Insurance is an industry affected the most by changing customer preferences and volatile markets. Insurance providers rely on technology to provide accurate data at crucial times, to make the right decisions.
Here’s how Mindtree built an innovative and comprehensive Global Exposure Solution (GES) to revamp the catastrophic bond portfolio, for the world’s leading property-casualty insurance enterprise. The solution helped the customer improve risk management and process efficiency.
The customer is a world leader in property-casualty insurance serving 40+ million clients in 160+ countries and jurisdictions. They wanted to build a better foundation for Catastrophic Bond Pricing (CAT bonds). Risk selection and active portfolio diversiﬁcation to manage global and local exposure to potential catastrophes were crucial to pricing. The current system had several challenges such as:
The customer needed a technology partner to help them build a system, which provided accurate information to reinsurers and helped reduce reinsurance costs. It also needed to provide accurate reporting to regulators and rating agencies. Their current system was built on several different tools and technologies with multi-regional, multi-currency and localized support.
Mindtree developed a Global Risk Exposure Solution (GRES) that enabled the customer to capture, standardize, validate and augment data. The risk location data was associated with other necessary data that was required for the CAT modeling tools, in order to assess risk exposure. We delivered consulting and application development services for the global property and combined business lines.
The solution was a global application, supporting all the regions and time zones. The key functionalities of the solution included: