Headquartered in Malta, our client is the captive Insurance of a major French car manufacturer. It has operations across Europe, covers directly over 1M policy, and has a strong reinsurance practice for markets out of the Eurozone. The client decided to reintegrate their mortgage insurance portfolio and create a captive insurance company in Malta with the capability to operate in Europe.
OBJECTIVE
The customers board decided to create a captive carrier that would be fully operational within 12 months after the decision was made. In 6 months, the selection process was realized, and in the following 6 months, the project was executed. The respect of the timeline was a very strong objective, as the customer would be left with no solution to operate.
The objective was to have a heavily automated process with as little human intervention possible. Therefore, the focus was given on integration with the existing systems, and straight-through processing.
CHALLENGES
As it was a start-up process, the biggest challenge we faced was the lack of business know-how. Our customer was learning the insurance business with the help of an expert consultant.
The respect of the timeline was a heavy challenge as well, and we managed this through strong project governance, team dedication, and pragmatic sequencing approach.
A full Wynsure stack was deployed (Policy Admin, Billing, Claim Management, Reinsurance, Document composer, GL Entry, etc.).
Mphasis’ team of 4 handled product configuration, interface development, project management and maintenance.
PROJECT HIGHLIGHTS
Compelling Return on Investment, the overall project cost was positive within 6 months
Heavily automated management process (from underwriting to billing to claim management
Improved quality of customer relationship