Case Study
A flexible and secure SaaS solution for managing Life Insurance policies
A cloud solution for complete Life Portfolio management, with an omnichannel experience already set up for integration with different sales networks and end-users.
Where: Italy
Where: Italy
Challenge
The customer required the replacement of the current life policy management system of the Italian portfolio with a SaaS solution, as well as an AML and document solution for archiving contracts.
Approach
The insurance business has seen a substantial transformation in recent years, especially with regard to the arrival on the Italian market of new players (Insurtech) and the digital transformation process.
Engineering Group supported Medvida Partners in a programme to expand its presence in the Italian market, which includes the upgrade of the main application solutions supporting the Life Portfolio, but also the development of new business through the adoption of a SaaS model with solutions open to integration with various types of sales channels (indirect or direct).
Digital Ecosystem
Solution
Digital Ecosystem
The ‘End to End Life Insurance Technology & Operational services’ solution included a rapid adoption of the new Front-to-Back systems for the existing distribution channels and for the management of the new business, as well as the simultaneous transfer of the existing Life Insurance portfolio, in order to fully implement the new Target Operating Model. In addition, the system was migrated to the new AML and Document Management System solution. Business Operation Services were then gradually activated according to the go-live of the new system (AML, Call Centre, Portfolio Operation).
Results
Improvement of the Time to Market
Possibility of resizing as needed thanks to AWS tools
Increased scalability and security as needed
Technologies
Cloud
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Intelligent Ecosystems for a Cloud Strategy.
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