Validus is a top organization that specializes on underwriting. The underwriting philosophy runs in-line to the enterprise risk management strategy and maintenance of a conservative investment approach which focuses on preserving capital and liquidity. Validus creates a well spread portfolio of insurance and reinsurance business, providing superior risk and returns. They spread across 9 countries for consulting and outsourcing services.
Business Challenge
- Publish financial data on a quarterly basis
- The client has to publish financial data on a quarterly basis to the public being a listed firm in NYSE.
- The data required for this has to undergo 7 stages of approval process which was done manually.
- If there is any mistake in the approval process then the whole process has to restart from step 1.
- The client was not able to build the data in an accurate way and publish them on time.
- It involves intense effort to create this report.
How Avasoft Helped?
- AVASOFT suggested K2 Black Pearl tool for workflow and implemented the tool for the approval process. Followed high coding standards and technology stack as requested. We worked closely with the customer to develop and deploy in the agreed time frame.
Teck Stack
Value Additions to Customer
- Leveraged key features of K2 to build an optimal workflow for all 7 levels.
- Moved document to SharePoint document library to leverage versioning and search features.
- Built sophisticated report using SSRS that improved decision making using reports that were built using financial data.
Business Gain
- Quicker and reliable process for approvals.
- Removed manual intervention.
- Built business friendly interfaces.
- Automated report generation.
- Automated notifications and alerts to ensure timely approvals.
- Electronic audit logs.
- Electronic history of audited reports.
Business Need
- Existing seven stage of manual approval process that was error prone, time consuming and rigid has to be reconstructed and automated. Lot of time was spent in regenerating same reports over and over again were targeted to be reduced.
- Documents lacked versions so they were not searchable and hence required automation.
- Data Security concerns on manual process.
Vertical Industry
We provide business solutions across all industries.
- Insurance
- Reinsurance
- Investors
