Millenniumbcp Ageas Grows Portugal’s Leading Life Business on GraphTalk A.I.A
- Grow life insurance market leadership in Portugal
- Improve product development
- Improve staff productivity and efficiency
- GraphTalk A.I.A, a new dynamic policy administration platform
- GraphTalk A.I.A, solution with worldwide reputation and
- GraphTalk A.I.A has the ability to manage Non Life insurance business
- Easier management of the life insurance portfolio
- Faster product development
- IT cost savings
Millenniumbcp Ageas is a joint venture between Millennium bcp (Portugal’s leading privately owned bank), and Ageas (a top 20 European insurance company). Active in life and non-life markets in Portugal, the insurer is a dominant market leader in life products – sold mainly through the 900 branches of its Millennium bcp parent.
Operating in a volatile economy, Millenniumbcp Ageas is committed to staying ahead of its competitors. The business focus is on cross selling with Millennium bcp banking customers, an innovative product strategy, service excellence, efficient asset management, rigorous risk and capital management, and overall operating efficiency.
To deliver those aims and secure competitive edge, Millenniumbcp Ageas needed a dynamic new management platform for its life business.
“We have to manage our massive life insurance portfolio and client base well to keep our customers and grow our business,” explains Jan de Pooter, chief executive officer, Millenniumbcp Ageas. “We must make sure our products are developed flexibly, and respond to what customers want. We need to simplify and reduce manual work to make our people more productive and our processes more efficient.”
Facing a costly and complex upgrade to its old life system, Millenniumbcp Ageas embarked on an evaluation process to find the best solution for the future.
Mature and Competitive
Millenniumbcp Ageas conducted a rigorous assessment of three solutions against a comprehensive set of business requirements.
“A new management system involved a major change for the company”, explains Jan de Pooter, “so it was critical that the decision was right. The main concern was that we were buying a package – which meant we had to adopt rather than adapt the software to our needs. The old system was very customised, and we had to be sure that the solution we chose was versatile enough to handle our detailed requirements and the scale of migration required.”
After carefully analysing the three solutions, Millenniumbcp Ageas made its choice. GraphTalk A.I.A was the firm favourite. As well as its functional fit with the business requirements, Jan de Pooter says that CSC’s solution offered two other strong benefits that the others lacked.
“First, the GraphTalk A.I.A worldwide reputation gave us a lot of confidence in the maturity of the software. We visited a number of CSC customers which really emphasised that. Another big factor was that GraphTalk A.I.A is designed to manage life and non-life business. We know we will need to replace our non-life system in the near future, and all insurance companies dream of having one system to manage their life and non-life business.”
Costs Saved and New Product Possibilities
Most exciting of all as a competitive differentiator: product development is now much more flexible, enabling the company to design and launch new types of products and get them to market faster.
CSC has served Millenniumbcp Ageas and its banking parent for some 20 years, but the relationship has never been stronger than it is now – on a business and technology basis.
“Obviously with a project of this size and importance there are always some issues along the way, but they were tackled and managed well by both companies,” Jan de Pooter says. “My project team says they are very pleased with the technology support that CSC brings, and one of the challenges for us now is to reduce our dependency on CSC a little. For me, it is the openness and communication that has been most important. CSC always tells us straight, and challenges us to get the right answers.”
Mr. de Pooter is now talking to CSC about a proof of concept for GraphTalk A.I.A to manage the insurer’s non-life business.
Learn More about GraphTalk A.I.A
Download the full Millenniumbcp Ageas case study (105 KB PDF file).
Download the full Portuguese Version - Millenniumbcp Ageas case study (105 KB PDF file).