NRI take advantage of business insights and trends to support the global nuclear industry.
Nuclear Risk Insurers, an FCA authorised insurance intermediary for all matters of nuclear insurance, and everis, have developed a new bespoke Policy Admin System (PAS). The objective of the new PAS was to extract insights from over 60 years of data to gain operational efficiencies and develop a streamlined workflow with powerful reporting – allowing its people to make far more informed business decisions.
A PAS is used to execute core policy processes and it is the system of record for all policies at NRI. The new platform centralises all data and policy documentation and offers greater integration with any relevant systems at NRI. This means that the data can be managed effectively; offering one, consistent version of the truth, while satisfying regulatory and compliance requirements.
“With the nuclear risk speciality line being quite complex, it quickly became evident that an off-the-shelf package was not suitable for NRI”, says Deborah Bale, Director Insurance Practice at everis.
The new user-friendly, customised solution can develop alongside NRI’s business strategy without any restrictions. It is built on the latest technology, providing a robust and stable platform that is easy to maintain. This gives NRI a competitive advantage, delivering a superior, speedier, more flexible service.
Deborah explains that “We chose to use the everis framework ‘Terasoluna’ to deliver exactly what NRI needed, whilst giving them real flexibility for the future. We cannot wait to see NRI take advantage of the business insights and trends that they can now visualise, to support their business in years to come.”
Terasoluna is a solution by everis’ group company NTT DATA, which combines the technology and know-how of ‘framework’, ‘development process’ and ‘project management’, and offers comprehensive support for system development. It has been used in a number of large-scale, complex, mission-critical systems.
The initiative was led by Will Morris, Underwriting Manager at NRI, who said: “Deciding to build, rather than buy, a replacement platform felt like a brave decision at the time but everis committed to delivering an intuitive and customised platform for a complicated business. We now have an efficient and modern platform that shows our clients and stakeholders around the world that NRI will remain a leader in our sector. Our team have loved being part of the process and seeing their requirements come to life.”
The PAS is now in use and the team is already seeing the benefits of the new optimised workflow that it brings.