Our client took the strategic decision to improve their performance by increasing capital to nearly €10 million, which was part of the measures to meet future requirements, including those in the Directive 2009/138/EC of the EP. Scalefocus implemented the IBM Solvency II solution, which optimized their internal processes, ensured compliance, improved customer satisfaction and enhanced stability across the company.
15-20x Faster Reporting Process
Better Cross-Departmental Collaboration
Enhanced Corporate Reliability
Our client is one of the first insurance companies in Bulgaria with a General Insurance License. Through a combination of health insurance packages that cover a wide spectrum of health risks our client provides comprehensive medical services to their clients. The company has offices in nearly 100 cities across the country and employs over 4000 brokers and insurance agents.
The IBM Solvency II solution that Scalefocus implemented utilizes the latest technology for working with large amounts of heterogeneous data, analyses, risk models and transparent corporate reporting. It is based on SQL Server 2012 platform to store all information necessary for report preparation and uses the same server repository for all components. The data is used for compiling the reports in IBM Cognos BI and visualization, as well as for generating final xBRL files from IBM Cognos DM.
Among the main features are the systems’ ability to work with diverse data types and the conversion of the original data through ETL processes in a form suitable for use in a database:
Assessment and forecast of insurance risks
Preparation, analysis and comparison of different actuarial models
Implementation of stress tests for the company
Automated risk measurement of processes for Solvency II Compliance
During the implementation of the project, our client used the opportunity to optimize its internal models of asset management and insurance risk and its predictive modeling and automated quantitative reports. The effectiveness of the implemented system is confirmed by the results achieved during its use, including:
15 to 20 times faster reporting process
Increased collaboration across departments due to optimized business processes at all levels
Elimination of manual error-prone tasks and duplicative processes
Enhanced corporate reliability to ensure payment of all amounts taken out as insurance in case of disaster
We have a global client base that includes Fortune 500 companies, innovative startups and industry leaders in Information Technology, e-Commerce, Insurance, Healthcare, Finance and Energy & Utilities.