A Steria Capability OverviewInsurance expertise andtechnology leadershipSystems and services supporting profitabilityand compliance for insurance companiesè www.steria.com
02 | Insurance expertise and technology leadership è www.steria.com Did you know... Steria has more than 40 years’ experience in the insurance industry Our insurance products and services are used by more than 500 clients across Europe We support major applications for Europe’s largest insurers, including AXA, Chorégie, CNP, Generali Deutschland Group, Munich Re, Scottish Widows, Talanx Group, The Co-operative Banking Group, Zurich FS We process 4.5 million insurance transactions a year for one client alone Steria technology manages over 1 million vehicles with telematics devices that monitor driving patterns and behaviours We are the No.1 provider of standard software for reporting to the regulatory institutions serving >95% of German and Austrian insurers Our SOLVARA® software will fulfil standard Solvency II requirements. It is already implemented in over 80 insurers across Europe In France, Steria is building Chorégie’s new information system for their 6.3 million clients that will help process over 400,000 electronic medical expense claim forms Steria has been supporting the processing of CNP’s group life insurance contracts for over 10 years “ teria’s clear understanding of our priorities and its close relationship S with our project teams and colleagues across the business serves to underline their importance to us as a partner.” Simon Bell, Head of Architecture & Testing, Banking & Insurance, The Co-operative Banking Group
è www.steria.com Insurance expertise and technology leadership | 03Pragmatic insurance solutionsfor competitive advantageIn today’s highly competitive insurance sector insurers urgently needto acquire and retain valued customers while managing costs andkeeping the regulators satisfied. With a combination of innovative yet pragmatic approaches to delivering services and a deep business process knowledge, we offer high-value solutions to your business issues so that you can: • Streamline and refine your processes to drive down costs and improve operating margin • in place the programmes you need Put to deliver improved loyalty and cross-The severe impact of poor performing With almost 2,000 professionals dedicated sales intelligenceeconomies and reduced investment returns is to insurance and 40 years’ experience in • Have the capability and flexibilityhitting insurers’ profitability hard. Add to this this industry, Steria can help you turn these to accelerate speed to marketthe rapidly changing regulatory environment challenges into opportunities. We will free up • Assure business insight andthat ties up resources in high levels of your insurance teams to focus on improving regulatory compliancereporting and it is clear the insurance sector the customer experience, managing risk andmust find new ways of working and cost building new revenue streams. • Identify which customers will offereffectively delivering services. you the most lifetime value. Every day our clients trust us to run their IT We have a proven reputation for deliveryExisting technology systems and business infrastructures and provide cost-effective, excellence and building long-term trustedprocesses have to work harder; operating world class back office processes. But that’s partnerships with our clients. Indeed, 95%costs must be cut; the value of business data not all. We also deliver cost savings, total of our clients renew their contracts with us.needs to be unlocked; and the complexity quality of service and agreed outcomes that Isn’t it time you took a closer look at Steria.of regulatory reporting has to be unravelled. meet our clients’ needs in the importantOnly with these challenges addressed will areas of: third party administration, core ITinsurers keep their shareholders, customers for life and health insurance, telematics, EU Did you know… Steria helped Zurichand other stakeholders satisfied. regulation and compliance, and insurance Financial Services Group reduce its software, all supported by a comprehensive administration and IT costs and optimised suite of business and IT consulting. the control of distribution channels with the design and implementation of a market-leading commission system for all sales channels.
04 | Insurance expertise and technology leadership è www.steria.comBusiness support services toimprove your customer focusHow do insurers improve the performance and quality of their backoffice insurance and investment administration without adding to the cost?Faced with huge budgetary pressures, With Steria looking after your back andyet still needing to improve customer middle office and information infrastructure, Did you know… for the third yearservice levels, insurers need to find ways you are free to focus on your strategic and running, Steria has been ranked No.1 byof releasing the money and resources tied customer-facing activities. We commit to a NelsonHall, a leading analyst of the globalup in performing non-core tasks. These reduction in cost, which we achieve through BPO market, for the provision of multi- process Finance and Accounting (F&A)resources can then be diverted to core outstanding commercial flexibility and services to the UK.value-adding activities, such as attracting creativity. The industrialisation of heavilyand retaining customers. Achieving this transactional processes and our provenwithout diminishing the quality of service onshore, nearshore, offshore integrateddelivered is a business imperative. delivery model add further value and process efficiencies.More and more insurers are turning toexternal partners to help them meetthis objective. This is an area in which Here’s how we support some of our clientSteria excels. • major UK insurance and pensions provider has seen a 40% reduction in its cost AWe have combined our expertise in the base and 3-4% year-on-year efficiency improvement since outsourcing its back officedelivery of world-class business process administration to Steria. We process 4.5 million administrative transactions for theoutsourcing (BPO) services with an in-depth company per year, underwrite 20,000 policies and carry out anti-money launderingknowledge of both IT and the insurance checks on multiple product and investment types.sector to develop a tailored portfoliodedicated to the life and pensions market. • Mobile Doctors, a leading medical evidence services provider to the insurance sectorAs well as the day-to-day tasks in areas has reduced turnaround by 30% and improved transactional quality by 16% insuch as finance and accounting (F&A) partnership with Steria. They outsourced its end-to-end medico legal report processand HR administration, our full insurance to us, including front office communication with medical and legal staff and haslifecycle services embrace insurance significantly cut its administration costs.knowledge-based activities. These includenew business underwriting, compliancechecks, comprehensive anti-moneylaundering services and claims andmedical evidence management.
