Insurance companies are often confronted with issues regarding product development and policy management. The issues typically are as follows:
- Distributed product across multiple systems and not stored at a central location
- Inflexible product systems; however, new developments have to be implemented quickly and easily. (e.g. bundling of products)
- Separation of industry experts (business department) and implementation experts (IT department) leads to delays in the introduction of new products due to lack of resources and a need for coordination
- Integration problems in new developments (e.g. due to legal changes)
- Uncontrolled growth of systems and processes (e.g. host PC applications, files) that can lead to system and media collapse. Possible consequences are risks to privacy and difficulties to provide the auditor with necessary information (IFRS)
We support our customers in the development of solutions in the following areas:
Evaluation and selection, conceptualization, technical design, implementation, testing, production and control.
Process analysis and process optimization for certain business divisions (e.g. new business, transfers or functions), which apply to all sectors, such as extrapolation, history creation and writing journals.
Integrate product and policy management in conjunction with the system landscape.
Our goal is to provide continuity alongside the critical path - from calculation of premiums to revenue posting to the general ledger. We offer industry expertise and technical support in the selection and implementation of your product-driven policy management. Our approach to process analysis and IT design is iterative. In this way we ensure a permanent solution. This means that your product development and policy management is always in line with current market trends and organizational requirements.