Success Stories
Farmers Mutual Hail Chooses SICS to Better Manage Its Multi-Million Dollar Reinsurance Business
Client:
Farmers Mutual HailChallenge:
- Gain a better view of financial exposures in the assumed and ceded reinsurance business.
Solution:
- CSC’s SICS solution, a customizable, cost-effective insurance administration system
Results:
- Provided a better business view, illustrated underwriting effects in potential business areas, allowed better business planning, achieved better financial reporting, improved accounting flexibility, provided flexible, more responsive customer service and underwriters remote access, and improved claims processing and settlement.
Farmers Mutual Hail needed a clearer view of the financial exposures in its book of business. Its existing reinsurance administrative system could not meet its needs and furthermore would no longer be supported by its developer. FMH turned to CSC for a more comprehensive solution that could address its business needs. CSC recommended its SICS solution, a cost-effective administration system for all types of insurers and reinsurers. FMH recognized SICS’s’ ability to achieve much greater efficiencies, improve customer service and strengthen reporting. As well, SICS would integrate with FMH’s other applications. Considering CSC’s industry service and deployment track record, FMH saw a capable partner it wanted to work with. Once the solution was in place, FMH gained a much better view of its business, based on improved data accuracy and easier access to information. Financial reporting improved and the company was able to project what new business’s impact on underwriting would be. More sophisticated and more detailed reporting resulted. Freed of the old system’s accounting limitations, the company can run any processes at any time. Immediate retrieval of critical information enhanced customer service. Claims processing and settlement has seen a sharp increase in efficiency as well. The system can be accessed remotely via the Internet, and up-to-date documents downloaded to a laptop within minutes. Remote access also means more effective management of business peaks such as annual renewals. Underwriters can now access the system conveniently from home and deal with the workload at their own convenience.
Working Well Together
The CSC solution meant migrating and verifying 12,000 assumed treaty files, 50 ceded treaty files, and information about 3,500 business partners. Standard and customized reports had to be set up to make the information usable, and a thorough training program for key FMH personnel was established. Communication and coordination was critical to the implementation project – between in-house management and with the CSC team. With only minor issues to resolve, the migration was successfully completed on time. FMH talked to CSC about the issues it faced, and CSC proposed deployment of the SICS solution. SICS is a highly rated administration system for managing complex insurance and reinsurance business of all types — assumed and ceded — in all markets across the world.
Business Information At Our Fingertips
FMH found that the CSC solution immediately delivered a much better view of the business, based on improved information capacity and easier access to that information. “We have more business information at our fingertips all the time,” said Candy Crooks. “That means we can manage our book of business much more efficiently. We can also capture information about potential new business areas to track the underwriting effects. This really assists with planning the business.”
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