INtERNATIONAL INSURANCE COMPANY
„For me it was very helpful that I could trust that Nicole would manage all aspects of the process - even areas that were not necessarily part of the scope of
Nicole’s assignment. Nicole recognised that this was in the benefit of the project goal and made sure it was followed up or escalated." (Fatima Benmbarek, Finance Manager)
Head of credit control hamburg - resolve backlog in processing technical insurance data in connection with closure of german entity
THE CUSTOMER AND HIS BUSINESS
The customer is a leading global specialty (re)insurer with more than 2.400 employee operationg in 26 different locations worldwide. The company offers innovative insurance coverage for industrial and business clients with a high focus on customer service and a profound expertise based on 300 years of company history. The customer's main contact person for this project was based in The Netherlands while the Credit Control project team under the leadership of NSMC was based in Hamburg; the common project language was English.
INITIAL SITUATION
In the first half of 2018 the customer decided to close the German branch of his business which was in operation since 2014 (>50 people, sales approx. 28 Mio. EUR). At the time there was a material backlog in processing of technical insurance data (premiums/claims) which needed to be reviewed, adjusted and matched with settled cash. The necessary processes had yet not been established and the fact that the closure of the entity was already ongoing entailed a lack of own personnel that could be assigned to this task. Therefore, the customer decided in August 2018 to assign NSMC as part-time interim manager and to recruit later on a local project team that was led by NSMC to follow up all the outstanding activities relating to processing data in the customer's primary source system, settle amounts with brokers and match cash positions with the adjusted technical transactions.
PROJECT TARGET
Target of the project was to clear the backlog that had accumulated in the years 2014-2018. To realise this, a database was set up by NSMC to create a basis for the handling of the large number of single cases, to manage the progress and to establish a reporting system to keep the finance manager and the project steering committee on the customer's side regularly (bi-weekly) updated.
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