Process Optimisation

What?

IT systems and the actual organisation of insurance companies often prevent them from responding to these demands:

  • Are your information management systems up-to-date, complete and adapted?
  • Do they require re-engineering or should they be replaced?
  • Are your information flows subject to a rigorous follow-up and are they handled in an optimal manner?
  • Do you not run operational and financial risks from manual processing which is subject to human error?
  • Is your communication with clients adapted, simple and comprehensible?
  • Do your clients have access to efficient on-line information?

Why?

Insurance portfolio management is becoming more and more rigorous because of:

  • Ever growing competition involving the sale of ever more sophisticated and innovative products to help you stand out from competitors
  • Steadily growing demand for fast, quality service from clients.
  • Shorter and shorter product "time to market" lead times, in response to market demand.
  • Legislation that is more and more complex which can require the modification of existing contracts to ensure their conformity.
  • Steadily growing requirements for greater internal control and transparency (new norms of governance - Sarbanes/Oxley).
  • A new solvency framework based on controlling risks (Solvency II)
  • The emergence of new accountancy norms (IFRS)

For Whow?

Life and non-life insurance companies that wish to:

  • Analyse business needs: map the processes, analyse and optimise them.
  • Draft the terms of reference and the business specifications.
  • Prepare and follow the recipe: test plans and their execution.
  • Coordinate the business and the IT teams: get external and neutral advice on the evolution of the project (respect the timetable, the budget, and the functional contents).
  • Test and accompany the production start.
  • Transfer the know-how, train and coach your teams: change management

Elips Actuarial Services teams can deploy and offer support during such projects in one, or in several, stages.

The advantages of Elips Actuarial Services ?

Our experience

  • A team of actuaries with significant experience in this domain. Experience acquired by our specialists during their previous functions within insurance companies and during their various missions for Elips Actuarial Services with different clients, all market leaders in their respective markets.
  • Our consultants' unique expertise flows mainly from the complementary nature of their actuarial and technological approaches to their subjects, and their profound knowledge of the insurer's craft, knowledge forged and tempered, for most of them, during their careers within insurance companies.

Guaranteeing results

We offer undertakings on deliverables, budget and planning.

Help tools

The actuaries from Elips Actuarial Services develop IT tools designed to ease the workload, systematise and accelerate their intervention during their various assignments. The tools, thanks to our actuaries' profound IT skills, offer you real "quick wins". Because of the training our actuaries provide, these tools can continue to be used by your own teams after our consultants have finished.

Project management

We can manage all the organisation, delivery and follow-up on a project.

Know-how transfer - and training

We work with your teams by placing joint groups made up of your personnel and specialists from Elips Actuarial Services in your company. At the end of the project your teams are able to maintain the systems and to adapt to future portfolio changes.

Elips Actuarial Services references ?

  • Implementation of calculation of established benefits in one of the most important group insurance portfolios on the Belgian market.
  • Testing and actuarial reception of back-office life assurance vie in one of the most important Luxemburg insurers.
  • Insurance portfolio migration into the IT systems of its purchaser: analysis and drafting of the terms of reference for functional charges.
  • Re-engineering of the management procedures of a Luxemburg insurer.
  • Project management assistance during implementation of a new back-office in a Belgian insurance company.
  • SOX audits (Sarbanes-Oxley) at one of the largest insurers on the Belgian market: management procedures technical reporting procedures.
  • Migration of insurance contracts at a large Belgian insurer: these contracts, of a special type, did not automatically migrate in the new nouveau back-office. An Elips Actuarial Services actuary undertook their analysis, developed the migration assistance tools, and tested the results of same.