Designed a scalable cloud-based Crystallisation System for a leading Insurance Run-Off Claims Business in London

About the Brand

A leading London-based Insurance run-off claims business specializing in all major commercial lines of P&C business and served new businesses from 1977-2001.

Business Challenges

  • The customer was utilizing legacy technologies like AS400, Cobol etc, which required regular maintenance and enhancements
  • Dependent on excel sheets for complex calculations, which sometimes led to financial leakages due to incorrect cash/ledger entries
  • Inefficient reporting system led to mismanagement of important business data

Business Needs

  • Required a user-friendly cloud-based accounting and reporting solution to support Crystallisation processes
  • Needed assistance to successfully migrate data from Senator, Broker Cover/Line slips (including Gallagher) and Lead Paint database into the new system

Solutioning proposed by Espire

Espire implemented a scalable cloud-based crystallization system for the administrators

  • Designed & implemented an automated crystallisation system to carry out cedant commutations for run-off businesses
  • Successfully migrated critical business data from legacy solutions to cloud-based crystallistion system
  • The crystallisation system supports end-to-end inward and outward data with all possible business use cases
  • Deployed a fully automated ledger module and related cash maintenance processes which resulted in efficient reporting out of the system
  • All required policies, claims and ledger data would be readily available in the reporting module for easy access to the administrators
  • Setup a well-controlled user access management system

Business Benefits

  • The centralised crystallisation system will provide consistency between all claims & related financial movements
  • Easy access to critical business data and faster generation of reports
  • Enhanced control frameworks
  • Automated crystallisation process allows the administrators to get auto calculated liabilities out of the system for a creditor
  • Increased automation accounting processes, outward/inward closings & ledger enquiries & maintenance processes

Tools & Technologies

  • MS Azure
  • .NET Core


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global-locations

12

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Global Locations

global-services

100

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Global Customers Served

resources-certified

1200

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Resources

technology-partnerships

30

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Technology Partnerships

years-of-experience

20

+

Years of Experience in Digital Transformation & Total Experience