MFX has signed a teaming agreement with Prevail Consulting to offer the Prevail Reinsurance System to its customers.
The solution will be provided as part of MFX's Integrated Insurance Platform, which is a comprehensive, on-demand, end-to-end solution suite for the property and casualty (P&C) industry, and its Business Process Outsourcing services.
MFXchange Holdings chairman and CEO Raymond Roy said the integration of Prevail Reinsurance System into the company's robust end-to-end software suite aligns perfectly with its strategic focus in delivering world class technology and services to the clients.
''After a thorough review of the marketplace, I believe that the Prevail reinsurance solution is a functionally rich addition to our suite of integrated components,'' Roy added.
Designed to fully automate management of reinsurance data for insurance and reinsurance companies, the Prevail system automatically generates cessions, payables and recoverables from direct and assumed premium and loss data and returns the data to original source systems.
Built on advanced web technology, the robust rules-based, table-driven, multi-currency solution creates and manages statutory reports, including Schedule F, and can be accessed worldwide.
The system generates immediate savings through significant improvement in efficiency, information access and reduction in total ownership cost.
A wholly-owned subsidiary of Fairfax Financial Holdings, MFX also performs hosting, applications, and network management for numerous global organizations.
