded in 2014 and based in San Francisco, Socotra is a modern, enterprise-grade core system that enables global insurers to accelerate product development, reduce maintenance costs, and improve customer experiences. Socotra is trusted by insurers to provide them with modern technology to rapidly develop products that better serve their customers and manage their existing book of business. Socotra’s flexible, radically open, cloud-native solution unifies underwriting, rating, policy management, claims, billing, reporting, and more. To learn more, visit www.socotra.com.
Mendix, a Siemens business and the global leader in enterprise low-code, is fundamentally reinventing the way applications are built in the digital enterprise. With the Mendix platform, enterprises can Make with More, by broadening an enterprise’s development capability to conquer the software development bottleneck; Make it Smart, by making apps with rich native experiences that are intelligent, proactive, and contextual; and Make at Scale, to modernize core systems and build large app portfolios to keep pace with business growth. The Mendix platform is built to promote intense collaboration between business and IT teams and dramatically accelerate application development cycles, while maintaining the highest standards of security, quality, and governance — in short, to help enterprises confidently leap into their digital futures. Mendix’s ‘Go Make It’ platform has been adopted by more than 4,000 leading companies around the world.
About MS Amlin
MS Amlin is a leading global (re)insurer, part of the global top-10 insurance group MS&AD, with operations in the Lloyd’s, UK, Continental European and Bermudian markets. With a 300-year record and c.1,800 people in 23 locations worldwide, they deliver a quality service for businesses facing the most complex and demanding risks. Their role places them at the forefront of the Property & Casualty, Marine and Reinsurance markets.