è www.steria.com Insurance expertise and technology leadership | 05Efficient core IT systemsfor life and health insuranceAs the volume of business grows with more and more people seeking privatehealth insurance, legacy applications need updating and new channels tomarket must be introduced.High volume processing carried outaccurately and at speed is a crucial businessdifferentiator. Yet insurers struggle toachieve the level of quality they need in theirtransactional processing with their currentsystems. Increasingly, customers also wantto interact through new channels, whileinsurers themselves want to reduce thehardware and software costs for theirinsurance administration.With over 20 years’ experience in thedevelopment and implementation of lifeand health insurance systems, Steria ishelping its clients achieve these objectives.We understand the need for life and healthinsurers to replace their legacy administrationapplications with solutions equipped for Ensuring user satisfactionsignificant claims volume and complexity. • Leading French insurer CNP Assurances has 14 million customers and negotiatesThese solutions must also be capable of and manages group or individual contracts, for which it collects premiums and payshelping to identify fraudulent claims and benefits. Its core business system has been maintained by Steria since 1998. Duringprovide a deeper understanding of which that time we have organised, directed and monitored the system maintenancecustomers to target. and have met all targets for deadlines, budgets and user satisfaction. Our in depthWe are experienced in both high-volume knowledge of CNP processes has allowed us to provide increasingly valuable businessprocessing and package implementation consulting services.and have developed our own methodology • Steria is helping Chorégie, the IT organisation of French mutual health insurer MGENfor tailoring and deploying insurance and MFPS, to deliver a superior service to its 6.3 million beneficiaries. We providetechnologies. These include products from programme management, implementation services and skills transfer for the rollout ofthe leading core health insurance IT system a new core IT system designed to help Chorégie improve service quality, control andvendors, with which we have forged reduce the costs of its information systems.strategic alliances.The solutions we design, implement andmaintain give you the systems and servicesyou need to reduce the cost of your coreprocessing across the product lifecycle andhelp you to increase your renewal rates.
06 | Insurance expertise and technology leadership è www.steria.comInnovative telematics makesusage based insurance a realityHow do you differentiate your car insurance offer or reducefraudulent personal and commercial vehicle claims efficientlyand cost effectively?There is a growing need for insurers to Our comprehensive Smart Driving telematics • mproved First Notice of Loss capabilities: Idevelop innovative solutions that create solutions use in-car data recording and immediate notification of a materialmarket competitiveness, increased customer analysis services to provide insurers with event via multiple channels (email/retention and a more profitable book. Add the opportunity to market a range of safety text SMS, etc) gives insurers theto this the requirement to find new ways and security-based value-add services that ability to quickly take control of anof assessing risk in line with EU regulatory deliver a number of business benefits: accident and, in doing so, managechanges, for example, the European Court associated costs and customer care. • ncreased product sales through Iof Justice gender ruling, and it is clear that enhanced policyholder segmentation: • gnostic architecture: our telematics Anew thinking and new products are needed. differentiate your products by offering solutions support technology from variousOne approach is to evaluate risk on an innovative usage-based insurance black-box and air-time providers. Thisindividual case basis. This demands the right packages that reduce the cost of motoring means insurers can build competitivetools for insurers and intermediaries alike: for defined customer segments. offers and consider all sales opportunities.tools such as innovative telematics solutions • Reduced fraud: in the event of an We offer a fully managed Smart Drivingfrom Steria. We have been involved with on- accident and even before First Notice service featuring full back office processingboard vehicle telematics and ‘Connected Car’ of Loss, erratic or irresponsible driver or integration with your own IT applications,programmes since the early 1990s when we behaviour can be monitored in real time advanced client analytics, exception-basedbegan working with global automotive giant and transmitted to the insurer. This reporting and business process support.Renault. Today, and for at least the past ten allows underwriters and claims handlersyears, we are providing innovative telematics, to proactively determine potentialemergency and breakdown solutions and risk and/or fault to prevent or reducesupport for 1.4 million vehicles in Europe. fraudulent claims as early as possible.
