Within the market today, senior managers are being forced to take responsibility for procedures, systems and controls. Not only are organisations trying to find a competitive edge to improve their commercial performance, but they also have to meet regulatory requirements.
Key FSA requirements:
- an organisation must be able to demonstrate clearly an understanding of what procedures and controls are required
- the implementation of systems to address the relevant workflow areas of the business
- the provision of evidence on the status of each business process and a commitment to providing 'continuous visibility'of each aspect of the business
- pre-contract certainty - ensuring the entire business process is properly completed before final confirmation of the contract.
Improving operational procedures
The bIntelligent for Workflow application addresses the challenges and issues faced by insurance brokers and supports the business process of insurance application within both the Lloyd's and open market.
The application has been developed using the Microsoft .NET Development Framework and delivers a secure, web-based application that will enable agents to enter insurance applications for electronic submission to brokers and follow and track the application through the business workflow process to completion.
The broker is able to process, monitor and track all applications through from receipt to either acceptance or rejection. Effective and efficient electronic management of each and every application provides key business benefits in terms of process timescales, process monitoring and reporting and, ultimately, business performance.
The KPI reporting and dashboard reporting module provides the key capability to drill down into the business data to facilitate the understanding of overall business performance and to help identify potential bottlenecks and problem areas within the overall process. This will assist not only with the overall business process management but also with the understanding of the tracking of cash within the application process.
Project examples
Insurance and reinsurance company
Developed enhancements to an existing client’s insurance workflow system. The system allows on-line applications to be processed from external agents prepared for the Lloyd's underwriting market and allows the generation of insurance policies and documents. The solution was a browser-based system written in ASP.NET C# application with a SQL Server 2000.
Insurance and reinsurance broking group
The project entailed the development of a web-based workflow product tailored toward the insurance industry. This product was based upon N-tier architecture. As systems consultants on this project Moore Stephens was involved in the analysis, design, development, testing and user acceptance testing phases of the project. We were required to produce deliverables, gather requirements, conduct analysis and write functional documentation using UML. During the development phase, the following technical skills were utilised C#, ASP.Net, ADO.Net, SQL 2005, HTML and JavaScript.