The main challenges for Comarch to contend with revolved around integrating and exchanging data between Oney and its partners in a smooth and efficient manner, as well as migrating the data to a new system as fast as possible. The desired solution was also to operate in several countries and languages, meeting multinational needs and regulations. An important requirement was to have a Solvency II-compliant system on the first day of 2015, as imposed by the Malta Financial Services Authority.
In order to satisfy the project objective, it was necessary to adopt a go-live migration strategy in the shortest amount of time possible so that the live updates of insurance data circulating between the insurer and its partners could be re-synchronized with an absolute minimum of delay.
The solution allows Oney for further development both in terms of offered insurance products and business expansion to new markets, and simultaneous handling of life and property products in various European countries in one system. Apart from the product management application configurable for both life and property insurance, the system includes modules responsible for the policy, claim, settlement and business processing. These modules, if extended, will allow Oney to provide services not only as an insurer, but also a claim handler or policy administrator – or else to subcontract claim handling and policy administration to other entities within the Group.
Starting this project, we were well aware of how much depended on it. We wanted our organization to grow fast in an increasingly regulated environment. The emergence of the Solvency II Directive meant that maintaining the highest possible level of data quality assumed a fundamental importance. Thus, data integration and synchronization with our partner organizations needed to be considerably tightened. We were after a multi-multi solution; that’s where Comarch stepped in.
Robert Gauci
Chief Project Officer at Oney Insurance
We have gained the insurance platform that will undoubtedly facilitate and accelerate our business development on new, yet unexplored markets with more partners in different countries. The solution provided by Comarch is distinguished by the possibility of its further customization according to the needs of our partners – we can combine various modules as needed and integrate them with what we already have, which greatly increases our competitive edge as an insurer.
Robert Gauci
Chief Project Officer at Oney Insurance
