Anemos
Anemos
CASE STUDY
Architectural Strategy, Needs Analysis and Custom Development
The Client
Anemos Insurance Management Ltd is a Bermuda based MGA that specializes in providing insurance products and services to the energy industry.
The Business Challenge
Anemos launched underwriting operations in Bermuda and they required immediate assistance to establish and execute a strategic plan for their I.T systems. The second phase objective was to work with the management team to identify key process functions to design, build and deploy the various applications needed for support. A key focus of attention was to provide a risk modeling application needed to support their underwriting department. In addition, the solutions needed to be designed with core functional integration with other source applications.
Specific requirements included:
- Define and prioritize and document company strategic requirements
- Underwriting and capital allocation management solution
- Enable catastrophe risk modeling system with specialized use in off shore energy sector
- Implement a Premium Accounting solution
- All development and integration tools designed with easy to use interface
The Solution
Upon selecting Nova as the prime integrator, the team started working at the strategic level in defining high level goals by conducting interviews with key stakeholders. Once the strategy was documented and received executive approval, the detailed work of collecting insight into goals, orientation and processes began. This effort provided the list of requirements and priority features for Nova to properly design the custom solution needed.
Having contracted the strategic expertise for the project, Anemos stayed focused on managing the underwriting business while Nova engaged in the following project activities:
- Defined company requirements
- Identified and documented the company IT strategy
- Assisted in the evaluation of off shore energy risk modeling software and data streams
- Conducted a GAP analysis on system needs and solutions offered by partnered company
- Designed, developed and provided extensive testing for Hybrid underwriting solution including feature enhancements and integration
- Extensive Quality Assurance and testing to ensure solution meets all business requirements
The Outcome
Anemos was able to deploy a robust suite of integrated applications that balanced functionality with scalability. The various integrated solutions enabled the client to capture, store and repurpose information to be used in report creation based on the status of the underwritten policies.
A notable deliverable was the customized risk modeling solution specifically developed for Anemos. In conjunction with the Anemos team, Nova’s business analyst with extensive experience in underwriting and risk modeling was able to assist in the definition, development and documenting a risk modeling process and procedural guidelines for the company.
Anemos currently enjoys the benefits of their developed systems and continues to be able to use the systems to support their current and future product offerings.
Nova Limited is a Bermuda based Software Development Company focused on serving the needs of enterprise Financial Services clients and specialization in the insurance/reinsurance sector. Our mission is to help clients succeed using a proven engagement methodology to engineer success and we apply a strategic mix of consulting, products and services as required. Nova employs best practices and expert resources to design, develop and integrate solutions that optimize value for clients.