Rexit International Sdn 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.