Solution ‘Run off’/‘closed book’ portfolio's Life & Pensions

Description

Affected portfolios did not fit or at too high a cost in target architecture. Mostly non-target portfolio’s with long-time policies. Revenue is diminishing as policy holders gradually move to replacement products. Costs are not going down (fast enough)
Assignment: quickly develop complete administrations (including calculations, output and actuarial reports) for the relevant portfolios, user-friendly, against low development and maintenance costs.

General Information

Business Need: Affected portfolios did not fit or at too high a cost in target architecture. Mostly non-target portfolio’s with long-time policies. Revenue is diminishing as policy holders gradually move to replacement products. Costs are not going down (fast enough)
Assignment: quickly develop complete administrations (including calculations, output and actuarial reports) for the relevant portfolios, user-friendly, against low development and maintenance costs.

Solution: Aquila has developed a solution for 6, so-called, 'closed book' Life and Pension Portfolios. The portfolios were different in terms of insurance products. The challenge was to create an adequate solution quickly and at low development and maintenance costs that still meet today's requirements as user-friendliness, customer-friendly and compliant.
Knowledge of Product, Process and running Application were often incomplete and sometimes completely missing. Therefor Business interaction with insurance specialist both from customer as vendor side was necessary and Application Delivery through modelling of processes, database and user interface
 

Results:

Fully documented application within weeks/months that allows shut-down of the original application. 
Completion of the solution for 6 products in 6 months lead time. Cost saving of 80% compared to previous solution direction. High appreciation from the users.
Benefits: TCO reduction within weeks; business case within months. Compliance issues addressed. Removed dependency on legacy technology. Proces improvements and elimination of manual activities. Architectural flexibility.