Property and casualty insurers today face a host of unprecedented challenges. These range from increased frequency of catastrophic losses with consequent large payouts, to changes in regulatory controls resulting in reassessment of their operating parameters.
Confronted with price sensitive customers, high service expectations, evolving social media, competition from other insurers, shrinking geographies and increasing regulatory requirements, property and casualty insurers today are more dependent on technology than before.
Propertyandcasualty insurers need flexible application architecture which supports automated underwriting, cover note management system, policy rating, policy issuance, mid-term adjustments, mid-term cancellations and renewals apart from claim handling. Highly volatile market conditions needs effective and highly customized rating engine which not only supports multiple rating factors but also can help launch new insurance products within a short span.
Thinksoft’s insurance centre of excellence can ably support insurance companies in their IT initiatives.
- Teams consist of underwriters, claim handlers and trained testers experienced across multiple lines of business ranging from automobile, marine andproperty to liability lines, who create end-to-end business scenarios.
- 100 % coverage assurance across all modules and all insurance functionalities
- Specialization in testing the various touch points due to integration of core insurance application to BPM applications, reporting tools and financials including GLs
- With most insurers opting for auto underwriting and straight through processing for policy and claims, rigorous domain understanding is required in testing as technology is to optimize productivity and enhance user experience.
- Commercial insurances today are open to risks at multiple nodes as even isolated incidents can have global impact and hence dynamic applications have to be built and customized based on the insurers’ appetite for risk.
- Testing reinsurance including set up of RI treaty arrangements for proportional, non-proportional and facultative support as well as handling direct and retrocession arrangements.
With the fast pace of technology, customers today would prefer renewing a policy or intimating a claim at their finger tips, through their mobiles. Integration of legacy applications with the various underwriting and claims tools sourced from multiple vendors is a major challenge with the advent of android and other mobile applications.
Our pool of domain specialists and experienced testers has successfully handled projects involving leading core applications and ancillary systems. Our property and casualtytest workbench consists of
- Reusable test repository for all insurance processes and sub processes
- Proprietary test design accelerators
- Risk prioritization matrix
- Test automation framework