Several influences, such as a prolonged low interest rate environment, low investment conditions and the Solvency II regulations, prompted Debeka to consider new business models. The challenge was met with a new product approach – flexible fund-linked products supported by a flexible IT system.
The ideal extension for for a flexible IT system had already been available since 2011 – the in|sure PSLife computation module from our company. This module had been previously used in complex mathematical applications. And in this case, it was rather easy to apply the PSLife functions in other ways besides the traditional group-wide system.
The project took nine months to complete, and then the first new contract was transferred from the acquisition system to the new PSLife environment in June, as planned. Everything worked perfectly. The new fund-linked products were also very well received by the market. By the end of 2017, the Debeka Insurance Group had issued over 100,000 new policies.
The system supports us, for example, in creating our annual financial reports. With in|sure PSLife, we are able to check our results very effectively. The fact that the system uses the Markov method instead of the classic cash value method really pays off.”
The PDF document contains the complete case study of the client Debeka Insurance Group, with the challenges, solutions, project timeline and outcome of the "A flexible system for flexible products" project.
With its diversified offering of insurance and financial services, Debeka Group is in the Top Ten in the insurance and home construction loans sector. It was founded in 1905 and has developed from a health insurance for civil servants into an insurance group that offers insurance protection for all private households and small and medium enterprises. Today, it is one of the most successfully groups of its kind in Germany.