Project 2: Implementation at a large Insurance company in UK to synchronize their Motor Insurance Database (MID)

A legal requirement in UK for insurance companies is to update the Motor Insurance Database (MID), regularly and timely. MID contains the insurance policy details of all insured UK vehicles and it was set up by the insurance industry to help reduce the number of uninsured motorists on the road in order to reduce the cost of compensating the victims of accidents involving uninsured vehicles. The MID also helps UK insurance companies to comply with the 4thth EU Motor Insurance Directive, which requires the insurance details of all vehicles in each member state can be easily identified by a national information centre. In UK, this role is being carried out by the MIB.

One of SSPs clients, an Insurance sector giant has deployed SSPs back-office solution, which covers all aspects of business including client record management, policy and policy version, claim maintenance, risk management, document management and financial accounting. The business had a focus on Insurance policies that change frequently such as taxi drivers who often take policies for shorter time durations (often weekly policies), the taxi insurance policy often has multiple drivers placed within them. A policy can clearly cover insurance liability for individuals, which taxi drivers take in case of accidents. The policy management is also used to be able to process large numbers of Mid Term Adjustments (MTA) on the policies, ensuring requisite changes are being made in the records. In effect, the policies have a short term state of flux and are constantly being altered in their short life span.

The Fiorano solution logs into the back end database which holds the records within the integrated solution from SSP every night and updates the file in near real-time. Log and error files are generated to ensure error-free reporting. This is important because errors in the submission of data to MID can result in financial penalties on the client. The file created is then moved using a standard FTP process for the client to check and submit to MID where it is loaded and can be accessed by the Police.

This enabled the client to cut costs while complying with MID-related standards and regulations. In addition, the Fiorano powered SSP solution facilitated compliance with ever changing industry regulations, enabling change management in real-time.