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Mayfair is an insurance company with branches in Nairobi, Mombasa and Eldoret and also with international presence in Tanzania, Rwanda and Zambia.
Previous challenges
Previously Mayfair insurance was using a system which presented a number of challenges to the organizations vision and growth strategy. Different departments were not integrated. The Underwriting, Claims, Reinsurance, Accounting and finance were being carried out separately. Insurance documents processing and the financial reporting were done separately. The claims processing and reinsurance processing were not available in the system and the processing of the same had to be done manually. Hence the data was in silos and it required further processing for consolidation. Also there were no defined workflows in the system thus improvements in processing and proper controls were a challenge.
Finance department faced challenges like the system lacked multi-currency capability, financial reporting could not be carried out comprehensively in the system and it also did not offer many important reports. The data had to be consolidated from the different data silos hence data integrity and consistency was a big issue in the reporting.
Mayfair management knew that to achieve their vision, growth and strategy goals they needed a solution that would meet their needs and also harness IT to launch the organization into the future. Mayfair management chose ICON Limited to implement BIMA insurance solution.
The BIMA Insurance Solution
In February 2016 BIMA insurance solution was rolled out in Mayfair and immediately the organization started receiving the benefits of BIMA. BIMA provided an integrated solution bringing all the departments of Mayfair into one system hosted on one database. The claims department and the Reinsurance department could now process their work in the same system. Because of integration the Underwriting department would process policies in the same system, Claims department were able to process claims on the same policies with all the data from underwriting available and the accounts would be able to make payments from the same claims processed by claims department. All the relevant insurance documentation for underwriting, claims and all other departments was now available in the same system hence bringing speed and completeness of processing.
Reinsurance department processing was now integrated into the same system hence any processing involving reinsurance from underwriting, claims or finance department was affecting reinsurance and hence providing up to date and accurate reinsurance data. Also complex reinsurance processing was now being carried out in the same system.
Finance department workload become easier. BIMA was providing multi-currency processing. Data integrity and consistency in reporting was no longer an issue as all the data was in the same system e.g. A debit note would affect reinsurance, affect finance and affect claims all at the click of a button. Financial and management reporting was now enhanced as BIMA provided a multitude of incisive reports into the business for management and other users hence increase in productivity and more accurate decision making within the organization. Also the system is very flexible and any new demanded reports were quickly provided.
Mayfair insurance also generally benefited as BIMA had defined workflows thus quicker and improved processing within all departments. The branches now become more autonomous as workload which previously was being sent to the head office for processing could now be done in the branches as the BIMA Solution was available online and the branches could carry out all their work, this made the branches more productive. Also the vision, growth and strategy goals of Mayfair were now made possible with a system providing a platform able to handle the demands and requirements of an international company.
With BIMA solution the different countries are now fully connected and data sharing has been made easy and possible.
- Insurance
- Mayfair
- 24/11/2017
- http://www.mayfair.co.ke/