Xchanging has completed the delivery of a full insurance processing solution to Lloyd's Reinsurance China Company Limited (LRCCL). Xchanging's global insurance solution, Genius, handles all aspects of LRCCL's reinsurance business in English and Mandarin.
The Genius system supports underwriting, claims, accounts, retrocession and regulatory reporting. LRCCL allows supporting syndicates in the Lloyd's market to access local currency business in China.
Ian Faragher, chairman of Lloyd's operation in China, commented, “Our reinsurance operation in China gives Lloyd's an important foothold in one of the world's fastest growing economies. We wanted to ensure that it operated as efficiently as possible, using the right technology in the right way.”
David Andrews, chief executive officer at Xchanging, added, “This is our inaugural business win in the Chinese Market, and we look forward to building on this as part of our commitment to the Asia-Pacific region.”
