CASE STUDY

Life Insurance
and Liability Reserve Applications

Custom Software Development
BFSI

Project Highlights

Scope

  • Upgraded the existing insurance reserve calculation application to meet modern requirements.
  • Automated daily reserve calculations and comparison checks for improved efficiency.
  • Developed a new application for real-time reserve calculation and listing based on policies.

Challenges Overcome

Addressed the limitations of a manual reserve calculation process, which was time-consuming and error-prone.

Automated the storage of daily results in a database and streamlined monthly finalisation processes.

Designed a scalable and efficient application to handle real-time calculations for large datasets.

Business Impact

The project delivered significant improvements to the client’s operations.

Calculation Speed

Process Automation

Data Accuracy

Operational Efficiency

These advancements enabled the client to streamline reserve management, improve data accuracy, and enhance operational workflows.

The Client

The client is a prominent financial institution and a key player in the global banking sector. Renowned for its innovative approach to digital banking and customer-centric services, the client offers a wide range of financial products, including retail, corporate, and investment banking.

  • Operates an extensive network of branches and digital platforms, serving millions of customers worldwide.
  • Recognised as a leader in adopting cutting-edge technologies to enhance operational efficiency and customer experience.
  • Committed to sustainability and innovation, driving positive change in the financial industry.
BFSI-Client

The Problem

The client needed a solution to:

  • Automate daily reserve calculations and comparison checks to reduce manual effort and errors.
  • Address the limitations of the existing application, which could not meet current operational needs.
  • Develop a new application for real-time reserve calculation and listing to improve policy management.

The Solution

BGTS provided a comprehensive solution to enhance reserve calculation processes.

Application Upgrade

Improved the existing application to automate daily calculations and store results in a centralised database.

Monthly Finalisation

Implemented a system to finalise daily calculations at the end of each month for streamlined reporting.

Real-Time Calculation

Developed a new application to handle real-time reserve calculations and listing based on insurance policies.

Team & Technology

Tech Stack Utilised

Frontend

  • ASP.NET MVC
  • JavaScript

Backend

  • Entity Framework
  • Microsoft SQL Server

Team Composition

2 backend developers

1 frontend developer

1 project manager

The Outcome

The updated and newly developed applications transformed the client’s reserve management processes.

Automated Workflows

Eliminated manual processes, reducing errors and increasing efficiency.

Real-Time Insights

Enabled real-time reserve calculations, improving decision-making and policy management.

Scalable System

Designed to handle increasing data volumes and support long-term growth.

Enhanced Accuracy

Improved data reliability through automated storage and calculations.

This solution empowered the client to manage insurance reserves more effectively, ensuring accuracy, efficiency, and scalability in their operations.