Cloud migration and cloud cost
Our client is one of the largest property and casualty reinsurance groups in the world. It boasts a track record of underwriting significant sums of premium for a diverse range of products and geographies.
The client had previously been tracking reinsurance contractsmanually, which was time-consuming, delayed the presentation of reports to upper management, slowed portfolio management decisions, and occasionally resulted in loss of records while performing yearly analyses to calculate future risk premiums. Fragmented assumed-risk calculations led to unreliable profitability analysis, risk exposure, and inaccurately priced deals, which directly affected their bottom line. The client also lost several business opportunities because of delays
in quoting premiums to potential cedants.
Our client required a solution that would provide timely access to accurate business intelligence and analytics to help them achieve underwriting process excellence, improve risk management, and serve insurance clients faster.
Visionet implemented an integrated pricing and portfolio information solution for the client. The cutting-edge application combined BI, web, and mobile capabilities to streamline complex pricing mechanisms and enhance the operational efficiency of their underwriting process. Visionet seamlessly integrated the solution without any third-party interfacing.
The solution calculated probable maximum loss and ran models for actuaries by automatically fetching data from their systems. It helped the client improve pricing decisions through management of risk transfer in contracts and detailed portfo-
lio analytics using Google Maps. It also automated report generation, which saved time and resulted in swift market responses to changes in expected losses and risk exposure.
The solution allowed our client to significantly increase market share and improve profitability by instantly quoting premiums to potential cedants. It also enhanced the accuracy of their pricing module using pricing algorithms that calculate risk premiums and price a contract on the basis of risk exposure and other information fetched from external sources.
The solution automated the entire underwriting process, which significantly improved operational efficiency and reduced errors and execution time. It enhanced team collaboration across geographical locations by syncing data in real time, resulting in high-quality client service. The solution also allowed our client to transcend geographical barriers through multi-currency and multi-culture representations.
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