A large life insurer wanted to calculate the compensations of private pensions at the policy level and communicate this to the insured. RiskCo was asked to calculate these compensations by using ProductXpress and our data tooling. RiskCo made the calculations for a portfolio of 500,000 policies.
To execute the project, RiskCo formed a team of modellers, IT specialists and project managers. The product, including the original cost structure, as well as the norm cost structure was modelled in ProductXpress. RiskCo’s Calculation Framework was used to execute daily bulk regression tests. Thanks to this approach, it was possible to report the progress of the project on a daily basis. Comparing both calculation models with the administration system provided insight into data quality and errors. After all products had been modelled correctly and both calculation models had been coupled to each other and the administration system, the compensations could be calculated.
The entire project, including modelling in ProductXpress, building the interface and testing, was successfully finished in 18 months. The insurer was able to communicate the compensations to the policyholders on time.