Client Situation
Our client is a leading insurance company in Oman. It is registered as an Omani Public Joint Stock Company. It offers different types of insurance offering across both retail and corporate insurance. The system used by the client was outdated and is seeking to transform its IT Applications and Technology Architecture to support its business strategy objectives.
Cedar’s Approach
Cedar was mandated to assist the client in shortlisting and evaluation of core insurance systems.
- Developed business capabilities required on the platform over the next few years.
- Developed business 400+ requirements across the business capabilities.
- Identified critical success factors for the project.
- Evaluated the Technical and Functional capabilities of the systems selected.
- Conducted a commercial evaluation to arrive at a Total Cost of Ownership (TCO) to assist with the negotiation.
- Assisted in the negotiated and finalization of the scope of work.
Outcome
Cedar recommended the best options to the client based on the scoring methodology. The results included
- Developed a target insurance architecture for deployment.
- Developed, finalised, and circulated the RFP for supplier response.
- Evaluated the solutions of 3 suppliers across functional, technical and supplier parameters
- Functional: Business, Product definition, Underwriting, Claim management, reinsurance, Accounting, Sales, Customer Management, Reports
- Technical: Architecture, interfaces, administration, Workflow, Database, security and reports
- Supplier: Experience, Implementation methodology, Staffing, Roadmap and financials
- Conducted workshops over 3 days with each shortlisted supplier based on the business requirements
- Arrived at a consensus score to quantitatively evaluate each supplier.
- Conducted reference site visits to receive feedback from the existing customers of the supplier.
- Compiled the TCO for the suppliers to provide a comparative view to the management.
- Assisted in negotiating commercials and contractual terms for the top 2 suppliers.
- We made strategy and innovation work.