Page 19 - Malaysian Re Foresights issue 2

MALAYSIAN RE FORESIGHTS ISSUE 2| JULY 2020

Management information

A management information system is how data is captured, processed, accessed and distributed to inform and facilitate
management decision making. Due to the volume and complexity of insurance claims, the industry depends heavily use
of on IT (information technology). With the goal of consolidating data into meaningful reports, Malaysian Re has
adopted the usage of Business Intelligent Business Object (BIBO). The data generated in this system can be used for the
following: -

 Identify and quantify processing backlogs to ensure that appropriate
corrective action is taken
 Highlight large movement in claims reserving on particular claims
 Compare incurred loss with the eventual cost of settling claims
 Identify large claims
 Monitor claim statistics
 Monitor the overall level of settled and outstanding claims and the speed
at which the claims are being reported

Conclusion

All in all, robust planning and execution as well as sufficient long-term investment are vital in developing operational
infrastructure and relevant expertise for an effective reinsurance claims management system. This translates well into
efficient cost management, high level of customers satisfaction and excellent industry’s reputation which form
sustainable competitive advantage for reinsurers.

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