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Scyllogis Consulting have been helping customers within the Insurance sector continue to achieve significantly higher levels of business performance from their data management programmes and information systems since 2001. Read how we have worked with some of these customers to achieve significant business results across the world, in our case studies. |
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Insurance organisations today are no more effective at delivering on large-scale data management initiatives than they were 10 years ago. In a recent survey, 70% of the companies said their data management initiatives did not deliver the expected results. That success rate was unchanged from similar surveys conducted in the 1990's. And the environment for data management is only getting more complex.....
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At Scyllogis Consulting all of our consultants have significant experience gained from within the Insurance market. Our people and our culture are our greatest assets. We only select people with relevant experience, intelligence, integrity, passion and the ambition to make a mark and deliver to our Customers the Scyllogis brand values of practical, results based consultancy. Our Consultants are pragmatic and open minded. That is why we deliver solutions that others dont..... Read More
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| Business Process Management - The relationship with Solvency 2 |
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| Thursday, 31 March 2011 | |
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If you accept that an insurance organisation will need more data to feed its internal capital adequacy model under Solvency 2, then the question becomes ‘how can we get that data into the organisation cost effectively and how do we control the quality and completeness?’
Assuming we get failures from these controls, that is where the workflow aspect comes in. Workflow should alert the user of an exception or failure and manage the process of rectification from alert to fix, whatever that may be. Possibilities are referral back to sender or maybe an internal fix. With these workflow measures in place it will be easier to demonstrate adherence to the ‘accurate and complete’ principles required by Solvency 2. Manual data entry has been the traditional process to get data into back office systems. This is labour intensive and error prone, so does not adequately answer the question posed above. The answer lies in an automated process of data integration/transformation and exception handling. These are areas where BPM converges with Solvency 2. It is not the only area, but for me it is a very important one. Most organisations will be working with legacy applications and therefore looking for a ‘wrapper’ that can deliver automated data integration/transformation and exception handling processes. One way of managing the two business processes of data integration and exception handling is by use of a data integration application that is coupled with a workflow application. The data integration application should be capable of processing any of the various technical possibilities of incoming data, e.g. .xls, .txt, .csv, Access, xml. It should allow transformation at a structural and attribute level. This means converting from, say, a spreadsheet to xml (maybe an ACORD message) and also converting individual attribute values; for example sender has line of business of ‘Casualty’ but you want ‘Liability’. It should validate the incoming data for accuracy and control the completeness. The goal should be to introduce as much automation as possible. This means that the data integration process should be triggered automatically, based on events such as receipt of an email containing a spreadsheet or receipt of a file to an ftp site. Failures of validation or transformation should be sent to ‘to do’ lists within the workflow application. The data integration process can not be completed until all exceptions are dealt with. The data integration engine should then be able to orchestrate web services if they are available to complete the load into the destination application. This description seems similar to an Enterprise Service Bus, and in many ways it is. The view of data integration as a facet of BPM is not necessarily the first facet that would spring to mind, but it is nevertheless an important one. As insurance organisations strive to cut overheads, data integration is an obvious candidate for attention and the potential cost savings significant. |
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| Last Updated ( Tuesday, 12 April 2011 ) | |
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