CASE STUDY www.hcltech.com Modern Application Development BUSINESS CONTEXT • Solvency II – The regulatory measure by EIOPA to provide reasonable assurance to policy holders by ensuring that the EU Insurers have made enough provisions in their capital to mitigate any unforeseen losses that impact policy holder money • EU insurers had to implement Solvency II by 2013, and client wanted, preferably, to be an early adopter of Solvency II Objective • Streamline data delivery process from source systems to end • Enterprise Data warehouse to provide input for Solvency II internal model calculations • Set up Single data source for NL Finance data • Improve Data Quality and Metadata management HCL SOLUTION Approach • Client chose to build home-grown data warehousing solution after evaluating off-the- shelf solution, as the source of financial and risk data were mostly homegrown • Program AeMcS was crystallized to address Solvency II and data quality • Develop a data warehouse to provide necessary input for Solvency II internal model calculations and address the 3 pillars Solution: • Scalable ETL framework developed to accommodate new sources of data on Informatica data integration platform • Metadata Manger tool for data profiling and maintain consistency across disparate systems Delivery from source to Solvency II internal model reduced to 24hours from 3 to 5 weeks throughput time CLIENT: One of Top 5 Global life & Annuity Insurer and Financial Service provider from Europe. Solvency II Project Won Celent Model Insurer Award
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CASE STUDY
www.hcltech.com
Modern Application Development
BUSINESS CONTEXT• SolvencyII–TheregulatorymeasurebyEIOPAtoprovidereasonableassuranceto
policyholdersbyensuringthattheEUInsurershavemadeenoughprovisionsintheircapitaltomitigateanyunforeseenlossesthatimpactpolicyholdermoney
• EUinsurershadtoimplementSolvencyIIby2013,andclientwanted,preferably,tobeanearlyadopterofSolvencyII
Objective
• Streamlinedatadeliveryprocessfromsourcesystemstoend
• EnterpriseDatawarehousetoprovideinputforSolvencyIIinternalmodelcalculations
• SetupSingledatasourceforNLFinancedata
• ImproveDataQualityandMetadatamanagement
HCL SOLUTIONApproach
• Clientchosetobuildhome-growndatawarehousingsolutionafterevaluatingoff-the-shelfsolution,asthesourceoffinancialandriskdataweremostlyhomegrown
• ProgramAeMcSwascrystallizedtoaddressSolvencyIIanddataquality
• DevelopadatawarehousetoprovidenecessaryinputforSolvencyIIinternalmodelcalculationsandaddressthe3pillars
Solution:
• ScalableETLframeworkdevelopedtoaccommodatenewsourcesofdataonInformaticadataintegrationplatform
• MetadataMangertoolfordataprofilingandmaintainconsistencyacrossdisparatesystems
Delivery from source to Solvency II internal model reduced to 24hours from 3 to 5 weeks throughput time
CLIENT: One of Top 5 Global life & Annuity Insurer and Financial Service providerfromEurope.
SolvencyIIProjectWonCelentModelInsurerAward
• Databasefordatawarehouse:Oracle
• SolutionforLifelineofbusinessimplementedmid2011
BENEFITSSavings
• DeliveryfromsourcetoSolvencyIIinternalmodelreducedto24hoursfrom3to5weeksthroughputtime
• Newprocessusingthescalabledatawarehousesavedtheeffortof3to4FTE
Data Quality & Compliance
• Improvedtraceabilityledbydocumentationofalldatadeliveredfromsourcesystemtointernalmodel
• Improvedmaintainabilityofdataduetocomprehensivedatadefinitionandbusinessglossaryimplementationforalldataelements
• Highprocesscomplianceandservicedeliveryagreementadherence
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