Assicurazioni Generali UK Branch, part of the Generali Group, a leading player in the global insurance and financial markets and one of Europe's largest insurance providers has gone live with its new non-life policy administration system, Open Co+ from Agencyport Software, a leading provider of software and services to the global insurance and reinsurance industries.
As part of the implementation, Agencyport replaced the unit's core administration system, which entailed migrating tens of millions of records dating back 50 years from a complex legacy system.
Open Co+ provides Generali with a single, flexible system that features built-in underwriting, accounting, reinsurance and claims processing functionality. One system on one database makes it easier for carriers to maintain, faster for their staff to use and provides management more clarity and transparency within the business. The Open Co+ software integrates with other Generali systems, providing agility in the business's system architecture.
Steven Spano, Generali UK Branch CFO & COO and Project Sponsor said: "Adopting Open Co+ is integral to our becoming a more agile and responsive organisation. With Open Co+ we will improve the quality of our data and manage workflows more efficiently, ultimately providing better service to our clients. The new system allows us easier access to information, automated processing and matching of policies, risks, and account messages."
Generali UK Head of IT Rajeeva Aluwihare said: "Our legacy IT systems were becoming obsolete and we needed to upgrade. This implementation has taken commitment, co-operation, and support from all parties throughout the project and Agencyport's experience has been instrumental both in terms of the system functionality and in handling the inevitable data gaps that come with tens of millions of legacy policy, claims and accounting records."
Agencyport European managing director, Phil Race said: "Open Co+ is the culmination of over 40 years' experience supporting insurers internationally as well Lloyd's and London market companies. With this recent go-live of an important division of one of the world's largest insurers, we demonstrate our ability to migrate millions of data records and configure Open Co+ to meet the needs of the most discerning of customers. Generali is now in ggood company with a vibrant community of insurers such as Hiscox, Travelers, Aegis, Ironshore and Omega, all of whom will welcome Generali to our Agencyport User Community."