mi2g develops scalable eInsurance
solutions for Fairfax
press release
London, UK, - 20h March 2001, 0900 GMT - At a time
when NASDAQ is diving, the internet continues to create competitive advantage
for established businesses through operational cost reduction focussed on
time saving, flexibility and building a unified customer image.
Whilst prices are firming in the insurance industry, the
Fairfax Insurance group (FFH.TO) with assets of Canadian Dollars 31.8 Billion
is successfully looking to reduce operational cost and bring about synergies
by selling policies through an online business-to-business insurance platform.
Combined with a global intranet "Fairnet" for all its subsidiaries, the aim
for Fairfax is to create a Learning Organisation that maximises the Return
from Information.
"While internet stocks collapsed last year, under
Sam Chan’s leadership we initiated a Fairfax intranet that links all of our
operations and provides a free flow of information across all our subsidiaries.
Also, we are building our eCommerce platform and have two products developed
from end-to-end on the internet. In both these ventures, we have benefited
greatly from the committed services of DK Matai and mi2g. We look forward
to further development in 2001" said Prem Watsa, Chairman and
CEO of Fairfax Financial
Holdings (www.fairfax.ca) in his company’s annual report.
"Business-to-business insurance is one of the
key financial services that is going to gain the most from the introduction
of technology to reduce operational overheads, cut time to serve customers
and settle claims promptly,"said DK Matai, Managing Director
of mi2g software (www.mi2g.com). "We are
seeing the demand for customised, stable and reusable component technology
right across the financial services, defence and high-tech sectors with many
of our clients focusing on long term collaborative computing solutions.
Editor's Notes:
About Fairfax Financial Holdings Limited (FFH.TO)
(www.fairfax.ca): Fairfax Financial Holdings Limited is a financial services
holding company which, through its subsidiaries, is engaged in property, casualty
and life insurance and reinsurance, investment management and insurance claims
management.
The annual general meeting of shareholders of Fairfax
Financial Holdings Limited will be held on Tuesday, 17th April 2001 at 9:30
a.m. in Room 106 at the Metro Toronto Convention Centre, 255 Front Street
West, Toronto, Canada.
About mi2g (www.mi2g.com): mi2g works with
financial services groups, both large and small, to change and eEnable their
entire business. mi2g automates its clients’ business in such a way
that they and their customers can use the World Wide Web both to increase
their business volume and reduce their overall cost base.
mi2g eBusiness Solutions Engineering pays particular
regard to security. We advise on the management of eRisk, and incorporate
Bespoke Security Architectures in our solutions.
mi2g clients are mainly from the banking, insurance
and reinsurance sectors. We build highly secure intranets and extranets, eCommerce
communities and data warehouses that are specifically constructed for data
mining, Customer Relationship Management and cross-selling.
First contact for additional information - Intelligence Unit, mi2g
Telephone: +44 (0) 20 7924 3010 - Facsimile: +44 (0)
20 7924 3310 - eMail: intelligence.unit@mi2g.com
