IT Roadmap For A Insurance Company

SureInsure Business Process Restructuring
Saurabh(FN-102) Srikanth(FN-109) Srivatsan(FN-110) Tushar(FN-115) Varun(FN-117) Nikhil(FN-121)
2014
GLOBAL EXPANSION
Solvency II Implications
A solvency capital requirement may have the following purposes: To reduce the risk that an insurer would be unable to meet claims; To reduce the losses suffered by policyholders in the event that a firm is unable to meet all claims fully; To provide early warning to supervisors so that they can intervene promptly if capital falls below the required level; and To promote confidence in the financial stability of the insurance sector
SureInsure About us
Commenced operations on 8th March 1940 as Sure Life UK
Changed brand name from Sure Life UK to SureInsure Life Insurance UK in June 2003
Largest provider of life, pensions and long-term financial services in Europe
1940
1999
2003
2009
2010
Acquired York life UK in 1976 & Insure UK Life in 1999
Micro insurance foray in the UK markets 2009
Legacy Systems still compelling

Costs of redesigning or replacing the system are prohibitive because it is large Retraining on a new system would be costly in lost time and money, compared to the anticipated appreciable benefits of replacing it The system requires close to 100 percent availability, so it cannot be taken out of service, and the cost of designing a new system with a similar availability level is high
SureInsure Overview of existing IT systems
Competition
Forced to lower the prices Acquiring & retaining customers became challenging
Regulations
Solvency requirements have left the companies with little to invest Consumer protection has came to the forefront
IT Infrastructure
Old IT systems : spreadsheets & macros affecting speed, flexibility, reporting quality Kept a cache of historical data in a distributed legacy environment Fragmented data storage jeopardized the insurance providers system scalability
SureInsure Business Strategy
2014
Strategy Targets
Transform SureInsure into a leading global insurance player
Enviromental Targets
Paperless processing and energy efficient systems
Process Targets
Increasing the speed and flexibility of reporting & improving the quality of data controls
People Targets
Developing a positive working climate and increase staff morale
Business Targets
Driving cost efficiency through increased productivity
STRATEGY TARGETS HOW TO REACH OUR GOALS

Ensure smooth brand transition from SureInsure Life Insurance UK to WorldInsure Global
2014
STRATEGY TARGETS Multi country operating model survey
% of insurers adopting each model

13% 13% Columbus 19% 55% Mini-me Hubbing One World
Decentralized, Autonomous operations across multiple geographies Strategy, mgmt. & operations as single, global integrated entity
Regional sharing and management of functions among multiple territories Highly centralized operations, minimizing local presence
PROCESS TARGETS HOW TO REACH OUR GOALS

Migrate and convert existing property data warehouses for related business functions into an integrated, centralized personal lines warehouse Create incremental, transactional based updates to the warehouse using a standardized Extract, Transform and Load (ETL) tool
2014
PEOPLE MORALE TARGETS HOW TO REACH OUR GOALS

Gradual retiring of inefficient legacy systems will reduce employee frustration & provide them with new opportunities Rewards & recognitions through constant tracking of an employees performance (knowledge assets, new customer additions)
2014
BUSINESS TARGETS HOW TO REACH OUR GOALS

Provide project management and systems analysis capabilities to the clients insurance business technology group to effectively manage delivery and facilitate project quality
2014
ENVIRONMENTAL TARGETS HOW TO REACH OUR GOALS

Improve SureInsures ability to recycle & reuse resources Choose the most appropriate standards body to advance the agenda Put in place a strategy for effective collaboration Create a strong marketing & communication campaign for green agenda Monitor RoI
2014
SureInsure ROAD AHEAD

Brand Enablers
Transparency in finance & administration Diverse management information for quick decision-making
2014
BPR through ERP Finance
WorldInsure Global - Prospects

Poised to grow dynamically Can perform peril based pricing Create distinct criteria for providing differentials in price quotations Improved decision-making process
2014
Business Intelligence, Segment Analysis

IT Roadmap For A Insurance Company

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SureInsure Business Process Restructuring

Saurabh(FN-102) Srikanth(FN-109) Srivatsan(FN-110) Tushar(FN-115) Varun(FN-117) Nikhil(FN-121)

Commenced operations on 8th March 1940 as Sure Life UK

Largest provider of life, pensions and long-term financial services in Europe

Acquired York life UK in 1976 & Insure UK Life in 1999

Micro insurance foray in the UK markets 2009

Legacy Systems still compelling

SureInsure Overview of existing IT systems

SureInsure Business Strategy

STRATEGY TARGETS HOW TO REACH OUR GOALS

STRATEGY TARGETS Multi country operating model survey

% of insurers adopting each model

PROCESS TARGETS HOW TO REACH OUR GOALS

PEOPLE MORALE TARGETS HOW TO REACH OUR GOALS

BUSINESS TARGETS HOW TO REACH OUR GOALS

ENVIRONMENTAL TARGETS HOW TO REACH OUR GOALS

SureInsure ROAD AHEAD

BPR through ERP Finance

WorldInsure Global - Prospects

Business Intelligence, Segment Analysis

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