The challenge
As the world's leading specialist in yacht and boat insurance, Pantaenius was looking for a modern, robust and holistic standard software solution. The multinational specialist insurer's industry presents unique challenges: complex, country-specific tax systems that depend on a combination of sailing areas, flags and places of residence. An extensive database of technical data on a wide range of vessel types used for risk assessment and underwriting. And versioned insurance agreements with the allocation of risks to different risk carriers, which should be selected automatically depending on various parameters.
Furthermore, insurance products must be continuously adaptable to daily business requirements—such as travel area-based conditions. In short: the software they were seeking needed to be as flexible, adaptable, and scalable as possible.
Solution
Based on the tech11 Insurance Platform, we worked closely with Pantaenius to develop customised software that, in addition to basic functions, also meets the requirements of the special insurance business in full breadth and depth. Our tax module, which is decoupled from the premium calculation and product definition, enables the correct determination and calculation of complex international taxation. Using a separate module for risk objects, the risk data of the insured ships can be managed independently of the policy portfolio and transferred to policies without manual input. Our insurance agreement module offers underwriters the option of flexibly grouping risk carriers and assigning them in portfolio processing. The implementation of our clause module allows contracts to be customised in order to tailor an insurance solution optimally to the circumstances, such as the shipping area, usage, ship type and, of course, the customer's needs, and to adapt it over time. The result of the partnership: a modern and robust core insurance system with which Pantaenius can continue to offer its customers and partners the highest quality of service and efficiency in the future.
Result
With the tech11 Insurance Platform, Pantaenius is now relying on a globally sustainable, modern system that fully covers the requirements of its specialised business and equips the insurer for all future endeavours. The new system lays the foundation for a stable, growing portfolio andstrengthens the leadingmarketpositionof the specialist insurer. Another result of the collaboration: internationally heterogeneous business processes, which were limited by the legacy system, have been harmonised so that the scalability gained cankeep pace with further growth.
