Engineering Manager
The insurance market is a highly regulated and supervised industry. Legal, standard, and regulatory changes, such as IFRS, GDPR, DMIS, SAF-T, among others, have become more frequent and complex. Cleva needs to pay close attention to these requirements, both in their identification and interpretation, as well as regarding the solutions provided to clients. In order to respond to these challenges, Cleva has implemented a procedure to search for legal requirements that apply to the markets in which we operate and that can affect Cleva software. An active search is conducted monthly on the websites of regulatory authorities as well as on legal information portals. These sources include every legal requirement associated with insurance, namely, « Decree-Laws », « Executive orders », « Orders », « Standards », « Newsletters » and « Circular letters ». Moreover, Cleva’s clients and partners also notify us of requirements that demand our closest attention. Each requirement is then analysed alongside partners, consultants, or clients in order to establish an interpretation that, sometimes, may not be unanimous among insurance companies, since regulatory texts may be somewhat ambiguous, which may lead to different interpretations. Based on Cleva’s interpretation, we establish our positioning, i.e., our solution’s response to the legal requirement. This response may comprise software changes and/or configuration changes and/or simply providing data. The analysis of the legal requirements and their applicability in their context must always be performed by insurance companies. Cleva’s responsibility lies in providing everything the insurance company needs to address the legal requirement; on the other hand, the insurance company is responsible for implementing the compliance solution that better suits its reality. |
Agile digitalisation of the insurance processes There has been much talk about digitalisation in insurance companies, particularly focused on business processes as underwriting or claim management. But how easy is the digitalisation process? And yet, is permanent and agile evolution of the digitalisation possible?
After World War 2, the social security system expanded significantly. In 1962, the Caixa Nacional de Pensões (National Pension Fund) was established, and in 1972, there was a pension reform that unified various social protection regimes. Between 1980 and 1990, the first funds created by large companies and financial institutions began to emerge. Currently, due to population aging and high pressure on public finances, there is a trend toward adjusting retirement age and benefit amounts. Pension funds, in terms of contributions from both companies and individuals, are a good investment solution to prepare for a more stable financial future.
The democratisation of ChatGPT has boosted the use of artificial intelligence (AI), leading companies from different industries through new paths and making them rethink their operations. While we prepare to explore this unknown path, we are aware of the challenges that lie ahead, but also excited about the possibilities and opportunities that may arise.
The insurance market is a highly regulated and supervised industry. Legal, standard, and regulatory changes, such as IFRS, GDPR, DMIS, SAF-T, among others, have become more frequent and complex. Cleva needs to pay close attention to these requirements, both in their identification and interpretation, as well as regarding the solutions provided to clients.
In a world of constant technological evolution, insurers face the challenge of keeping up to date to meet the increasingly specific needs of their clients and remain competitive. This updating is based on several pillars, one of the main ones being the architecture of computer systems, which can either favour or hinder technological transformation. In this article we explore how the modernisation of this architecture can create opportunities for innovation and efficiency within insurance companies, while identifying some of the challenges related with legacy systems.
Cleva s’engage dans le développement de solutions logicielles qui stimulent la transformation numérique du secteur de l’assurance grâce à une plateforme logicielle complète et ouverte intégrant une gamme fonctionnelle complète allant de la gestion des polices à l’évaluation des risques et au service client.