Canada Life Assurance Europe (CLE)
Canada Life implements msg.Insurance Suite to drive digital transformation
CLE successfully launched two innovative life insurance products in Germany in 2000. The product ideas were successfully implemented using the pre-existing IT base, a clone of the Irish sister company. However, it was only possible to map the prevailing conditions in the German life insurance business to a limited extent. In addition, legacy systems based on outdated technology hampered the digital transformation and lacked both internal transparency and the necessary flexibility. Operation and maintenance were also costly.
The life insurer opted for msg.Insurance Suite back in 2016. Above all, the implementation of regulatory requirements in the German life insurance business required a new underlying IT landscape. msg.Insurance Suite makes it possible to increase efficiency while reducing costs and providing a better service for customers and partners. In a challenging environment, the complete solution provides the tools needed to react to changing market conditions quickly and develop and launch new innovative products at short notice.
Two key aspects were decisive for CLE in choosing msg insur:it: as a leading software company for the insurance industry, msg insur:it offers a comprehensive range of modern solutions from under one roof. In addition, msg insur:it has extensive, in-depth expertise in migration.
“By opting for msg.Insurance Suite our company is underlining its growth strategy in the German market and positioning itself to face the future challenges posed by technology and digitisation in the insurance industry”, says Hans-Gerd Lindlahr, Administration Director of Canada Life Deutschland.
Canada Life Assurance Europe was the first customer to fully implement msg.Insurance Suite with the following components:
Establishing a new IT landscape and then migrating hundreds of thousands of insurance policies is a Herculean task. The project involved more than 200 employees spread across 12 offices. This required extensive organisation and close coordination between everyone involved. This was exacerbated by the fact that key project phases had to be handled remotely during the lockdowns of the Covid-19 pandemic.
These enormous challenges were successfully overcome thanks to open, constructive and amiable cooperation. The tremendous commitment, the high level of expertise of everyone involved and the exceptionally trusting nature of the teamwork were key factors behind the success of the project.
With the introduction of the user-friendly msg.Insurance Suite, CLE was able to reduce the processing time for new business by 35 percent – all applications are now processed in one end-to-end system. The administration of existing business has also been noticeably optimised, with internal reporting figures available at the touch of a button thanks to the new solution. This enables the insurer to offer its customers and business partners an even better service. msg insur:it also delivers new standard software releases on a quarterly basis in order to keep the solution up to date and meet new requirements quickly.
Die Migrationsarbeiten begannen mit dem Start des Projekts. Der erste Schritt, die Partnermigration, wurde mit dem GoLive des Neugeschäfts Ende 2018 abgeschlossen. Danach rückte die Bestandsmigration in den Fokus. Nach einer umfangreichen Vorbereitungsphase wurden rund 450.000 Policen (über 95 Prozent) in zwei Tranchen in weniger als einem Jahr erfolgreich auf die neue Lösung migriert. Im Februar 2024 erfolgte die Migration der wenigen restlichen Policen und damit der Abschluss der Mig
Migration work started with the inception of the project. First step, the partner migration, was done with first New Business GoLive end of 2018. Following that the portfolio migration has moved into focus. After an extensive preparation phase, around 450,000 policies (over 95 percent) were successfully migrated to the new solution in two tranches in less than a year.
In February 2024, the few remaining policies were migrated and the migration of customer contracts was completed at CLE without losing a single policy. “A truly remarkable result that reflects the great work of the joint team from CLE, CTS (Central Technology Services) and msg insur:it,” comments Pat Mannion, Chief Information Officer at CLE.
ration von Kundenverträgen bei der CLE, ohne einen einzigen Vertrag zu verlieren. „Ein wirklich bemerkenswertes Ergebnis, das die großartige Arbeit des gemeinsamen Teams von CLE, CTS (Central Technology Services) und msg insur:it widerspiegelt”, kommentiert Pat Mannion, Chief Information Officer CLE.
msg.Insurance Suite marks the dawn of a new era of growth and innovation for CLE – the entire portfolio of around 625,000 policies is now administrated in the standard solution. “This GoLive in the new system helps us to save the future of our company – the best German system is now adapted for our products,” said Liam O’Keeffe, Head of Actuarial at CLE, when new business stage 2 went live in autumn 2019.
A journey of progress and transformation:
msg is an independent, international group of companies with more than 10,000 employees worldwide. It is represented in 32 countries and supports its customers in their digital transformation. msg insur:it is the competence center for standard software in the insurance industry within the msg group.