Synpulse has a long tradition of conceptualizing and implementing future-proof business models. This practical experience enables Synpulse to see complex projects through to their successful conclusion, from the preliminary study, through design and analysis, to successful introductions in health insurance (e.g. Adcubum SYRIUS®), reinsurance (e.g. SICS), life and non-life insurance.
«Efficient processes are the basis to fulfill the manifold promises made to customers while, at the same time, reducing costs of the insurance business. Together with standard software producers, we master the tension between agile front- and stable backend. For successful introductions of large-scale projects, we offer tailor-made project methods and industry-specific process models.»
Reinsurance Core System
A powerful core system is the backbone of any successful growth strategy on a reduced cost basis. It enables underwriter teams to concentrate on core activities, maximize their pricing efficiency and increases automation in the back office processes.
Synpulse gained detailed expertise in evaluating and implementing several core systems and can support you in selecting the best suited system
A comprehensive core reinsurance policy admin system provides functionality developed over years by a large client community. In addition, it supports simplification by replacing several dedicated and isolated business applications.
Main advantages of introducing such a system are:
- Enabling growth in new markets and new products
- comprehensive functionality to master complex business contracts
- integrated view on the business data and efficient reporting
- lower IT maintenance cost by reducing the number of applications
- leverage continues software improvements by the community
- increase automation and lower manual steps for back office processes
Synpulse has supported several clients in evaluating and implementing the best suited core system.
Your value is in:
- Reduced effort to scope the business requirements based on our generic requirement catalogue
- Shorter evaluation since we start on a recommended long list and use our market proven templates for the RfI and RfP
- Faster selection of the best fit for your business and IT based on previous PoC sessions
- Reduced costs due to implementation of the core system based on our generic processes, standard reports and reference data (see topic REINSURANCEINABOX®)
Selecting a new core system is an important and long lasting decision and should be done on well-defined requirements and evaluation. We can help you in making the right decision.
Enterprise Architecture (EA) recently gained much more attention with our clients as it is about increasing operational efficiency and enabling business growth while keeping flexibility and robustness of the enterprise wide architecture. Synpulse helps clients to setup or modernize their EA Practices, run EA initiatives and provide an exchange platform for Chief Enterprise Architects.
Today’s financial service markets are rife with rapidly changing customer demands, steadily emerging new products, and radically disruptive new technologies.
To enable future business growth in this volatile environment, financial service companies must increase their operational efficiency: e.g., simplify their application landscape, increase their automation and integration levels, or ensure process modularization and standardization, in combination with outsourcing/offshoring. Companies must simultaneously capitalize on such emerging trends as social media, mobile technologies, smart analytics, machine learning, cloud business, and new operating models.
Synpulse Enterprise Architecture services ensure that our customers achieve all of these goals, and more. We believe that EA must always be business outcome-driven and integral to our clients’ business strategies, such that it facilitates and visualizes those strategies without governing them. EA must also involve partners outside of the company and sharpen clients’ awareness of upcoming trends in their markets.
Your partner for Enterprise Architecture
Synpulse helps clients across the financial service industry in the following areas:
- We assist in building high-performing EA organizations. Our team provides expertise in the implementation, transformation, organizational design and governance setup of EA, as well as the definition of its visions, principles, standards and methodologies according to the client’s business goals.
- We conduct EA Maturity Assessments to give our clients an overview of their current EA Maturity. Then we help them to make steps forward in organizing and executing high-quality EA programs tailored to their particular business need.
- We run EA initiatives together with existing EA teams for our clients.
- We provide a popular bi-yearly exchange platform, the Synpulse Insurance Enterprise Architecture Summit, for Chief Enterprise Architects to network and exchange ideas.
Synpulse has conducted more than 30 Enterprise Architecture projects for financial services clients with its large pool of consultants specifically trained and experienced in Enterprise Architecture. The client will also benefit from the best-practice material and standard approach to EA that Synpulse has developed and refined over time.
