(Arc de Triomphe, Paris. Photo credit: Ramesh Thadani)

Seeking a solution to keep pace with the rapidly changing French insurance market, MFPrévoyance (MFP, Paris), a subsidiary of CNP Assurances, France’s leading personal insurance company, has chosen Mphasis Wyde’s Wynsure software as part of a multimillion-uro contract to replace its core policy administration system. Mphasis Wyde will deploy Wynsure to support MFP’s management of insurance products marketed in France.

“Since the insurance market in France is constantly evolving, we needed to make rapid changes to confront an environment which is increasingly competitive,” comments Antoine Leroy, chairman of the board, MFPrévoyance. “We were looking for a partner who is able to understand market expectations. We chose Mphasis after a long and thorough process of evaluating several market solutions.

Mphasis Wyde will deploy the solution within 18 months, including data migration, and will support MFP in the management of its distribution networks, according to the vendor. Phase one of the initiative will cover MFP group insurance products, followed by loan insurance products.

Philippe Payet, general manager, Mphasis Wyde Europe, asserts that MFP’s decision reinforces Wynsure’s position as the leader in group insurance and credit insurance in the French market. “Wynsure’s modularity and exceptional flexibility will help MFPrévoyance remain a major player in the fast-moving French insurance environment,” he adds.

MFP’s parent company, CNP Assurances, is the leading provider of personal insurance in France, number one in insurance and health in France, and number three in group retirement savings plans, according to an Mphasis Wyde source.

“Our partnership with Mphasis is an integral part of our approach to improve service quality, as well as enhance performance and productivity in the sectors of activity where we are present,” adds MFP’s Leroy. “It will enable us to reinforce our development capability in the French market.”

Wynsure is available via a traditional licensing agreement or on a software-as-a-service deployment basis, according to Mphasis Wyde. Wynsure also supports Mphasis’ billing-as-a-service offering, available to insurers in North America.