Reinsurance System

We here at FPT Software have been helping banking software companies develop their software solutions for decades. From managing trading desks and accounts to monitoring interaction with clients, we’re involved in every step of the banking software development process. Located in Vietnam with branches in the United States, Europe, Asia, and Australia, FPT Software is an international banking software development expert.

In this article, we’ll examine a banking software development problem we handled with a reinsurance company recently.

The Problem

One of the world’s top reinsurance firms and capital advisors hired us to rewrite their online banking system. Specifically, the client needed us to rewrite a system developed in Java/SQL server on top of a framework technology called AgencyPortal. Our solution was implemented beginning in January 2010 but experienced several problems along the way.

  1. Too expensive to keep up
    1. Necessary to pay a licensing fee
    2. Necessary to lease a hosting environment
    3. Necessary to pay to maintain, improve, and add additional lines of business
  2. Not integrated to GRiDS
    1. In GRiDS Single Sign-on
    2. In GRiDS Messaging
    3. Developed in Java (unsupported by client’s IT team)

The Solution

Working closely with the client, we rewrote the system in the form of an integrated GRiDS application using a staged approach and iterative development process. We designed the new system to be quick, dependable, and integrate with other current web applications. Our responsibilities in this process included requirement specifications, high-level detailed design, development, and testing. Concerning the Research and Development model, the R&D teams successfully worked with each and finished the project on schedule. 

Banking Software

As mentioned above, their banking software was much too expensive to maintain and was not integrated into the currently used system. It prevented the client from performing normal functions, such as managing their trading desks and accountants or connecting to markets. 

By implementing our solution, we were able to increase the company’s efficiency and ensure proper transaction management. 

Robotic Process Automation in Finance

By integrating the client’s system into a GRiDS application, we successfully automated the client’s business processes. The RPA software we developed provided the client with automatic verification and organization capabilities, such as a secure messaging system for management. 

Digital Banking

Our solution provided the client with a fully functional digital banking platform fully to GRiDS while cutting licensing, hosting, and maintenance fees. This new digital banking platform to automatically deliver traditional banking products and services to the client directly through automated communication networks. 

The Benefits

Ultimately, users were given a system with multiple benefits, including:

  • A dependable, quick, intuitive user experience
  • Includes the full product and service
  • Built using the most contemporary web technologies combined with next-level user interfaces
  • Completely customizable to screens of all sizes
  • Has the potential to be further integrated with current systems such as GRiDS, GSM, RAR, GMI
  • Reported and auditing activities facilitated through improved architecture and data model
  • Visually displays the data providing a better user experience and faster work

Conclusions

If you’re a banking software developer in need of more workers, why not hire an offshore team like ours to support your efforts? By hiring temporary teams, you’ll be saving the money you would be spending on benefits if full-time employees did the work. Plus, you’ll be ready to handle increased capacity at minimum risk to your company. Visit our website to see more examples of our software development services.