è www.steria.com Insurance expertise and technology leadership | 07Our telematics solutions have been proven withclients such as AXA Assurance, MAAF Assuranceand Novelia, for which customer benefits haveincluded a reduction in premiums from 12%up to 45%.
08 | Insurance expertise and technology leadership è www.steria.comUnravel the complexity of EUinsurance regulation and complianceFaced with myriad regulations across the European insurance landscape, insurersare seeking new ways to manage risk and address the challenge of implementingthe new reporting requirements demanded by Solvency ll.As a fundamental review of the capital • derivation of data The No other company or solution, includingadequacy regime for European insurers, requirements together with the large-scale bespoke projects, hasthe new Solvency ll reporting requirements identification of data sources achieved SOLVARA®’s degree of success.represent a major shift in governance and The ability to configure your insurance • adequate fulfilment of Solvency Thereporting activity. The challenge for insurers business, including insurance classes, II reporting requirements includingis how to comply with the new requirements countries and other areas, combined regulatory reporting and Quantitativewithout tying up valuable resources. with workflow optimisation, creates a Reporting Templates (Pillars 1 & 3) simpler reporting environment. You’llAmong the key tasks for insurers in With a deep understanding of Solvency achieve fast and easy data migration usingthe context of Solvency II are: II requirements, profound business and automated interfaces to legacy systems.• definition of a model strategy for The IT consulting expertise in data quality SOLVARA® helps you to produce reliable Solvency II including the decision for and business intelligence, extensive results due to excellent data quality, process standard versus partial versus internal knowledge of insurance (core) systems automation and cross validation. Traceable model and its parameterisation and a dedicated software solution for methods, procedure documentation and Solvency II standard requirements, Steria• optimisation of the model scope The documented workflows ensure results are can support you in these challenging tasks. according to business usability/usage, and fully transparent and you will be able to carry the integration of risk and risk-modelling We have more than 20 years’ experience out ad hoc scenario evaluations on which in the decision process of business (units) of providing European regulatory reporting to base specific business policy decisions. solutions and have developed the SOLVARA®• establishment of an adequate The In the complex world of governance and reporting tool in collaboration with our Own Risk and Solvency Assessment compliance, SOLVARA® is a proven and existing insurance customer base. It is a (ORSA) process and the fulfilment of unique approach that incorporates frequent unique approach to meeting future Solvency general compliance requirements updates to keep you in line with the II reporting requirements. SOLVARA® regulator’s amendments to Solvency II. takes away the pain of your Solvency ll preparations and ultimate reporting. Did you know… Steria is amongst the leading providers of software solutions for the financial services sector in Germany. In fact over 80 insurers in Europe have implemented SOLVARA®.
