How Covéa Group Consolidated Its Reinsurance Repositories in under 12 Months

The Challenges

• Addressing the Management Differences Between the Three Entities
  Each of GMF, MAAF, and MMA were using the same reinsurance software, but with different processes, various historical data, and typologies. This posed a significant challenge to unifying their systems.
• Meeting Solvency II Regulations
  The different units within the Covéa Group needed to prepare for Solvency II requirements, necessitating adjustments to the project plan.

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The Solutions

• A preliminary study was launched, and the platform was operationalized within the defined deadlines. 
• The internal and external teams collaborated to converge processes, with the project management team supervising every step and the IT teams implementing the technical architecture. 
• Covéa closely engaged with external teams, including Duck Creek for functional expertise and development capabilities, and consulting firm KPMG for project management coordination.

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The Impacts

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About The Customer

Covéa is a French mutual insurance company that provides coverage for property, liability, and reinsurance businesses. Formed by the merger of French mutual insurance companies GMF, MAAF, and MMA, Covéa serves over 11 million policyholders and generates 16.3 billion Euros in premiums. They employ 21,000 people in France and 5,000 in six other countries (Italy, UK, US, Luxembourg, Spain, Canada).  

Covéa is rated A+ by Standard & Poor’s and A by A.M. Best, and is rated No. 1 for solvency ratio amongst the top 20 European insurance groups. They undertook the ambitious project of consolidating their reinsurance operations across their entire group. Explore more.