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Business cases

1 – Strategy : Credit Insurance – Market Study

The need

A foreign insurer wishing to enter the insurance market in Belgium asked us to carry out a market study on the distribution of credit insurance products in Belgium.

The scope

  • 2800 brokers
  • 3 Analysts
  • Study done in 2 months

The mission

Establishment of a Belgian broker survey:

  • Writing the survey
  • Targeting offices in the target market segment
  • Phone calls campaign
  • Interview with key market players
  • Examination and analysis of results

Quantitative study of Belgian market:

  • Analysis and extraction of relevant data in the “credit insurance” market of the various studies published by the Belgian supervisory authorities
  • Data Consolidation
  • Generating statistics for the “credit insurance” market
  • Recommendations on positioning

The added Value

  • High reliability and expertise of resources
  • Flexibility
  • Agile

2 – Actuary : Solvency II reporting mission

The need

The Solvency II Directive requires insurance companies to calculate, aggregate and submit capital requirements in more depth, within shorter timeframes and more often than ever before. There are currently 70 QRTs, containing thousands of data fields to be completed. Insurers therefore need a flexible, robust and easy-to-use reporting solution that suits their unique business needs and fits their existing technological architecture.
Furthermore, Solvency II Program and Reporting Managers are being challenged to deliver greater automation for increased enterprise-wide operational effectiveness and control.

Our intervention had to provide and ensure a compliant Quarterly and annually Solvency 2 reporting.

The challenge

Accurate and On-time Solvency II Regulatory Reporting; Greater Automation and Control

The mission

  • Automated Regulatory Report Submission

    Automate the collection, processing and submission of reports to regulators supporting all the reporting standards used by the business, including XBRL, XML and Microsoft Excel, making it easy and pain-free to submit regulatory reports on time and in the correct format.

  • In Depth Visibility & Control

    Move quickly and easily from the consolidated level to the underlying data to understand, in depth, the insurer’s current position. Make fully audited adjustments to the data, to ensure complete accuracy, and clarify issues with the regulator.

  • Comprehensive User Access Control

    The sensitivity of regulatory reporting demands tight control over who can access the systems and what they can do with the data. Deliver comprehensive, fully audited, user access control, down to cell, table and company level.

  • Historical Reporting and Trend Analysis

    Store, manage and access historical regulatory data to provide detailed trend analysis for regulators and management.

  • Application Mapping

    Deliver full application integration by capturing all the critical reporting values in a wide range of systems, consolidating them seamlessly into the reporting process without the need for complex systems integration cost and effort.

  • Management Reporting

    To support management visibility and control, it delivers pre-defined and customizable business reports. These reports can be easily exported to Microsoft Excel spreadsheets, or presented graphically in chart form, to help management make fully informed decisions.

The added value

Quick and effective learning by our actuary consultants, on core requirements concerning data and systems.

Concise and pragmatic data reporting based on problem-solving mindset.

3 – Solution : Outsourcing the management of a life insurance portfolio

The need

Portfolio migration of 300 000 “closed book” life insurance contracts from the Insurer towards an outsourced management platform.

The scope

  • 3000 Man days in 2 years
  • Programs used : Cobol DB2, SQL, Office, VB

The mission

  • Definition of the Business Rules
  • Development of actuarial models for mathematical provisions
  • Build the financial and accounting interfaces into the Insurer and the BPO platform
  • Coordination of teams in Madrid, Paris, Brussels
  • Build the Testing strategy and management of tests
  • Migration and Run the portfolio to the new platform

The added value

  • High reliability and expertise of resources
  • Flexibility
  • Client oriented
  • Agile