OGS (Order Generation System)
OGS is a Compliance-oriented, Flexible and Robust Order Generation System for the Insurance Domain.
Organisation
A Leading Insurance Company.
Name of Project
OGS (Order Generation System)
"In building the OGS, Paramatrix has delivered par expectations thereby establishing themselves as one of our most preferred vendors."
- Company Representative
Business Context
The client is heading toward becoming a leading life insurance company in the insurance market space and needed a system to meet the growing business needs. To achieve this, they were on the lookout for a robust application that could replace existing manual processs that were time consuming, which they knew would not be able to catch-up with their growing business needs.
Challenges
The biggest challenge was to build a system that would be flexible enough to accommodate changes in compliances and one that would generate accurate orders within all given limits of compliances. (There were 40 of them in all.)
Solution
A web-based solution has been implemented with the latest technologies from Microsoft using the strength of the middleware Paramatrix Application Core Engine (PACE).
Easy-to-adopt and user-friendly interfaces (from a usability point of view) are provided for all modules, viz., model portfolio master, order generation process, order allocation processes (to dealer and to broker) and upload controls; with the facility of generating orders for different Asset Types and SLBS (Security Lending & Borrowing Services) Maintenance.
Benefits
Below is a list of benefits that the OGS delivers:
- Strong Rule-based Limit Monitoring that ensures fulfilment of compliance/regulatory policies in order generation.
- The ability to handle the business dynamics and competition. (Fund Manager can define various business schemes for the clients and thus can create various business opportunities.)
- User-friendly System: Although complex, many of the modules are automated and therefore requiring very little manual intervention.
- Very Efficient: Time required for end-to-end operation of order generation has been vastly minimised.
- High Manageability, Accuracy and efficiency of Order Generation Process has been improved.
