Rexit Berhad (“Rexit”) is a company that focuses on delivering solutions and services to the General Insurance industry. Rexit’s intimate knowledge and understanding of the business processes and operations of the industry, our capability to continually identify advances in technology and successfully adapting them for the benefit of our customers, have made Rexit the solutions partner of choice.

Rexit has grown from a four-person operation in 1998 into a public-listed company by November 2005. Rexit is currently listed on the Malaysian Exchange of Securities Dealing & Automated Quotation (“MESDAQ”) market of Bursa Malaysia Securities Bhd.

Rexit currently offers several web-based insurance solutions which cater for the front-end marketing and sales functions, as well as the back-end operations and management requirements of insurance companies.

The company is also a key Shared Services and Outsourcing (“SSO”) partner to insurance companies by offering its e-Cover application on an Applications Service Provider (“ASP”) model. Rexit has recognized that this ‘pay per use’ model can greatly benefit the insurers, as there is no need for upfront capital expenditure, the high cost of developing and upgrading an application or the related costs of maintaining and managing the required hardware.

A major milestone was reached in January 2005 when the Malaysian Government mandated that all insurance information to be transmitted electronically to the Road Transport Department (“RTD”) via the paperless electronic insurance (“eInsurans”) service only and that physical insurance cover was no longer in use.

Rexit released the e-Cover suite of products under their Smart Insurance Business concept which exceed the requirements of the eInsurans as well as raising the ante further for insurance solutions. e-Cover helped to accelerate the implementation and acceptance of the Government’s ruling as source data is now entered by the thousands of agents instead of relying on the personnel of the insurance companies and the system is simple to use and easily accessible.

Through a common interface, agents can transact for multi-principals using the same device instead of different terminals and operating environments in the past. The capability is extended to any location so long as there is access to the Internet. This fits into the business model of providing service anytime, anywhere which most insurance agents operate in.

Today more than 26,000 agents, seven insurance companies, four banks and telcos are participating in one of the largest e-commerce portals in the country, if not regionally. The significant landmark of RM 1 billion worth of premium was attained in less than ten months of implementation.

Rexit have received recognition from the Malaysian Government in terms of a grant for research and development in new technologies; approval from the RTD to be a gateway provider as well approval from the Central Bank to implement solutions that change the way thousands of insurance agents and many insurers conduct their business.

Rexit Software, a wholly-owned subsidiary was granted MSC (“Multimedia Super Corridor”) Malaysia Company Status for its suite of insurance solutions from the Malaysian Multimedia Development Corporation Sdn Bhd in 2004.


  

Rexit has met all the regulatory requirements, especially those of Central Bank of Malaysia on the Guidelines on Management of IT Environment (GPIS1) for its solutions to the insurance industry. Rexit is also a registered software vendor with the Malaysian Ministry of Finance.

As a public-listed entity, Rexit not only has the financial capacity to undertake large IT projects but also has the experience of managing large IT infrastructures. It also operates under the stringent requirements of various regulatory bodies ensuring that there is proper corporate governance and prudence in its operations.

MILESTONES
The following are some of the major moments in our brief history.

1998
Rexit was founded by four experienced software engineers to provide services to the general insurance industry. Collectively the founders have more than a hundred years of experience in insurance operations & processes

2000
The launch of the first locally developed insurance solutions that utilise technologies based on the Internet. It enable application and more importantly information to be accessible anywhere, anytime and anydevice.

2004
In May, we were granted license to be a gateway operator for electronic cover notes between the RTD/JPJ and insurance companies.

In July, Bank Negara Malaysia (BNM) granted Rexit the approval to develop, operate and manage e-Cover portal.

2005
January
The e-Cover portal was launched in conjunction with the eInsurans initiative of the Road Transport Department that enable motor insurance transactions to be conducted electronically and paperless between Insurers and the Department.

We registered 9,000 agents and 3 insurance companies to use e-Cover at launch time.

October
We achieved the RM 1B landmark in terms of premium insured in the system covering 3 million motorists.

More than 16,000 agents and 5 insurance companies subscribed to e-Cover.

November
Rexit listed in the Malaysian Stock Exchange on 16th.

2006
April
Formation of Rexit Indonesia and agreement to provide IT services to PT Sinar Mas.

May
MOU with Marubeni Corp of Japan to market Rexit’s products internationally.

June
Launch of e-HP with AmBank, one of the largest banking group in Malaysia for hire purchase processing.

August
One of the largest portal locally – approx. RM2.2bil as at end August 2006.
 
 
 
© Copyright 2007. All rights reserved. By Rexit Berhad
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