è www.steria.com Insurance expertise and technology leadership | 09Rapidly implement reliable androbust insurance softwareInsurers are looking for off-the-shelf ‘rules and tools’ solutions to give them in-creased flexibility to deal with rapidly changing economic and market situations.Insurers needing to sell new lines of • KAVIA® – asset management andbusiness, take advantage of new distribution information system with supervisorychannels, or simply offer variations of existing authority reporting. KAVIA® is aproducts are typically constrained by their comprehensive standard solution forIT environment. Their current software capital investment management andapplications do not have the flexibility for analysis. Developed in co-operation withtoday’s complex and fluid market. Adopting several insurance companies, the solutiona package solution approach can eliminate originally focused on covering sub-ledgerthe delays caused by resources being functions and regulatory reporting rulesdedicated to basic maintenance and within a portfolio management system.regulatory enhancements. This allows KAVIA® has since been extended with aninsurers to meet the new requirements expanding user base of over 120 clients.within the necessary timeframes. It is the leading asset management system in the insurance sector market.Steria is amongst the leading implementers Did you know… Steria has helpedof software solutions for the financial services • winsure® – non life portfolio Industriens Pension in Denmark movesector in Europe. Besides creating and management system. The winsure® to a highly effective, fully electronic casedeveloping standard software, our offering policy management system is a handling platform with secure service level agreement fulfilment and customeralso includes implementation services for comprehensive solution for non life visibility. The solution designed andintegrating selected software products into insurance companies. winsure® provides implemented by Steria has given theexisting insurance system environments. management of partners, quotations, company highly efficient processes andIn co-operation with our clients we undertake contracts and claims and has been excellent internal control over service levels.software development and implementation successfully implemented by over 20projects using Steria consultants with in- insurance companies. Due to its modulardepth insurance industry knowledge. design, winsure® can be implemented as a component solution.We have a number of core softwareapplications that are proven in theinsurance sector:• SOLVARA® – solvency and risk analysis and reporting tool for Solvency II. Our standard software solution for regulation- compliant reporting in accordance with Solvency II. Regular updates ensure the product always complies with the latest changes in regulations A [see page 8]
10 | Insurance expertise and technology leadership è www.steria.comBusiness and IT support to relieveoperational and budgetary pressuresAlways sensitive to the unique character of the insurance sector, our solutionsincorporate new business models, game-changing technologies and provenexpertise in business process optimisation.Our aim is always to free up your insurance • Applications management: agile, At the Co-operative Banking Group Steriateams to focus on more strategic or core focused IT services based on used the test maturity model integrationbusiness activities. To achieve this, we guaranteed outputs and outcomes (TMMi) methodology to assess over 100 staffcomplement our portfolio of specialist working at different levels in the insurance • PO: delivering a step change in Binsurance solutions with our proven testing delivery organisation. This aimed efficiency, agility and performanceIT-enabled services, consultancy and to assess test process maturity across thetechnology solutions that give you • usiness intelligence: analysing customer B full software development life cycle and,the agility you need to make change data to identify potential client loss and amongst other objectives, identify projecthappen as quickly as possible: profiling the types and characteristics and test process risks and improvements of clients who are the most profitable plan. The resulting return on investment• onsulting: making the most of our C based action plan produced by Steria was sector expertise to successfully implement • Infrastructure management: meeting incorporated into the company’s programme strategic and organisational change the drive for cost reduction, flexibility, plans and risk management approaches. performance improvement and growth Application development and system• Many of Europe’s best known insurers use us integration: from solution definition, • Knowledge deployment: giving clerical to relieve their operational, regulatory and design and development, to deployment staff interactive access to the rules budgetary pressures so that they can stay and ultimate benefits realisation. With and regulations applicable in dealing focused on their core insurance activities. our help, your IT can become a significant with any client-requested activity in revenue enabler, unlocking business both the front and back offices insight and operational efficiency Did you know… Steria provides • ost merger integration: process P• esting and quality: bridging the gap T and systems integration and outsourced and offshored application development and support for many between application development and separation following M&A activity leading L&P businesses whereby we have systems rollout to deliver consistent, reduced support costs by up to 35% and high quality, fault-free solutions and shown a 40% productivity improvement a reliable customer experience in development projects.
è www.steria.com Insurance expertise and technology leadership | 11Steria insurancesolutions and servicesWe have developed specific services, solutions andinnovations for the insurance sector, including:Services: Solutions: • Regulatory Reporting• Application Management & Development • Analytical and Operative Customer • Risk Management• Business Process Consulting Relationship Management • olvency and Risk Analysis and Reporting S and Implementation • Anti-Money Laundering – SOLVARA®• Business Process Outsourcing • Business Intelligence • Telematics – Smart Driving• End-to-End Testing Management • Capital Investment Management and and Governance Analysis – KAVIA® Innovation:• Infrastructure Management • Channel Management • Business Visioning and Transformation• Insurance Software • Core Insurance Transformation • Cloud Infrastructure on Demand• IT Consulting Services and System • Data Management • Knowledge Deployment Integration • Enterprise Content Management • Mobile Insurance Solutions• Life and Health Core IT • Enterprise Solutions (SAP, Oracle) • Social Media in Insurance• Operational & IT Outsourcing • EU Regulation and Compliance • Technology Insight & Direction• Programme Management • Financial Crime & Anti-Fraud Mechanisms• Third Party Administration • Human Capital Management • IT Security • Migrations • Non Life Portfolio Management – winsure® • Post Merger Integration • Procurement • Regulatory Change ManagementFind out moreFind out more about Steria’s extensive range of insurance services andsolutions and our diverse portfolio of IT-enabled business services by visitingwww.steria.com/your-business/insurance or email email@example.com