Case Study - Munich Re
“Munich Re was aware that there could be considerable value for its clients in creating a solution to the administrative challenge, so the key requirement was for systems which are flexible and adaptable enough to be used in the various IT environments of different companies. ‘In terms of functionality, the system needed to eliminate a high proportion of the repetitive work involved from calculating unit rated premiums to processing claims, by taking over routine procedures and getting on top of the enormous amounts of paper involved in the business. ‘With Galahad delivering all the relevant information on demand, important decisions about risk and cost can be made faster, more easily and with greater accuracy. In addition, the system handles the extensive administration procedures automatically, sending out a range of standard letters, progressing claims, and keeping track of payment processes. This delivers substantial cost savings in terms of staff time.”
For insurance organisations managing large numbers of group risk schemes the huge administrative workload, including regular and repetitive contact with intermediaries, doctors, clients, trustees, members and reinsurers, is a major challenge.
Not only are these procedures time-consuming, they also have a direct impact on client loyalty through factors ranging from the length of time taken to process payments and enquiries, to the number of manual errors they tend to provoke. But for group risk providers attempting to lessen the workload, any improvements in administration must be achieved without passing on significant costs to clients.
Munich Re developed a group risk administration and quotation system, which delivers a sophisticated yet low cost solution to its clients. The IT solutions provider, Northdoor, has worked with Munich Re to create this unique solution, which has made a significant impact on the market.