SOLIFE | Life & Health Insurance by VERMEG
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Product – Solife

Solife VERMEG

Life & Health Insurance
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  • A comprehensive and best-of-breed policy administration system, designed by and for Insurers, upon a 20-year knowledge and practice of user experience
  • Enables life and health insurance companies to manage end-to-end their new businesses, policies and claims, with all required supporting features: cash and events management, accounting feed, distribution and fees management, reinsurance, tax and legal, dedicated reporting, claims management etc.

SOLIFE schémas
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SOLIFE value for our clients

Client orientation and disintermediation
Continuous updates on legal evolutions (MiFID, PRIIPs, IMD2)
Consistent and STP Backbone for digital processing (APIs, Responsive design, digital signing)
Significant reduction of administration costs, thanks to the high level automation
Time-to-market delivery thanks to unrivalled, flexible and easy to use product-design workbench
Built-in multi-distribution design

Client stories

SOLIFE for … a growing savings business

Our client is both a Multi-local custodian, covering multiple countries through dedicated implementations, and a Global custodian from its main operations centre.

Our client is a major Insurer in France, acting as arisk-bearing for Life Insurance and Savings Contracts, in a highly multi-distributed context, serving multiple banks and various distribution networks.
He already had a sound market position in Savings Business, but not yet the desired market share in Protection Business. Existing in house Legacy Systems, Closed-Architecture and Team Culture were not strong enough enablers to deal with this strategic Market evolution.

With MEGARA, this challenging new model is now a reality.The project was completed within 20 months, because of MEGARA’S flexibility for local parameterization . STP indicators increased drastically, and our Client is now ready to cover many additional markets.

SOLIFE for … a time-to-market opportunity

As a Luxemburg subsidiary of a large European Insurance company, our Client had to seize an immediate opportunity for a new business. This opportunity required the setup of a multi-branch and multi-fund hub in Luxemburg.
Acting as an one-stop shopping partner, SOLIFE byVERMEG delivered comprehensive solutions and added-value servicing. After a six weeks project :

  • A new business offering was live on the market, thanks to the extensive catalogues of SOLIFE, gathering 1.5 Billion EUR additional collect in 1 year
  • Connectivity with Investment Management Systems was implemented (required for Premium Financial Products)
  • Front-Office enabled access to all policies and portfolios, for external partners & intermediaries
  • SaaS (Software as a Service) was implemented thanks to our SOLIFE structure. We provided a solution in a private Saas to comply with Luxembourg Regulations.VERMEG has a “PSF-compliant” label approach

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Client 2

Client 3

Large-autonomy-while-receiving-fast-track-pre-acceptance-to-close-deals

Challenge

> Secure and accelerate the 3rd Party platform replacement which was putting at risk Client’s day to day business.

> Modernize IT Landscape to open the architecture to new technologies, partners and propose new digital journeys

> Capitalize on new technologies to reinvent the Pensions & Saving, protection activity & business (in compliance with new regulations)

An-ability-to-enhance-your-offer-

Solution

> Progressive integration of VERMEG’s SOLIFE core component in client’s IT landscape with API rest available to build new digital journeys

> VERMEG led the integration project to guarantee the different deadlines in highly urgent context

> VERMEG led the migration project based on their business knowledge of the source system to secure data quality

Real-attractiveness-to-your-offers

Results

>  12 Months SOLIFE deployment to secure business activity

> Several hundreds thousands of saving contracts migrated in the interval

> Embedded innovation in the IT landscape: supported the deployment of innovative peripheral bricks (DMS, OCR, CRM…)

> Co-Construction approach: VERMEG’s SOLFE core component coming with a large catalog of webservices to feed custom UI

Large-autonomy-while-receiving-fast-track-pre-acceptance-to-close-deals

Challenge

> Significantly reduce the cost levels of ​

–  systems maintenance​

–  regulatory compliance​

–  portfolio complexity

> Support the company’s external growth, by industrialising the migration process

An-ability-to-enhance-your-offer-

Solution

> Out-of-the-box, rich and flexible solution with a solid architecture (functional and technical)​

Integration model with Infosys as integrator of VERMEG’s SOLIFE solution

> Sparring partner approach to develop a platform able to manage all client closed books

> VERMEG strongly involved in the business knowledge and solution knowledge to support Client’s rationalization project with Infosys​

Real-attractiveness-to-your-offers

Results

>  Several millions contracts migrated from 3 different back-offices

> Industrialised “portfolio injection process”, up and running with acquired company > Set up a unique pricing model to manage a complex migration project

> Cost variabilization

> Delivered proven expertise in migration and efficient and secure migration tools​

> Partnership mode was highly appreciated due to cultural fit