Banks and insurance companies are subject to constant organizational and technological change. Precisely where major restructuring or launch projects are concerned, professional training is key to success. In «Training Solutions», Synpulse has developed a methodology for mastering these challenges with modern and effective training solutions.
If you are facing the challenge of implementing a major change project in your organization, Synpulse is the ideal partner for your internal communication and training. «Training Solutions» is the methodology we have developed to prepare your organization well in advance for change.
Our first step is to explore with you your communication and training needs. Then we jointly decide on the most suitable training resources. Whenever possible, we use modern tools such as e-learning, webinars and e-classrooms. This gives you maximum effectiveness at minimal cost.
Precisely where international projects are concerned, it is essential that training can take place independent of time and place and that assessment is automated. Traditional training methods often break the agreed budget with the cost of travel alone, which frequentlyoften makes this option unviable.
We employ «Training Solutions» continually and successfully in projects and optimize it on an ongoing basis. Its pragmatic approach and the mix of training resources in particular mean that our clients can tailor the training process to their needs. It also means that we can make adjustments as and when they are required. Our customers additionally benefit from experienced Synpulse project team members, whose expert knowledge and skills from an insurance and banking background make them highly effective in putting together training packages.
«Training Solutions» is an ideal way of meeting a large-scale need for training. Our clients benefit from our many years of expertise. We help you to achieve maximum effectiveness from your training at minimal cost and working with modern tools and resources.
Next Generation Risk Engineering
At Synpulse, we have a global team of consultants with experience executing projects specifically supporting Risk Engineers in improving digital solution adoption and operational efficiency. We aim to mobilize our network of commercial insurance risk engineers and technology partners to build a global community of risk professionals. This forum fosters idea sharing around the adoption of technological solutions and modernization of business operations to ultimately provide underwriters and clients the risk insights they seek. Synpulse also offers an array of services and technological solutions to address your critical risk engineering pain points and prepare your business for the future digital environment. By understanding your challenges and business goals, we work alongside you to deliver digitalization and operational transformation in risk engineering.
Post Merger Integration
Recently, the insurance industry has witnessed significant M&A activity. This has been driven by mergers with the goal of strengthening specific product verticals and the acquisition of tech companies to expand insurers’ digital capabilities. Regardless of the motivation of these activities, the end goal is to create something that is larger than the sum of the two parts. It is Synpulse’s belief that while every M&A transaction has its similarities, each must be addressed with a tailored approach.
Mergers & Acquisition (M&A) Integration
The acquisition of a company or a merger is one of the most complex situations a company may face. Signing the deal is just the start of a long process towards a successful transition. Timelines of an integration are tight and companies do not have the knowledge or the resources to consider and handle all integration aspects.
Based on our experience, the major challenges with integrations are:
- Post-Merger Integration (PMI) details are not sufficiently considered and prepared during the pre-deal and deal phases.
- Factors such as communication, cultural integration, and change management are not given the importance they require.
- Aspects such as organizational design, processes, products, and IT architecture are not aligned.
- After the deal phase, management attention for Post-Merger Integration activities is reduced.
- M&A experts leave the project after the deal is signed without proper handover to the PMI managers.
- Expert know-how is scarce. PMI projects are not managed professionally. Line managers are left alone with the task of integrating the organization, process, and product. And IT architecture landscape without the proper guidance.
Your partner for Post-Merger Integration
Synpulse's Post Merger Integration team is a natural evolution of its global expertise in key PMI topics including change management, implementation and target operating model development in addition to our enterprise architecture practice. We believe this ensures that in each phase of the integration the required steps will be considered and that teams will not begin to create ad-hoc workarounds that end up becoming relied upon and difficult to overturn. Our approach, which considers the importance of all integration domains, results in the following benefits:
- Pre-integration planning and strategy ensures that a realistic integration timeline is considered.
- Proper change management increases acceptance by the business and reduces the costs of business disruption.
- Thorough communication and stakeholder involvement increase client and staff buy in.
