Support of a Large Reinsurance Group to enter in Direct business in Spain
A worldwide leader in Reinsurance is interested in operating in Direct Life Insurance Business in Spain.
In this context, the Company asked INOV to:
– Assess the potential of such business
– Define the main products of the market and its specificities
– Evaluate the best way to operate in Spain (Branch, FoS, Local Operation)
– Design the processes of such operation
To conduct this 6 months project, INOV proposed to the Company a team composed of three Life Insurance Specialists (An Actuary, a Life Insurance Specialist and a Product Specialist)
– Described the specificities (contract types, covers, duration, riders… ), of the products proposed in Spain
– Described the regulation attached to the different Life products
– Designed the processes attached to the products (sales, underwriting, claims handling) taking into account market specificities and the type of business (FoS) to be implemented
– Explained the basis for tarification of the different products
– Coordinated the development of the project with all parties involved (Company, other consultants, TPA…)
The project is under completion. The Reinsurance Company has asked INOV to support them in the implementation of what was done during the 6 months project.