Newly established industrial insurer Köln.Assekuranz wins market share with innovative portfolio management system

In order to replicate the advantages conferred by its ability to structure its products in its technical systems as well, Köln.Assekuranz opted to introduce a flexible portfolio management system from mgm technology partners.

Mapping the requirements of industrial insurer Köln.Assekuranz

Interdepartmental collaboration with partners and clients, automated processes and an interdisciplinary perspective on the business for every employee: these are the kind of aspirations that can rarely be satisfied to the fullest extent at major insurance businesses. For a newly established specialist insurer and intermediary, however, they are both mandatory and a fundamental advantage.
As with most successful projects, here too, setting a fixed go live deadline right from the start proved a winning strategy: When the company began operations at the beginning of October 2007, an irrevocable period of nine months was allotted after which the system had to be up and running. The joint project team first defined the functional framework, greatly supported by client team members with an average of 15 years of experience in industrial insurance.

In this way, they were able to ensure that the business processes replicated in the system genuinely meet the requirements of Köln.Assekuranz, allowing the company to exploit the associated competitive advantages:

  • Single system approach:
    Covering the transport and group accident lines of business, further contract and claims management.
  • Individual product design:
    Flexible tariff, rating and product definition, facility to assemble customized packages for clients/brokers.
  • Service:
    Client advisory service, for example on aspects of claim prevention.
  • Partner integration:
    Cooperation and exchange of data with participating primary insurers and lead underwriters.
  • Client integration:
    For example by collaborating on the management of claims

Describing the advantages his company has achieved, Köln.Assekuranz spokesman Karl-Heinz Schmidt commented: “This system allows us to reap a great deal of benefits that we previously didn’t even consider to be possible. We offer an individually tailored package for every client at a price commensurate with the risk. And we can technically replicate the resulting portfolio of contracts in a manner that allows us to holistically manage every package inclusive of services on behalf of the client.” During the introductory period the system was first implemented for the lines of business group accident, transport and aviation. At the same time, a financial accounting system was also introduced.

Interdisciplinary single system approach

At Köln.Assekuranz, every employee is in a position to provide clients with the information they require. One look at the system,  even if the inquiry concerns a business area that is “foreign” to the employee, is all it takes to find the necessary data, from the status of a claim to the term of a contract. Staff have a full overview of the current insurance portfolios of both clients and brokers. This not only prevents duplications, it also makes it easy to prepare analyses and statistics for the business as a whole.

The system is so flexible that it can be fully configured as the business grows. The existing data and dialog structures remain unchanged or are simply expanded, maintaining a consistent look and feel.
For example, the aviation business that was previously not included in the system has been implemented for Köln.Assekuranz as an additional line of business.

Individual product design

The system allows new products and service combinations to be defined, with premiums calculated by the integrated rate calculator.
Typical calculation methods can be configured for every line of the business. For example, packages that comprise combinations of individual risks have been put together at fixed price points for both group accident and transport insurance. On the other hand, in both these and other business areas, prices can also be set for each client individually on the basis of the underwriter’s assessment of the described risk.

Prompt implementation of new requirements

“Now that we are up and running, there is a regular flow of requests from the individual specialist departments. Everyone wants to become involved,” says Bernd Bilges who heads up the project for Köln.Assekuranz. “In mgm technology partners we have a reliable partner who continues to listen to our requirements, also at this stage of the project, and implements them promptly.”

* This reference has been officially confirmed by Köln.Assekuranz.