SureInsure Business Process Restructuring

2014

Saurabh(FN-102)
Srikanth(FN-109)
Srivatsan(FN-110)
Tushar(FN-115)
Varun(FN-117)
Nikhil(FN-121)

EN
LV II
SO CY

GLOBAL
EXPANSION

LE
AB S
AL E M
SC YST
S

Solvency II Implications
A solvency capital requirement may have the following
purposes:
To reduce the risk that an insurer would be unable to
meet claims;
To reduce the losses suffered by policyholders in the
event that a firm is unable to meet all claims fully;
To provide early warning to supervisors so that they
can intervene promptly if capital falls below the
required level; and
To promote confidence in the financial stability of the
insurance sector

SureInsure About us
Changed
brand name
from Sure
Life UK to
SureInsure
Life
Insurance
UK in June
2003

Commence
d
operations
on 8th
March 1940
as Sure Life
UK

1940

1999

Acquired
York life UK
in 1976 &
Insure UK
Life in 1999

2003

Largest
provider of
life,
pensions
and longterm
financial
services in
Europe

2009

Micro
insurance
foray in the
UK markets
2009

2010

Legacy Systems still compelling

Costs of redesigning or replacing the system are
prohibitive because it is large
Retraining on a new system would be costly in lost
time and money, compared to the anticipated
appreciable benefits of replacing it
The system requires close to 100 percent
availability, so it cannot be taken out of service, and
the cost of designing a new system with a similar
availability level is high

 Old IT systems : spreadsheets & macros affecting speed, fexibility,

reporting quality
Kept a cache of historical data in a distributed legacy environment
Fragmented data storage jeopardized the insurance providers
system scalability

Solvency requirements have left the companies with little to invest

Consumer protection has came to the forefront

Forced to lower the prices

Acquiring & retaining customers became challenging

IT
Infrastruct
ure

Regulation
s

Competitio
n

SureInsure Overview of existing IT systems

SureInsure Business Strategy

2014
Strategy
Targets

Enviroment
al
Targets

Transform
SureInsure into a
leading global
insurance player

Paperless
processing and
energy efficient
systems

Process
Targets

People
Targets

Business
Targets

Increasing the
speed and
fexibility of
reporting &
improving the

Developing a
positive working
climate and
increase staff
morale

Driving cost
efficiency through
increased
productivity

STRATEGY TARGETS HOW TO REACH OUR

GOALS
Ensure smooth
brand transition
from SureInsure
Life Insurance
UK to
WorldInsure
Global

2014

STRATEGY TARGETS Multi country operating

model survey

% of insurers adopting each model

13% 13%
19%
55%

Columbus
Mini-me
Hubbing
One World

Mini-me

Hubbing

Decentralized,
Autonomous
operations across
multiple
geographies

Regional sharing
and management
of functions
among multiple
territories

Strategy, mgmt.
& operations as
single, global
integrated entity

Highly
centralized
operations,
minimizing local
presence

One World

Columbus

PROCESS TARGETS HOW TO REACH OUR

GOALS
Migrate and convert existing property data warehouses for
related business functions into an integrated, centralized
personal lines warehouse
Create incremental, transactional based updates to the
warehouse using a standardized Extract, Transform and Load
(ETL) tool

2014

PEOPLE MORALE TARGETS HOW TO REACH

OUR GOALS
Gradual retiring of inefficient legacy systems will reduce
employee frustration & provide them with new opportunities
Rewards & recognitions through constant tracking of an
employees performance (knowledge assets, new customer
additions)

2014

BUSINESS TARGETS HOW TO REACH OUR

GOALS
Provide project management and systems analysis
capabilities to the clients insurance business technology
group to effectively manage delivery and facilitate project
quality

2014

ENVIRONMENTAL TARGETS HOW TO REACH

OUR GOALS
Improve SureInsures ability to recycle & reuse resources
Choose the most appropriate standards body to advance the
agenda
Put in place a strategy for effective collaboration
Create a strong marketing & communication campaign for
green agenda
Monitor RoI

2014

SureInsure ROAD AHEAD

Brand
Enablers

Transparency
in finance &
administration
Diverse
management
information for
quick decisionmaking P

Pa
Ho rtne
r
s
Co pital ing w
rp o s ,
i
rat Aut th Ba
e o om
n
rga obi ks,
niz les
a ti
&
on
s
e
dg
le
ow ion
kn at
ss i n
le em
am i ss
Se d

BPR through
ERP Finance

rov
en idin
h
Co anc g
e
n
Pro sPuem d
tec rf er
D tio or
at n m
an a C D
d ol yn
An le am
al cti ic
ys on
is

2014

WorldInsure Global - Prospects

Poised to grow
dynamically
Can perform peril based
pricing
Create distinct criteria for
providing differentials in
price quotations
Improved decision-making
process

Business
Intelligence,
Segment Analysis

Enterprise d
ata
warehouse

2014

Key Business
performance
metrics