Client Overview
Sanasa Insurance Company Limited is a service support organization, established to serve members of Sanasa societies and other community based organizations in Sri Lanka.
The term Sanasa is the Sinhala acronym for a Thrift, Credit and Cooperative Society. It is also used to denote the entire movement of 8400 TCCS covering about three million beneficiaries (society members and members of their families) to the extent of 15% of the total population in the country. Sanasa Insurance Company operates insurance business in all areas in Sri Lanka including the Northern and Eastern provinces that are cleared now from war situations. In harness with a cooperative network of large number of Sanasa Societies located across Sri Lanka, SICL has greater potential & capacity to look after the risk management aspects of the rural masses of Sri Lanka. Hence it mainly focuses on providing micro insurance services to members of Sanasa societies and other CBOs that are located mainly in the rural sector.
Previous Context
Sanasa was used a small scale in-house developed software product for Life Operations while they went for a comprehensive solution for general insurance. The life insurance software was only supported limited functionalities while many of the company operations were managed via manually such policy holder services, claims, valuation reporting, etc…
Challenges
There were several challengers to be faced by the Bellvantage in term of implementing the life solution to Sanasa.
- Data migration from different sources as some of the information available in the old system which is not properly structured to migrate and some on the excels which were maintained by the different divisions on their own formats. The challenge was to continue the policy from new system by migrating the current status. Ex. Sanasa wants to perform revival for lapse policy in new system, etc…
- Integrating Finance module with the general insurance system which was implemented by another vendor.
- The biggest challenge was to facilitate the system for society operations which is the main stream of business revenue of the company.
Applied Strategies
Considering the context of the environment, Bellvantage decided to implement the system on phase by phase approach which start with implementing quotation and new business functionalities together with policy holder services such as endorsements in the initial phase and migrating existing information. All the policies were migrated except matured and canceled policies. The system aligned to continue revivals, endorsements for previous issues policies and migration was executed by loading current status of the policies. Step by step other modules were implemented and finally our solution was integrated with their general insurance finance module.
End Result
Sanasa was able to use the life system while automating their manual operations and system was able to manage the society driven business operations. Further Bellvanatge implemented mobile quotation system which enhanced their society operations further and commissioning structure was aligned to match their business process. The data migration was successfully completed which fulfilled the Sanasa objectives and they were able to continue policy services via new system for policies which issued prior to implement the new system. Further our life solution was integrated with the finance module of general insurance system which was implemented by another vendor.