Reinsurance―the practice of reinsurers indemnifying insurers against a portion of underwritten risks via binding contracts―is an integral part of the insurance industry. Industry participants leverage information technology to help them manage the inherent complexity of their reinsurance arrangements.
Here is how Mindtree helped a leading property-casualty and general insurance enterprise consolidate a critical application used to manage domestic and international reinsurance treaties.
The challenge
The customer relied on a dedicated application to manage information, data and rules for policy processing, claims and accounting functions for reinsurance treaties. They experienced a number of issues in the use of this tool:
- The application required more than 15,000 treaties and versions to be administered manually across disparate systems
- Users had to run multiple batch jobs to produce reports; and the application maintenance effort led to higher cost
- Any delay in the batch job cycle impacted the application and inevitably led to delays for business users
- The application required more than 10 days to set up treaty contracts before approval for production use
- Reinsurance treaty rules needed to be manually applied by services and underwriting team
- Users could not print or export application output result
- Users could not track changes to contracts via CICS screens
Our solution
Mindtree leveraged industry and technology expertise to collaborate with the customer and upgrade the performance of the treaty reinsurance application. We migrated legacy data and created a Web based full-services reinsurance treaty management solution. Highlights of the solution included:
Technical improvements
- Role-based access, with in-built tracking of user interventions and version history
- Web services for multiple downstream systems for business processing
- Contract setup enablement across all regions covering 135 countries
- Capability to detect and highlight treaty changes
- Highly responsive response time of under 5 milliseconds for 100 concurrent users
- Exhaustive search functionality with secure and non-secure log ins
Tools and utilities
- eTreaty Report Generation: A utility to generate Excel reports using SQL a query which resulted in quick turnaround of report requests
- eTreaty Treaty Copy Utility: Treaties can be copied from one region to another by running a simple command
- eTreaty Web Service Test Utility: Multiple inputs can be posted on eTreaty Web Services by running a command. The tool can also be used as a regression testing tool
- eTreaty Upload Monitor: A tool to monitor data consistency of treaties uploaded daily. Irregularities can be discovered and corrected before downstream impact
Automation
Automated segments of treaty creation based on business management rules; and DSP transfer.
Business impact
- Savings of USD 250,000 per year in maintenance costs
- Speedier contract creation and set up
- Higher user productivity through 99.99% system availability
- Faster report generation for effective business analysis
- Effective decision making through instant availability of treaty data for global users
