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 operates in an industry that 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 requirements of daily business—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 specialised insurance business in full scope and detail. Our tax module, which is decoupled from the premium calculation and product definition, enables the accurate 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 as part of portfolio management. The implementation of our clause module allows contracts to be customised in order to tailor an insurance solution optimally to specific 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 future-proof, modern system that fully covers the requirements of its specialised business and equips the insurer for future challenges. The new system lays the foundation for a stable, growing portfolio and strengthens the leading market position of the specialist insurer. Another key achievement of the collaboration: previously fragmented international business processes, once restricted by the legacy system, have been harmonised, ensuring that the newly gained scalability keeps pace with the company’s continued expansion.
