Comprehensive Insurance Solutions at ONEY

Comprehensive Insurance Solutions at Oney in Malta

DOSSIER 

Company Oney Insurance (PCC) Limited, an insurance company belonging to Oney Bank 

Industry Insurance 

Project objective Automating and streamlining the company’s internal operations and cooperation with external partners 

Implemented solution Comarch Life & Non-Life Insurance 

Solution supplier Comarch 

 

lead oney

Project objectives

The aim of the Comarch Life & NonLife Insurance implementation  at Oney Insurance (PCC) Limited was to auto- mate and increase the efficiency of the insurer’s internal operations and cooperation with external companies  that distribute Oney insurance products and handle claims in many European countries including Poland.

project objectives onet

Oney Insurance is focused on cooperation with large intermediaries, especially banks. In such a sales model, the key process is the exchange of large volumes of data. The implementation of Comarch Life & NonLife Insurance was to optimize and automate this process. In particular, we wished to significantly enhance our reporting capabilities and improve post-sales policy service by means of migrating a five-million-policy portfolio to a common database. 

 

Robert Gauci, Chief Project Officer at Oney Insurance 

 

The client was after an off-the-shelf solution encompassing industry best practices for functionality and security. The solution had to be comprehensive – with data on all the partners, policies, premiums or operations stored within a single system – and flexible, allowing for the rapid development of new products as well as a solid, pay-per-use expansion of business and traffic volumes whenever necessary. 

 

Piotr Konieczny, Project Manager at Comarch 

solution challenges oney

 

Project challenges

The main challenges for Comarch to contend with revolved around integrating and exchanging data between Oney and its partners in a smooth and efficient manner, as well as migrating the data to a new system as fast as possible. The desired solution was also to operate in several countries and languages, meeting multinational needs and regulations. An important requirement was to have a Solvency II-compliant system on the first day of 2015, as imposed by the Malta Financial Services Authority. 

In order to satisfy the project objective, it was necessary to adopt a go-live migration strategy in the shortest amount of time possible so that the live updates of insurance data circulating between the insurer and its partners could be re-synchronized with an absolute minimum of delay.

Starting this project, we were well aware of how much depended on it. We wanted our organization to grow fast in an increasingly regulated environment. The emergence of the Solvency II Directive meant that maintaining the highest possible level of data quality assumed a fundamental importance. Thus, data integration and synchronization with our partner organizations needed to be considerably tightened. We were after a multi-multi solution; that’s where Comarch stepped in.

 

Robert Gauci, Chief Project Officer at Oney Insurance 

Project results/benefits

The solution allows Oney for further development both in terms of offered insurance products and business expansion to new markets, and simultaneous handling of life and property products in various European countries in one system. Apart from the product management application configurable for both life and property insurance, the system includes modules responsible for the policy, claim, settlement and business processing. These modules, if extended, will allow Oney to provide services not only as an insurer, but also a claim handler or policy administrator – or else to subcontract claim handling and policy administration to other entities.

 

project results oney

We have gained the insurance platform that will undoubtedly facilitate and accelerate our business development on new, yet unexplored markets with more partners in different countries. The solution provided by Comarch is distinguished by the possibility of its further customization according to the needs of our partners – we can combine various modules as needed and integrate them with what we already have, which greatly increases our competitive edge as an insurer. 

Robert Gauci, Chief Project Officer at Oney Insurance 

oney advantages

Solution competitive advantages

  • extended scope of stored data multi-language, multi-currency and interfaces in case of two or more companies of one capital group 
  • collection and disbursement support, as well as technical modular system design ensuring sub-ledger accounting quick integration with the insurer’s existing systems 
  • comprehensive and ergonomic policy and contract data overview with versioning 
  • covering policy and product life cycles for all types of property and casualty insurance 

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