About the Client

The client is a leading insurance-based financial services provider, with core business in General Insurance, Life Insurance and Risk Management. It has a global network of subsidiaries and offices in more than 100 countries.

Business Challenge

The client had a legacy system to administer and manage risk transfer. The 10-year old system had lots of limitations in terms of maintenance and enhancements as business and data logic were tightly coupled. Any business process changes and interfacing with regional stovepipe applications were not fully supported. Besides these limitations, there was a slow turnaround time in policy issuance, booking premiums and claim handling because of the underlying paper intensive environment. Data traceability and monitoring were other aspects which needed additional focus with evolving business processes.

How did we help?

Our deep knowledge and understanding of the insurance industry and business requirements allowed us to undertake business process mapping and define vision of a new business solution. The new software solution was targeted to be developed using Java and data warehousing based technologies. This solution was based on a flexible home-grown insurance product structure and business process driven thus addressing the limitations of the old system, supporting evolving business processes and improving efficiencies in key business activities.

Our approach included:

• Steer business vision and program sponsorship including identification of gaps, develop existing and future business process map and propose future IT landscape
• Support development of object-oriented, multi-tier system and integrate it with local systems

• Build a scalable enterprise-level data warehousing solution powered by Business Objects that will provide a detailed and 360 degree view of international program portfolio.

Performance delivered

Following are some of the business benefits the new system is already delivering;

• Better customer service with a policy issued and/or renewed with an average processing time of 2 days vs 40-45 days in a previous business process landscape
• Collapsed time for policy booking and premium collection and hence reduced account receivables
• Efficient claims handling with workflow driven alerts and escalations procedures
• Improved time-to-market with new insurance product launches supported by business process and rule driven product structure
• Empower business with integrated and timely web-based information delivery related to business process monitoring, performance management, profitability analysis and account & portfolio overviews