Sompo International Holdings Ltd. (SIH) has launched a worldwide insurance platform and global clearance system (GCS).
The Bermuda-based specialty provider of property and casualty insurance and reinsurance hopes to set a new global standard of business, giving customers options across insurance markets to help manage their risks.
The first step in the creation of the global platform was achieved on September 27 with the total transfer of all the former Endurance companies to SIH. Over time, subject to regulatory authority approvals and a newly formed governance structure, the plan is to bring all other Sompo worldwide subsidiaries under the ownership and control of SIH.
John Charman, chairman and CEO of Sompo International, commented: “I am delighted with the substantial progress that we have made to date in integrating the various operating entities that comprise Sompo International. Of course, complete integration will take time and we are committed to accomplishing this in a thoughtful and deliberate manner while keeping the best interests of our clients, trading partners and employees at the forefront.
“The launch of our new global clearance system is just the first step as we continue to modernise and transform our technology platform across all lines of business and geographies. In keeping with Sakurada-san’s vision, we remain steadfastly focused on creating and growing a highly profitable, globally integrated business that is unique in the history of our industry.”
A key element to building the SI Group platform is the launch of the GCS – a web enabled platform that provides all Sompo Group operations with access to view and clear submissions regardless of their location, operating platform or legacy system. The initial launch includes legacy Endurance, Sompo America and Sompo Japan Nipponkoa Insurance Company of Europe Limited, with all Sompo’s other overseas operations to be added over time.
The platform is SI Group’s first step toward migrating the majority of the Group’s business into a common and integrated technology platform. Full integration into a common technology platform is expected by 2020.
Kengo Sakurada, president & CEO of Sompo Holdings, Inc, said: “Starting with the solid oversight for all commercial lines of products, this reorganization and the alignment of our global platform under John Charman’s leadership is the next logical step in our journey to fulfill our vision to build the first truly global integrated insurance and reinsurance business.”
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