“Total control at a glance”
E.ON Nordic produces and supplies energy and energy-related services to approximately one million customers. E.ON Group is one of the world’s largest privately owned energy companies, with 30 million customers.
E.ON Group uses INSMAN for Insurance Administration and Claims Management for both their captives; the Group-wide captive and the Nordic captive. The first insurance renewal with INSMAN was conducted 2003.
Core functionality in INSMAN includes; the generation of insurance letters/policies, invoicing and setting aside of claims reserve, and this supports E.ON's insurance process. Additional functionality includes Premium Modeling for premium allocation and Reinsurer Portal for creating and presenting submission reports.
Kjell Lundblad is Insurance Manager at E.ON Sverige:
“Through INSMAN we can focus on control, transparency and overview. Control functions are necessary due to internal and external regulations, such as Solvency II. The 4 eye-principal is important when invoicing premiums and registering payments.”
Controls and validators are integrated in INSMAN to prevent mistakes and abuse of data. An example: E.ON insurance administrators are not allowed to generate insurances and invoices before the reinsurer agreement is approved.
“INSMAN Premium Modeling gives us a powerful tool for premium allocation. Based on market risk rates and customer specific adjustments, the premiums are transparent and easy to explain to our customers and to the board of the captive.”
In INSMAN Premium Modeling E.ON gathers data in a sandbox environment, which gives an opportunity to simulate how adjustments affect the total premium. Based on type of risk, all selected insurance objects receive the correct premium rate.
“With an increasing focus on information within the insurance market, we have to have total control of our information. It is important to quickly get an overview of our key data. And more importantly, to be able to trust that data.”