CASE STUDY

Global Startup Strategy, Architecture and Systems

The Client

Ironshore Inc. was founded in 2006 and provides broker-sourced specialty commercial property and casualty coverage for risks located throughout the world.  Through its platform in Bermuda, Ironshore writes property catastrophe and property all-risk coverage for small to mid-sized commercial risks.

The Business Challenge

Ironshore was setting up company operations in Bermuda and had immediate need to record immediate underwriting transactions and establish a cohesive strategy for scalable development of tools to support its risk assessment, pricing and management.  Ironshore chose the Bermuda based Nova Limited to strategically assess its requirements, formulate the plan and direct the rapid deployment of custom applications needed to support the business.

Ironshore was looking to structure its use of technology as a strategic enabler to help rapidly zero in on the heart of risks and provide customized and accurate insurance solutions for their clients and cedents.

As required by regulations, Ironshore needed to implement enterprise systems to provide the operational transparency and information control in preparation for an A.M. Best ratings audit.

The Solution

Together with the technical knowhow and in-depth industry knowledge, Nova was able to quickly provide a day one tactical solution to allow Ironshore to collect and manage the rapid business responses received. To support Ironshore's longer term objectives, Nova needed to identify critical information and contextual detail before moving the project forward.  A standard approach with all projects, Nova conducted Definition Phase interviews to gather both technical and functional requirements by working closely with the management team and power users.

Once critical information was gathered, the project charter included the following key objectives and deliverables:

• Enablement and Development for start up
• Alignment and Prioritization
• Gap Analysis
• Formation of a Solution that passed scrutiny from A.M. Best.
• Development of initial policy administration solution
• Strategic plan for approval on all critical systems
• Vendor Evaluations and systems enablement
• Enterprise Risk Management Solution
• Integration needs with Risk Modeling applications
• Underwriting Solution
• Portfolio Optimization solutions
• Data Integration to access multiple sources of information for analysis
• Automated Reports to accelerate the workflow
• Document Management
• Technical staff recruitment

The Outcome

In concert with Nova, Ironshore was able to deploy scalable and cost-effective custom developed applications that enabled the company to grow.   The resulting system provides for efficient use of streamlined information sharing while enabling access to high quality, analytics with automated views to promote workforce efficiency and productivity.

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.

For more information, please call (441) 293-6682 x7000

Nova Limited, Suite 1547, #48 Par-La-Ville Road, Hamilton, HM 11, Bermuda