CAB Launches CAB 2.0 To Support Insurance, Reinsurance Industry Digitalisation
KUALA LUMPUR, July 3 (Bernama) -- The Central Administration Bureau (CAB) has launched CAB 2.0, the enhanced cloud-based version of its Central Administration Bureau Facultative (CABFAC) system, to support the digital transformation of Malaysia's insurance and reinsurance industry.
CAB was established and is managed by Malaysian Reinsurance Bhd (Malaysian Re), a wholly owned subsidiary of MNRB Holdings Bhd (MNRB).
CAB chairman Gary Hoo noted that CAB 2.0 represents more than just a system upgrade.
“It is an important step forward in our digital transformation journey, enabling us to deliver a more efficient, resilient and future-ready platform for the benefit of CAB members and the wider reinsurance industry,” he said in a statement today issued by MNRB.
He added that the platform also supports CAB's commitment to more efficient and sustainable operations by reducing reliance on manual and paper-based processes while maintaining appropriate controls and governance to ensure key processes continue to be managed securely and responsibly.
Meanwhile, MNRB said the transition from the legacy platform to a modern cloud-based system is designed to improve the speed, efficiency and accessibility of facultative reinsurance administration and settlement for CAB members.
“CAB 2.0 streamlines workflows, reduces repetitive manual processes and enhances the overall user experience through faster processing, improved reporting capabilities and more efficient information management.
“Selected automation within the CAB Finance functions is expected to deliver approximately 392.25 working hours of annual time savings, equivalent to 49 working days,” it said.
MNRB added that comprehensive training sessions, onboarding support and user guides have been provided to CAB users since the system went live, with continuous support in place as CAB continues to enhance the platform and user experience.
-- BERNAMA