Marubeni agreed to establish joint venture company with a Malaysian insurance-related system company

Oct. 13. 2006
Marubeni Corporation

Marubeni Corporation has concluded the agreement with the Malaysian “REXIT BERHAD” (hereinafter called REXIT) to establish a joint venture company for the development and administration of an insurance related system in the whole world except Malaysia, on October 12, 2006.

REXIT, listed on MESDAQ in Malaysia, is a company for development and administration of the systems for insurance companies and agencies, and it has more than 50% of the market share in Malaysia, having such as Kurnia, Malaysia’s largest insurance company, Malaysian subsidiaries of Allianz (Gemany) and Tokio Marine, and others, as customers.

Marubeni is planning to invest 1billion and several hundred million Japanese yen in total, for the participation in the management through an acquisition of some portion of the shares of REXIT, as well as for within this year’s establishment of the joint venture company which will control the worldwide development and administration of the insurance related system. It is also planned that this joint venture company will establish local subsidiary for the sales of the products in each country.

Marubeni, which conducts insurance business in many foreign countries and aims an expansion of insurance related business, and REXIT, which aims active development of the business to outside Malaysia, will manage the joint venture business together. Marubeni will offer the worldwide sales network including Japan and REXIT will be in charge of overall development of the system products.

The feature of the REXIT system is as follows :
 It is a WEB based ASP system for the insurance companies and the insurance agencies.
Development, maintenance, and operation will be managed collectively by the server of REXIT.
The initial investment burden of the system development for the insurance companies and insurance agencies can be mitigated, and it is possible to charge according to the use of the system.
Insurance companies and insurance agencies can be connected by the low-cost Internet without the private lease line.
All of the quotation, application, premium payment, customer management, contract management, claim management, etc for insurance can be processed on the one stop at this system.
Insurance agency does not have to start separate software programs for each insurance company and is able to work on the same program as well as same interface, and the contract management of plural insurance companies can be done.

In addition, the Japanese insurance business law was revised in April, and as a result, establishment of a small amount and short term insurance company (mini-insurance company) became possible. It is anticipated that there is big demand of this system from those mini-insurance companies, where a system investment is a big problem.

<<Company profile of REXIT>>
Company name : REXIT BERHAD
Location  :  Malaysia
Capital  :  RM14.2mil
Representative  :  Mr. Chung Hon Cheong
Main business :
Development and administration of a system for insurance companies and insurance agencies Development and administration of a bank loan agency system for car dealers

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