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Kevin Richmond Aug 13, 2014 1:16:00 PM 2 min read

Solen select synergy2 Insurance Administration platform

Subsidiary of Shell moves to Eurobase’s synergy2

 Eurobase Insurance Solutions (Eurobase), a leading global software and services provider with products covering captive insurance, specialty lines, reinsurance, and general insurance and part of Eurobase International Group, today announced that it has entered into a contractual agreement to supply its underwriting platform, synergy2 to Solen Versicherungen AG (Solen), a Zurich-based captive insurer and subsidiary of Shell.

The impact of regulation poses many challenges for the captive insurance sector and, in Europe, a deadline for Solvency II implementation has finally been set. Many captive insurance companies are now seeing this not only as an opportunity to make changes to meet regulatory demands, but also to improve business performance and achieve operational efficiencies.

Captive insurers, such as Solen, are looking at the ways in which technology solutions can help to streamline the collection and analysis of data and to manage risk retention through effective aggregation of risk.

Full functionality of synergy2 provides underwriting; claims; reinsurance, credit control and reporting. Eurobase has been providing solutions to the captive market for 12 years and this recent contract further adds to Eurobase’s fast-growing captive insurance client base; which also includes Dorinco (Dow Chemicals), VICO (Volkswagen) and IKANO (IKEA).

Paul Buckle, Director, Eurobase Insurance Solutions said, “We were delighted to be awarded the Solen contract.We continue to place emphasis in the continued development of our services to the captive insurance market, and it further reinforces synergy2 as the sector’s solution of choice. We are working collaboratively with Solen to implement synergy2, and are looking forward to a beneficial relationship.”

The synergy2 software platform provides a suite of integrated modules, supporting the end-to-end insurance process. Fully configurable to individual business needs, including governance controls and workflow. synergy2 is a flexible and agile platform supporting captives and insurance managers worldwide.