Chinese Insurance Company (CIC)

Integrated customer view improves sales, service

Published on 02-Mar-2011

Validated on 04 Jun 2013

Customer:
Chinese Insurance Company (CIC)

Industry:
Insurance

Deployment country:
China

Solution:
Selected Business Solution (sBS), BA - Business Analytics, Business Integration, Business Process Management (BPM), C-Suite Framework, Smart Work, Smarter Planet

Smarter Planet:
Smarter Insurance

Overview

A large Chinese insurance company (CIC) provides individual and institutional clients a wide range of risk prevention solutions, financial advice and asset management. In 2009, CIC had a net profit of over 7 billion yuan ($1.08 billion) on revenue of over 104 billion yuan. The company is listed on the Shanghai Stock Exchange and the Hong Kong Exchange.

Business need:
This insurer needed a more agile Property and Casualty (P&C) business application system to support rapid development and launch of new products as well as effectively grow and manage business in an increasingly competitive marketplace. Its existing P&C standalone, siloed applications could not support some of its newer product offerings, impeding sales.

Solution:
CIC has deployed its new Core Insurance on Demand (CIOD) solution, which is based on IBM’s Insurance Application Architecture (IAA). The Integration Data Store contains, updates and analyzes all customer transaction and insurance policy data, enabling the company to quickly and efficiently manage customer claims, requests, policy renewals and even sales of new products

Benefits:
·The system automatically recommends insurance products according to customers’ last policy and past claim records · Accelerates product time to market: new product launch time is down by approximately 75 percent · An automated “black-list” feature enables the company to lower its risk and cost of insuring “problem” customers

Case Study

A large Chinese insurance company (CIC) provides individual and institutional clients a wide range of risk prevention solutions, financial advice and asset management. In 2009, CIC had a net profit of over 7 billion yuan ($1.08 billion) on revenue of over 104 billion yuan. The company is listed on the Shanghai Stock Exchange and the Hong Kong Exchange.

The Opportunity
This insurer needed a more agile Property and Casualty (P&C) business application system to support rapid development and launch of new products as well as effectively grow and manage business in an increasingly competitive marketplace. Its existing P&C standalone, siloed applications could not support some of its newer product offerings, impeding sales.

What Makes It Smarter
CIC has deployed its new Core Insurance on Demand (CIOD) solution, which is based on IBM’s Insurance Application Architecture (IAA). The Integration Data Store contains, updates and analyzes all customer transaction and insurance policy data, enabling the company to quickly and efficiently manage customer claims, requests, policy renewals and even sales of new products.

Real Business Results
· The system automatically recommends insurance products according to customers’ last policy and past claim records
· Accelerates product time to market: new product launch time is down by approximately 75 percent
· An automated “black-list” feature enables the company to lower its risk and cost of insuring “problem” customers

For more information
Please contact your IBM sales representative or IBM Business Partner. Visit us at: ibm.com/insurance

Products and services used

IBM products and services that were used in this case study.

Hardware:
Power 570, Power 595, Power Systems, Power Systems running AIX 5

Software:
WebSphere ILOG JRules, WebSphere Process Server, WebSphere Enterprise Service Bus, Cognos Business Intelligence

Service:
IBM Global Services

Legal Information

© Copyright IBM Corporation 2011 IBM Corporation 1 New Orchard Road Armonk, NY 10504 U.S.A. Produced in the United States February 2011 All Rights Reserved IBM, the IBM logo, ibm.com, Cognos, ILOG, System p and WebSphere are trademarks of International Business Machines Corporation, registered in many jurisdictions worldwide. A current list of IBM trademarks is available on the Web at “Copyright and trademark information” at ibm.com/legal/copytrade.shtml Other company, product or service names may be trademarks or service marks of others. The information contained in this documentation is provided for informational purposes only. While efforts were made to verify the completeness and accuracy of the information contained in this documentation, it is provided “as is” without warranty of any kind, express or implied. In addition, this information is based on IBM’s current product plans and strategy, which are subject to change by IBM without notice. IBM shall not be responsible for any damages arising out of the use of, or otherwise related to, this documentation or any other documentation. Nothing contained in this documentation is intended to, nor shall have the effect of, creating any warranties or representations from IBM (or its suppliers or licensors), or altering the terms and conditions of the applicable license agreement governing the use of IBM software.