Client

The client is a global reinsurance subsidiary of a large multinational financial services company that offers life and annuity reinsurance products to clients in the U.K. and U.S., as well as Europe and Canada.

Challenge

The client’s strong capital and risk management services guarantee their customers financial security but require working with a huge amount of data, which is time-consuming, labor-intensive, and error prone. After taking a long, hard look at their complex and unwieldy workflows, the client sought a reliable partner to streamline the processes. DataArt took up the challenge to design effective solutions and integrate them with the underlying technology infrastructure.

Solution

At first, the client partnered with DataArt to design a solution that would enable a faster and more accurate quoting process. The client’s intricate actuarial process contains a vast number of different models with hundreds of parameters, which used to be calculated manually in Excel. With the help of a dedicated team from DataArt, the client launched a fully automated system that performs quote calculations in a fraction of the time. It previously took 3 days and involved many people to assess numerous risks and determine an adequate premium. Despite still running in Excel, the process now takes only 15-30 minutes. The automated system minimizes human intervention and provides more accurate calculations. The system is entirely built on the Microsoft Azure platform and is based on a highly secure web application with a highly-usable UI, which brings a positive user experience to employees. As a part of the optimization of the actuarial process, DataArt introduced integration with third-party data providers, such as Bloomberg, UBS, SNP, Moody’s, Fitch, and the Bank of England. The team is currently working on integrating with Axioma, another Big Data provider. With the quoting process successfully released, DataArt team looked next to alter the client’s contract management system. The solution helped eliminate many manual tasks and added transparency to the process, reflecting all the necessary information regarding a contract and associated payments. Moreover, to mitigate any possible risk of legal issues or financial loss due to human error, DataArt implemented an escalation process system. There are further plans to integrate with HSBC in 2022, which will fully automate the process of contract management and help the client work faster.