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

Renowned worldwide for the ATCA Briefings. Subscribe now.
Home - Profile - Values - People - Careers - Partners - Contact Us
D2 Banking - Bespoke Security Architecture - Digital Risk Management - Tools

Intelligence Briefings - Brochures - Case Studies -
SIPS Methodology FAQ (pdf)
Keynote Speeches - Articles - News Feeds - Glossary (pdf)
Terms and Conditions - Privacy Policy