CHARTERED Systems Integration in conjunction with Moore Stephens introduced a plethora of services, amongst them emphasis on Rule Book, to replace a pricing spread sheet for most Zimbabweans and the General insurance market at an event held last week at Meikles Hotel in Harare.
Speaking during the unveiling, Chartered System Integration chief executive officer Dr Panashe Chiurunge said that they are working in partnership with Moore Stephens to revolutionise and ease pressure for most Zimbabweans via bespoke technologies.
Chartered Systems Integration is a leading provider of solutions and services in the realm of ICT in Africa. They are front runners in the design of domain solutions across major banking, revenue authority and governmental platforms.
Representing Moore Stephens, Mr Stephen Darko said: “As a renowned international consulting firm we speak and understand insurance, and so we are uniquely positioned to respond to all issues affecting your business. If you believe that Data is a critical asset for your business, we can help you unlock its full potential.”
Moore Stephens consulting a wholly owned subsidiary of Moore Stephens LLP which is a member firm of Moore Stephens International Limited, a worldwide network of independent firms authorised to audit in the UK and Ireland by the institute of Chartered Accountants.
What is the Rule Book for pricing?
Rule Book for pricing is a product line agnostic, pricing and quotation tool that has been designed to replace the myriad of pricing spreadsheets that are prevalent in Zimbabwe and general insurance markets.
The Rule Book Maintenance web application provides a browser-based interface for administrators of the Rule Book website to manage the distribution and permissions of products via schemes, the creation and maintenance of lookup factors, loadings and reference data via matrices and the management of companies, teams, users, and groups that participate in the Rule Book platform.
Being internet-based, Rule Book Maintenance ensures a “zero footprints” application base in that it does not require the installation of any software on a user’s PC and requires a minimum amount of training for an administrator to self -serve their use of the configured products in Rule Book.
It can be integrated with the existing Policy Administrator Systems to minimise the rekeying of risk information, reducing the underwriters’ administrative workload and helping to address data quality issues. Furthermore, Rule Book complements, rather than replaces functionality within existing Policy Administration Systems, maximising the investments already made in technology.
From a management information perspective, it can be integrated with an organisation’s Data Warehouse solution to provide rich pricing and quotation analytics.
This integration ensures that the pricing solution can provide contexts specific performance metrics and pricing information at the time of quoting, facilitating more informed pricing decisions.
It offers a full quote to bind workflow solution and provides the ability to author and produce comprehensive quote documentation, populated with data captured through the pricing process.
Rule Book for Pricing is powered by the Moore Stephens’ Rule Book engine, a strategic tool for the creation, maintenance and execution of complex rules all powered by the latest Microsoft technologies.
What are the benefits?
Improved pricing: by allowing actuarial and underwriting teams to respond more quickly to market changes.
Extended deployment reach: of pricing models inside and outside the organisation through a web-based interface.
Reduced underwriter administrative workload: through integration with Policy Administration Systems and Data Warehouses.
Improved surety and accountability: of pricing models to meet internal governance and regulatory needs.
Improved confidence and accuracy: in pricing models through mass simulation of pricing scenarios.
Reduced risk: from the key man dependencies through auto generated documentation of pricing model
John Stanford, a representative of Moore Stephens, and Dr Chiurunge said the CSI, Moore Stephens partnership will greatly impact technology as specialists with an unmatched depth of knowledge of the general insurance sector form synergies.