The IT department of insurance houses have the following generic problem area:

• There are many manual ‘judgment’ based processes that are hard to automate - so are still managed on excel sheets
• The workflows span beyond the organization to different partners like underwriters, re-insurers etc
• Across the lines of businesses (say property insurance and auto insurance), the processes (and sometimes even terminologies) vary a lot. So different custom-built applications are used that are difficult to integrate
• Workflows span across many divisions (like claims attach to policies, policies are ceded to re-insurance companies, policies access rating and inspection etc). So, it becomes difficult to track the financial transactions at different steps and consolidate business intelligence reports out of them
• The contractual nature of the insurance documents need management of their generation and management.

Ishi has provided application architecture and implementation solutions in the following areas:

Policy Management

• Management of endorsement and associated versioning logic
• Multi-currency policy management
• Integrations with rating engine, risk inspection, re-insurance etc
• Management of policy life-cycle (binders, issuance, cancellation, reinstatement, rewrites)
• Out-of-sequence endorsements

Claims Management

• Claim reporting and integration with inspection
• Claim attachment to policy
• Claim valuation
• Claim settlement

Reinsurance

• Reinsurance treaty definition and management
• Policy cession rules engine
• Claims cession rules engine

Rating Engine

• Automation of complex rules for premium calculations

Risk Inspection

• Automation of risk inspection reporting

Financial Transaction

• Collection of financial transaction details from different steps of the workflows
• Consolidation and reconciliation
• Multi-currency transaction management

Certificate issuance

Ishi has provided application and business process integration solutions in the following areas:

• SOA based integration engine for the Policy Management workflow that serves all the disparate policy and claims management systems used by external underwriters
• Creation of asynchronous messaging based Integration platform for business process automation across Policy management, claims management, reinsurance and financial transaction workflows in organizations with multiple disparate applications used by external partners for each of these modules.
• SOX compliance of the workflow integrations

Ishi has provided data integration and BI solutions in the following areas:

• Definition of dimensional model data marts for financial data from different LOBs
• Creation of ETL processes to transform financial transaction data into relevant facts and dimensions
• Creation of consolidated reporting solution

Ishi Expertise

After several man-decades of collective experience in engineering insurance business processes across multiple clients, we know exactly:

• where it needs that extra stress for analysis
• which business rules need to be configurable
• which rule processing involves the performance consideration
• how to model the enterprise service oriented architecture identifying services like accounting period determination or currency conversions
• how to integrate processes with reliability and scalability of high-end message broker and/or ESB architectures
• when and how to extend the process integration beyond the enterprise seamlessly to the partners.

So, in your effort to transform excel-sheets to automated applications or to integrate end to end business processes from existing disparate systems, or to derive business intelligence from data collected over various phases of the processes - we can leverage our field proven domain and technological expertise to help you define solutions right the first time. Solutions backed up by sound domain analysis and architectural expertise that can sustain the needs for process changes and scale to growing enterprise needs.

Learn more about our Insurance Solutions