- Product alignment will be achieved on time, which leads to earlier and higher synergies of the merging parties.
- IT architecture alignment lowers operating costs due to an integrated application landscape.
The Synpulse M&A Integration framework drives a structured approach to identify the integration domains the buyer and seller need to focus on during the transition. The close collaboration with the client ensures an efficient prioritization and a proper allocation of resources during the integration process.
Robotic Process Automation (RPA)
What is Robotic Process Automation or in short RPA?
A RPA ‘robot’ is a software application that replicates human user interface actions. The robot operates on the user interface (UI) in the same way a human would. This means the robot can interact across interfaces and can be easily integrated in a non-intrusive way. Examples for robot activities could be data entry into systems, reporting, reconciliation or even full end-to-end business process automation. A robot frees up time for human users for more valuable tasks.
In the near future the robots will even be able to learn. This new generation of robots have to be trained. Therefore, it is a good time to start investing today as robots will create data required for future artificial intelligence applications.
What pain points can RPA address?
On insurance side, we experienced issues first hand which could be addressed by RPA. To mention a few:
How we can help you
We offer you a structured and quick approach to identify and evaluate your RPA potential, RPA feasibility, tools, prototyping, testing, and deployment. As a plus you can profit from our extensive «INSURANCEINABOX®» and «REINSURANCEINABOX®» process models, our experience in defining operation models and leading digital transformation programs.
Advantages of RPA
- Increase process efficiency
- Increase quality (100% accuracy)
- Free up time and resources of low added value tasks
- High scalability, flexible time, and resource allocation
- Low cost of development with short payback period
Business life continues to pick up speed and become more complex. That is why, more than ever, good advice today cannot end in strategies and concepts, but must take into account implementation as whole. At Synpulse Management Solutions AG, we combine all of the expertise necessary to translate your requirements into bespoke software solutions and integrate these into your business organization as optimally as possible.
In the following overview, we would like to present some of our offers in detail:
Information about one’s own clients must be compiled, analyzed, and the resulting information prepared in such a way that it offers added value; digitalization and increasing costs — not to mention time pressures — make this process increasingly difficult. Sales organizations need solutions that can be integrated clearly, quickly, and flexibly into the operational and organizational structure.
BusinessRadar is a selection and analysis tool that has been developed continuously in many projects since 2001. The Software Suite already incorporates more than 15 years of expertise from various companies, industries, and countries.
BusinessRadar also affords large sales organizations an end-to-end view of client data, from employee to the Board of Directors, from strategic KPIs to individual data records. By flexibly combining the widest range of modules, BusinessRadar complements existing system landscapes to suit your needs exactly.
What can BusinessRadar do for your business?
- Quick access to information for thousands of users from specialist departments and management
- Instant application of analytical findings by means of operative actions
- Prompt and accurate handling of sales processes
- Pinpoint allocation of the marketing and sales budget
In light of increasing competitive pressures in the financial services industry, the competitive ability of many sales divisions must be increased: this can only be achieved using strategic sales management. Integral elements of such management include dedicated sales planning, a clear commission system, and integrated sales controlling, which provides information in a timely and effective manner. Client and brand-related KPIs must be included in addition to the production-related KPIs, which were used almost exclusively in the past.
The Sales Compass is a sales management and planning system across all sales channels for use by management. Using the solution, all relevant business information, such as production, stock, remuneration, agency, performance, client and cost information, can be made available in real-time in various role concepts. Innovative KPIs and control parameters can be defined directly by the department and immediately updated (online) in the reports.
What can the Sales Compass do for your company?
- End-to-end control system involving all sales channels and management areas
- Integration of existing planning and control tools (avoidance of isolated solutions)
- Corporate guidelines and value orientation displayed in planning and control tools
- Significant increase in transparency and validity using cockpits and KPI design
- Efficiency gains as a result of a reduction in process run times, error prevention
- Compliance with audit integrity and Solvency II requirements