System Modernization & Accelerated Close with SAP for Reinsurance Solution

Reinsurance complexity is often underestimated. To efficiently manage complex transactions and articulated processes, you need a professional solution and an implementation partner that has both business knowledge and IT acumen. msg global solutions provided just that at a recent engagement at Arca Assicurazioni, headquartered in Verona, Italy. Looking to effectively manage their P&C operations, Arca Assicurazioni needed guidance to implement a holistic approach to speed up the closing process, eliminate as much manual intervention as possible and develop a modernized system platform to handle growth and expansion.

Project Details

Challenges

• Tight time constraints to produce quarterly and yearly booking closure
• Labor intensive manual activities performed in Excel spreadsheets with many control checks
• Legacy system data import
• Lack of automation in managing complex reinsurance contracts

Solutions

• Implemented modern SAP Reinsurance standard solution with limited custom development
• Developed systematic methodology for legacy system data import
• Performed import using standard msg developed accelerator (msg.AIM)
• Integrated external system using standard interface via msg.AIM
• Adapted reporting requirements to the new automated solution

Benefits

• Fast implementation - on schedule and on budget
• Reduced booking closure time
• Reduced manual data entry and result verification activities
• Centralized operations into one platform - all processes are fully covered in one solution

Why msg global

• Proven track record in the reinsurance industry with over 30 years of experience
• Global leaders in the reinsurance industry thanks to long term strategic partnership with SAP
• Highly committed professional resources that know the insurance and reinsurance industry
• Accelerated template implementation approach that requires fewer people-hours during the closing with higher data quality and details