Project Business Goal
Life assurance investment business is a complex, comprehensive and constantly evolving set of requirements, in the areas of product design and launch, quotation, application capture and underwriting, policy issue, servicing and claims payment.
By accessing IPSI’s infrastructure, CEL gained access to a tried and tested comprehensive business solution that fully meets their needs.
The IPSI platform fully supports business sold and distributed
- in 13 countries
- involving multiple jurisdictions
- multiple languages
- multiple currencies
- an extensive range of products and
- multiple interface connectivity capabilities
The traditional business model requires one or other of the business partners to provide an administration application and database, with replication of static data by secure file exchange.
The bank and the life company have differing regulatory requirements that must be satisfied before a sale can proceed. These are real-time requirements that change according to the responses the client gives while completing the application process.
The project’s objective was to launch a new front end application, fully integrated into the banking partners’ systems, with single security sign-on for those administering business, so that password management can be centralised by the bank.
The market for international life assurance business in Ireland is worth over €19 billion (2007), with the Italian market comprising 54%, with almost 60% of that business distributed through sales in retail bank branches.
Flexibility, time to market, quality and security were all of paramount concern in delivering the project.
- The sale in the branch requires sophisticated real-time exchange of information and automated decision-making, involving the distributing bank, CEL and IPSI.
- The sales process requires access to the banking partners client and account databases, with real-time withdrawal of funds from clients bank accounts.
- Volumes can be exceptionally high. In IPSI’s experience, the highest number of policies issued overnight was over 14,000.
- As much as 50% of a particular tracker product’s sales can happen in the last 48 hours before the close date, so a key requirement was exceptional disaster recovery speed with absolutely minimal data loss in the event of a recovery.
Primary Project Deliverables
Milestone 1 – Process Analysis and Design
- Process Walk-through and business logic definition
- Data Model Design
- Detailed Requirements Specification
- Technical Architecture Definition
Milestone 2 – Initial Launch, New Business
- Data exchange infrastructure implementation
- Security – Single Sign On (SSO)
- Web front end for New Business
- Web front end for Enquiries
- Batch Files Inflow & Outflow
Milestone 3 – Post Sale Servicing
- Web front end post sales transactions – financial – eg surrenders
- Web front end post sales transactions – non-financial – eg change of beneficiary
- Electronic Document Management (eDM)
|Project Start Date||January 2008|
|Project Scoped and Planned||February 2008|
|New Business Development and Integration||May 2008|
|Business Servicing Development and Integration||July 2008|
|Project End Date||July 2008|