Northern Ireland business process management (BPM) software firm Singularity has won a deal to accelerate the electronic underwriting capabilities of one of the world’s largest insurers, Mitsui Sumitomo Insurance (MSILM).
Singularity, which employs 240 staff in Derry, Belfast, New York, London, Singapore and Hyderabad, now has the two largest Japanese non-life insurance companies as customers, in addition to a number of insurance-sector contracts announced in late 2008.
“Winning this contract with MSILM is a huge stamp of approval, and we are absolutely thrilled”, said Padraig Canavan, CEO and founder of Singularity.
“We’re building a client-base of some of the world’s top insurers and we hope to continue this success in the coming year by making sure our customers obtain real business value as soon as possible.”
An initiative called the London Insurance Market Reform programme has defined a set of guidelines for electronic submission and agreement of contract endorsement (known as Electronic Market Reform Contract Endorsement or eMRCE).
As part of MSILM’s adoption of eMRCE, it will use Singularity’s Business Process Management software to streamline and accelerate its underwriting processes.
MSILM will also use the software to co-ordinate interactions with brokers and automate the review and peer approval of key insurance documents. Singularity’s integration with Microsoft SharePoint Server, SQL Server and most other major Microsoft technologies was a key element in winning the contract.
“Singularity was chosen because of its technology, its people and its focus on delivering value”, said Shaun Moloney, head of information services at MSILM. “We are committed to market reform and to continuously improving the efficiency of business processes for underwriting; Singularity will help us achieve that.”
By John Kennedy