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SureInsure Business Process Restructuring

Saurabh(FN-102) Srikanth(FN-109) Srivatsan(FN-110) Tushar(FN-115) Varun(FN-117) Nikhil(FN-121)

2014

GLOBAL EXPANSION

Solvency II Implications
A solvency capital requirement may have the following purposes: To reduce the risk that an insurer would be unable to meet claims; To reduce the losses suffered by policyholders in the event that a firm is unable to meet all claims fully; To provide early warning to supervisors so that they can intervene promptly if capital falls below the required level; and To promote confidence in the financial stability of the insurance sector

SureInsure About us

Commenced operations on 8th March 1940 as Sure Life UK

Changed brand name from Sure Life UK to SureInsure Life Insurance UK in June 2003

Largest provider of life, pensions and long-term financial services in Europe

1940

1999

2003

2009

2010

Acquired York life UK in 1976 & Insure UK Life in 1999

Micro insurance foray in the UK markets 2009

Legacy Systems still compelling


Costs of redesigning or replacing the system are prohibitive because it is large Retraining on a new system would be costly in lost time and money, compared to the anticipated appreciable benefits of replacing it The system requires close to 100 percent availability, so it cannot be taken out of service, and the cost of designing a new system with a similar availability level is high

SureInsure Overview of existing IT systems

Competition

Forced to lower the prices Acquiring & retaining customers became challenging

Regulations

Solvency requirements have left the companies with little to invest Consumer protection has came to the forefront

IT Infrastructure

Old IT systems : spreadsheets & macros affecting speed, flexibility, reporting quality Kept a cache of historical data in a distributed legacy environment Fragmented data storage jeopardized the insurance providers system scalability

SureInsure Business Strategy

2014
Strategy Targets
Transform SureInsure into a leading global insurance player

Enviromental Targets
Paperless processing and energy efficient systems

Process Targets
Increasing the speed and flexibility of reporting & improving the quality of data controls

People Targets
Developing a positive working climate and increase staff morale

Business Targets
Driving cost efficiency through increased productivity

STRATEGY TARGETS HOW TO REACH OUR GOALS


Ensure smooth brand transition from SureInsure Life Insurance UK to WorldInsure Global

2014

STRATEGY TARGETS Multi country operating model survey

% of insurers adopting each model


13% 13% Columbus 19% 55% Mini-me Hubbing One World

Decentralized, Autonomous operations across multiple geographies Strategy, mgmt. & operations as single, global integrated entity

Regional sharing and management of functions among multiple territories Highly centralized operations, minimizing local presence

PROCESS TARGETS HOW TO REACH OUR GOALS


Migrate and convert existing property data warehouses for related business functions into an integrated, centralized personal lines warehouse Create incremental, transactional based updates to the warehouse using a standardized Extract, Transform and Load (ETL) tool

2014

PEOPLE MORALE TARGETS HOW TO REACH OUR GOALS


Gradual retiring of inefficient legacy systems will reduce employee frustration & provide them with new opportunities Rewards & recognitions through constant tracking of an employees performance (knowledge assets, new customer additions)

2014

BUSINESS TARGETS HOW TO REACH OUR GOALS


Provide project management and systems analysis capabilities to the clients insurance business technology group to effectively manage delivery and facilitate project quality

2014

ENVIRONMENTAL TARGETS HOW TO REACH OUR GOALS


Improve SureInsures ability to recycle & reuse resources Choose the most appropriate standards body to advance the agenda Put in place a strategy for effective collaboration Create a strong marketing & communication campaign for green agenda Monitor RoI

2014

SureInsure ROAD AHEAD


Brand Enablers
Transparency in finance & administration Diverse management information for quick decision-making

2014

BPR through ERP Finance

WorldInsure Global - Prospects


Poised to grow dynamically Can perform peril based pricing Create distinct criteria for providing differentials in price quotations Improved decision-making process

2014

Business Intelligence, Segment Analysis