Swiss Re development case studyCom Tec Co has developed, in co-operation with Swiss Re, the first full-featured e-business solution for non-life reinsurance - SwiftRe, covering the entire value-chain: from placement/pricing, through modifications, to contract administration (statement of account, claims, current-account) to reporting on the entire portfolio. Development started in July 2000 and was already supporting online placements and acceptance - both automatic and semi-automatic, by December 2000. The system continues to evolve, covering today a larger set of products and markets, for both front and back-office functions.
Reinsurance e-business initiative of the year: SwiftRe The Business Challenge
Reinsurance is a knowledge-intensive business, involving several parties - cedents, brokers, reinsurers - whose work include negotiation and calculations, pricing, assessing "wordings" and so on. Some of these can be automated; a right balance has to be found. The right combination of business and technology innovation is needed to provide an integrated solution that will increase the business quality (data, under-writing, claim management) while lowering the processing cost, including development cost. The SolutionWhile the cost of automating every event is too expensive, it's possible to standardize some business aspects and leverage technology to support the solution. The many unknowns of the envisaged solution called for an "exploratory" approach: flexibility, innovation, quality, and a cost-effectiveness supporting business "trials".
Com Tec Co developed a distributed system architecture enabling customer integration into company workflow. System architecture mirrors the reinsurance workflow, following the steps from quoting and placement till the statistics and reporting: a full end-to-end integrated support. Depending on business policies, the solution can both enforce rules and policies and provide unit-specific extensions. The BenefitsCom Tec Co provided Swiss Re with a system that supports the entire reinsurance value chain, including its interaction with its partners: a single "cockpit" to view the entire business, front and back-offices. Throughout this integrated value-chain the system provides:
In selecting Com Tec Co, Swiss Re gained a dedicated partner. We have the capacity and experience to plan and develop sophisticated long term projects, in both traditional and "exploratory" development methods. As we've proven with Swiss Re, we're capable - through our team-wide commitment - to deliver to our clients better competitive-edge solutions for lower cost than our competitors. What can we do for you?The purpose of insurance and reinsurance companies have one fundamental similarity: to spread the risk so that no single entity finds itself saddled with a financial burden that it is unable to pay. We, at Com Tec Co, can apply our knowledge of reinsurance and insurance to build efficiencies of automation between insurance organizations and brokers. The costs associated with issuing a policy - agent commissions, administrative expenses - can be reduced by streamlining the process and like the SwiftRe example, creating a holistic instrument to process and access the information. We have the insurance know-how and the technical expertise to make it happen. Now let us ask you: “What can we do for you?” Case Study Summary
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