The Portuguese subsidiary of one of the major European insurers needed a solution to manage its life portfolio, from the bank channel, which showed evidence of a clear growth. The company also wanted to start selling non-life products using the bank channel.
This portfolio of products (life) was managed using internally developed systems with the aim of running the business using external systems. In this regard, the approach “on the table” was to implement a life and non-life solution, both integrating the bank channel. The implementation project had to be aligned with two key variables: time and economic viability (budget).
Given this context, i2S proposed the implementation of i2S Life and i2S Non-life. i2S Life was implemented in the first stage, while i2S Non-life’s implementation occurred later. With the implementation of i2S Life, i2S assured the configuration of products from the old system, considering 250 thousand insured persons. The migration of the different life products was completed in 3 months, using a big bang approach. The transition was smooth, without negative impacts during the daily business operations.
Three months later, i2S Non-life was also ready to initiate operation, integrating the bank channel. The project was completed on time and on budget, considering what was initially agreed.
Thanks to this business strategic renewal, the company has recorded an average annual increase of 20% in the number of insured persons in the life segment, being fully qualified to autonomously design and launch new insurance products.
On the other hand, non-life business started from scratch and the company has been duplicating the number of policies each year.
“Knowledge of the client needs and of the insurance market “.
Nelson Rianço | Technical Director